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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2022
Or
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     

Commission file number 1-16811
x-20220930_g1.jpg
United States Steel Corporation
(Exact name of registrant as specified in its charter)
Delaware     25-1897152
(State or other jurisdiction of incorporation)     (IRS Employer Identification No.)
600 Grant Street, Pittsburgh, PA   15219-2800
(Address of principal executive offices)   (Zip Code)
(412) 433-1121
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
United States Steel Corporation Common Stock X New York Stock Exchange
United States Steel Corporation Common Stock X Chicago Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
x
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x
Common stock outstanding at October 24, 2022 – 234,268,944 shares



INDEX
Page
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements:
1
2
3
4
5
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2
Item 3
Item 4.
Item 5.
Item 6.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “plan,” “goal,” “future,” “will,” "may" and similar expressions or by using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities or operating capabilities, the timing, size and form of share repurchase transactions, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, changes in global supply and demand conditions and prices for our products, international trade duties and other aspects of international trade policy, statements regarding our future strategies, products and innovations, statements regarding our greenhouse gas emissions reduction goals and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in this report and in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and those described from time to time in our future reports filed with the Securities and Exchange Commission.

References in this Quarterly Report on Form 10-Q to (i) "U. S. Steel," "the Company," "we," "us," and "our" refer to United States Steel Corporation and its consolidated subsidiaries unless otherwise indicated by the context, (ii) “Big River Steel” refers to Big River Steel Holdings LLC and its direct and indirect subsidiaries unless otherwise indicated by the context and (iii) ”Transtar” refers to Transtar LLC and its direct and indirect subsidiaries unless otherwise indicated by the context.





UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
(Dollars in millions, except per share amounts) 2022 2021 2022 2021
Net sales:
Net sales $ 4,667  $ 5,623  $ 15,304  $ 13,676 
Net sales to related parties (Note 19) 536  341  1,423  977 
Total (Note 6) 5,203  5,964  16,727  14,653 
Operating expenses (income):
Cost of sales 4,359  3,881  12,843  10,633 
Selling, general and administrative expenses 95  108  324  316 
Depreciation, depletion and amortization 198  196  594  587 
Earnings from investees (71) (57) (202) (106)
Gain on sale of Transtar (Note 5)   (506)   (506)
Asset impairment charges (Note 1)   —  157  28 
Gain on equity investee transactions (Note 5)   —    (111)
Restructuring and other charges (Note 20) 23  —  57  37 
Net (gain) loss on sale of assets (6) (10) (8)
Other gains, net (9) (7) (22) (18)
Total 4,589  3,622  13,741  10,852 
Earnings before interest and income taxes 614  2,342  2,986  3,801 
Interest expense 38  75  127  251 
Interest income (15) (1) (20) (3)
(Gain) loss on debt extinguishment (2) 26    282 
Other financial costs 9  17  27  39 
Net periodic benefit income (60) (37) (182) (97)
Net interest and other financial (benefits) costs (30) 80  (48) 472 
Earnings before income taxes 644  2,262  3,034  3,329 
Income tax expense (Note 12) 154  260  684  224 
Net earnings 490  2,002  2,350  3,105 
Less: Net earnings attributable to noncontrolling interests   —    — 
Net earnings attributable to United States Steel Corporation $ 490  $ 2,002  $ 2,350  $ 3,105 
Earnings per common share (Note 13):
Earnings per share attributable to United States Steel Corporation stockholders:
'-Basic
$ 2.07  $ 7.41  $ 9.33  $ 11.80 
'-Diluted
$ 1.85  $ 6.97  $ 8.38  $ 11.13 

The accompanying notes are an integral part of these condensed consolidated financial statements.
-1-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
(Dollars in millions) 2022 2021 2022 2021
Net earnings $ 490  $ 2,002  $ 2,350  $ 3,105 
Other comprehensive (loss) income, net of tax:
Changes in foreign currency translation adjustments (92) (26) (220) (50)
Changes in pension and other employee benefit accounts   15  (2) 244 
Changes in derivative financial instruments 18  60  54 
Total other comprehensive (loss) income, net of tax (74) 49  (168) 203 
Comprehensive income including noncontrolling interest 416  2,051  2,182  3,308 
Comprehensive income attributable to noncontrolling interest   —    — 
Comprehensive income attributable to United States Steel
Corporation
$ 416  $ 2,051  $ 2,182  $ 3,308 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in millions) September 30, 2022 December 31, 2021
Assets
Current assets:
Cash and cash equivalents (Note 7) $ 3,364  $ 2,522 
Receivables, less allowance of $37 and $44
1,859  1,968 
Receivables from related parties (Note 19) 176  121 
Inventories (Note 8) 2,759  2,210 
Other current assets 294  331 
Total current assets 8,452  7,152 
Long-term restricted cash (Note 7) 123  76 
Operating lease assets 154  185 
Property, plant and equipment 20,437  19,676 
Less accumulated depreciation and depletion 12,459  12,422 
Total property, plant and equipment, net 7,978  7,254 
Investments and long-term receivables, less allowance of $4 in both periods
832  694 
Intangibles, net (Note 9) 488  519 
Deferred income tax benefits (Note 12)   32 
Goodwill (Note 9) 920  920 
Other noncurrent assets 1,011  984 
Total assets $ 19,958  $ 17,816 
Liabilities
Current liabilities:
Accounts payable and other accrued liabilities $ 3,116  $ 2,809 
Accounts payable to related parties (Note 19) 164  99 
Payroll and benefits payable 482  425 
Accrued taxes 245  365 
Accrued interest 45  68 
Current operating lease liabilities 51  58 
Short-term debt and current maturities of long-term debt (Note 15) 59  28 
Total current liabilities 4,162  3,852 
Noncurrent operating lease liabilities 112  136 
Long-term debt, less unamortized discount and debt issuance costs (Note 15) 3,863  3,863 
Employee benefits 204  235 
Deferred income tax liabilities (Note 12) 588  122 
Deferred credits and other noncurrent liabilities 499  505 
Total liabilities 9,428  8,713 
Contingencies and commitments (Note 21)
Stockholders’ Equity (Note 17):
Common stock (282,441,077 and 279,522,227 shares issued) (Note 13)
282  280 
Treasury stock, at cost (48,172,133 shares and 15,708,839 shares)
(1,054) (334)
Additional paid-in capital 5,179  5,199 
Retained earnings 5,867  3,534 
Accumulated other comprehensive income (Note 18) 163  331 
Total United States Steel Corporation stockholders’ equity 10,437  9,010 
Noncontrolling interests 93  93 
Total liabilities and stockholders’ equity $ 19,958  $ 17,816 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
(Dollars in millions) 2022 2021
Increase (decrease) in cash, cash equivalents and restricted cash
Operating activities:
Net earnings $ 2,350  $ 3,105 
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, depletion and amortization 594  587 
Gain on sale of Transtar (Note 5)   (506)
Asset impairment charges (Note 1) 157  28 
Gain on equity investee transactions   (111)
Restructuring and other charges (Note 20) 57  37 
Loss on debt extinguishment   282 
Pensions and other postretirement benefits (164) (88)
Deferred income taxes (Note 12) 561  59 
Net gain on sale of assets (10) (8)
Equity investee earnings, net of distributions received (181) (106)
Changes in:
Current receivables (36) (1,281)
Inventories (697) (539)
Current accounts payable and accrued expenses 188  968 
Income taxes receivable/payable (88) 137 
All other, net 19  41 
Net cash provided by operating activities 2,750  2,605 
Investing activities:
Capital expenditures (1,138) (460)
Acquisition of Big River Steel, net of cash acquired (Note 5)   (625)
Proceeds from sale of Transtar (Note 5)   627 
Proceeds from cost reimbursement government grants (Note 21) 53  — 
Proceeds from sale of assets 28  25 
Other investing activities (8) (3)
Net cash used in investing activities (1,065) (436)
Financing activities:
Repayment of short-term debt (Note 15)   (180)
Revolving credit facilities - borrowings, net of financing costs (Note 15)   50 
Revolving credit facilities - repayments (Note 15)   (911)
Issuance of long-term debt, net of financing costs (Note 15) 291  862 
Repayment of long-term debt (Note 15) (375) (2,719)
Net proceeds from public offering of common stock (Note 22)   790 
Common stock repurchased (Note 22) (699) — 
Proceeds from government incentives (Note 21) 82  — 
Other financing activities (51) (12)
Net cash used in financing activities (752) (2,120)
Effect of exchange rate changes on cash (46) (15)
Net increase in cash, cash equivalents and restricted cash 887  34 
Cash, cash equivalents and restricted cash at beginning of year (Note 7) 2,600  2,118 
Cash, cash equivalents and restricted cash at end of period (Note 7) $ 3,487  $ 2,152 
Non-cash investing and financing activities:
Change in accrued capital expenditures $ 373  $ 58 
U. S. Steel common stock issued for employee/non-employee director stock plans 46  28 
Capital expenditures funded by finance lease borrowings 43  11 
Export Credit Agreement (ECA) financing   23 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Notes to Condensed Consolidated Financial Statements (Unaudited)
1.     Basis of Presentation and Significant Accounting Policies
The year-end Consolidated Balance Sheet data was derived from audited statements but does not include all disclosures required for complete financial statements by accounting principles generally accepted in the United States of America (U.S. GAAP). The other information in these condensed financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair statement of the results for the periods covered, including assessment of certain accounting matters using all available information such as consideration of forecasted financial information in context with other information reasonably available to us. However, our future assessment of our current expectations, including consideration of the unknown future impacts of the COVID-19 pandemic, could result in material impacts to our consolidated financial statements in future reporting periods. All such adjustments are of a normal recurring nature unless disclosed otherwise. These condensed financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. Additional information is contained in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which should be read in conjunction with these condensed financial statements.
Asset Impairments
In the second quarter 2022, the Company recognized charges of approximately $151 million for the write-off of the blast furnaces and related fixed assets for the permanent idling of the iron making process at the Company's Great Lakes Works facility, which had been idled on an indefinite basis during 2020. The coil finishing process at Great Lakes Works continues to operate and remains a component of the Company's operating plans.

In May 2019, U. S. Steel announced that it planned to construct a new endless casting and rolling facility at its Edgar Thomson Plant in Braddock, Pennsylvania, and a cogeneration facility at its Clairton Plant in Clairton, Pennsylvania, both part of the Company's Mon Valley Works. The Company purchased certain equipment for this project before delaying groundbreaking in March 2020 in response to COVID-19. In April 2021, the Company determined not to pursue this project, re-evaluated the use of the already purchased equipment, and subsequently transferred suitable equipment to the Mini Mill segment to be used on the new three-million-ton mini mill flat-rolled facility under construction in Osceola, Arkansas (BR2). Total impairments of $56 million were recognized for this project in 2021, $28 million of which was recognized during the nine-month period ended September 30, 2021.

There were no triggering events that required an impairment evaluation of our long-lived asset groups as of September 30, 2022.
2.    New Accounting Standards
In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for public companies with fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The Company will apply the guidance prescribed by ASU 2021-08 to business combinations, if any, that take place subsequent to the effective date.
In September 2022, the FASB issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations (ASU 2022-04). ASU 2022-04 requires that an entity disclose certain information about supplier finance programs used in connection with the purchase of goods and services. ASU 2022-04 is effective for all entities with fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption of all amendments is permitted. The Company is currently assessing the impact of ASU 2022-04.
3.    Recently Adopted Accounting Standards
In August 2020, the FASB issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 also requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of earnings per share (EPS) for convertible instruments and contracts on an entity’s own equity. The update requires entities to use the If-Converted Method for calculating diluted earnings per share, retiring the previous alternative calculation of the Treasury Stock Method for calculating diluted earnings per share for convertible instruments.
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U. S. Steel has adopted this guidance using the modified retrospective implementation method as of January 1, 2022. The cumulative effect of the changes made to our consolidated January 1, 2022, balance sheet for the adoption of ASU 2020-06 was as follows:
(in millions) Balance as of December 31, 2021 Adjustments due to ASU 2020-06 Balance as of January 1, 2022
Condensed Consolidated Balance Sheet
Assets
Deferred income tax benefits 32 4 36
Liabilities
Long-term debt, less unamortized discount and debt issuance costs 3,863 74 3,937
Deferred income tax liabilities 122 (15) 107
Equity
Additional paid-in capital 5,199 (78) 5,121
Retained Earnings 3,534 22 3,556
In November 2021, the FASB issued Accounting Standards Update 2021-10, Disclosures by Business Entities about Government Assistance (ASU 2021-10). ASU 2021-10 provides expanded annual disclosure requirements for business entities that account for a transaction with a government by applying a grant or contribution accounting model by analogy. U. S. Steel adopted this guidance effective January 1, 2022. The adoption of this guidance did not have a material impact on the Company's Condensed Consolidated Financial Statements.
4.    Segment Information
U. S. Steel has four reportable segments: North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE); and Tubular Products (Tubular). The Mini Mill segment reflects the acquisition of Big River Steel after the purchase of the remaining equity interest on January 15, 2021 (see Note 5 for further details) and Big River 2 (BR2) which is under construction in Osceola, Arkansas. The Tubular segment includes the electric arc furnace at our Fairfield Tubular Operations in Fairfield, Alabama. The results of our real estate businesses and of our former railroad business are combined and disclosed in the Other category.
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The results of segment operations for the three months ended September 30, 2022 and 2021 are:
(In millions) Three Months Ended September 30, 2022 Customer
Sales
Intersegment
Sales
Net
Sales
Earnings
from
investees
Earnings (loss) before interest and income taxes
Flat-Rolled $ 3,248  $ 104  $ 3,352  $ 59  $ 505 
Mini Mill 602  60  662    1 
USSE 925  2  927    (32)
Tubular 425    425  12  155 
Total reportable segments 5,200  166  5,366  71  629 
Other 3    3    21 
Reconciling Items and Eliminations   (166) (166)   (36)
Total $ 5,203  $   $ 5,203  $ 71  $ 614 
Three Months Ended September 30, 2021
Flat-Rolled $ 3,541  $ 36  $ 3,577  $ 53  $ 1,015 
Mini Mill 949  156  1,105  —  424 
USSE 1,246  1,248  —  394 
Tubular 216  222  — 
Total reportable segments 5,952  200  6,152  57  1,833 
Other 12  21  —  (2)
Reconciling Items and Eliminations —  (209) (209) —  511 
Total $ 5,964  $ —  $ 5,964  $ 57  $ 2,342 
The results of segment operations for the nine months ended September 30, 2022 and 2021 are:
(In millions) Nine Months Ended September 30, 2022 Customer
Sales
Intersegment
Sales
Net
Sales
Earnings
from
investees
Earnings (loss) before interest and income taxes
Flat-Rolled $ 9,926  $ 303  $ 10,229  $ 175  $ 1,795 
Mini Mill 2,158  337  2,495    549 
USSE 3,518  10  3,528    512 
Tubular 1,115  5  1,120  27  339 
Total reportable segments 16,717  655  17,372  202  3,195 
Other 10    10    16 
Reconciling Items and Eliminations   (655) (655)   (225)
Total $ 16,727  $   $ 16,727  $ 202  $ 2,986 
Nine Months Ended September 30, 2021
Flat-Rolled $ 8,804  $ 142  $ 8,946  $ 90  $ 1,740 
Mini Mill 2,158  360  2,518  —  840 
USSE 3,122  3,126  —  706 
Tubular 534  13  547  10  (29)
Total reportable segments 14,618  519  15,137  100  3,257 
Other 35  65  100  20 
Reconciling Items and Eliminations —  (584) (584) —  524 
Total $ 14,653  $ —  $ 14,653  $ 106  $ 3,801 
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A summary of total assets by segment is as follows:
(In millions) September 30, 2022 December 31, 2021
Flat-Rolled $ 7,534  $ 7,337 
Mini Mill(a)
5,660  4,715 
USSE 6,019  6,111 
Tubular 1,122  1,054 
Total reportable segments $ 20,335  $ 19,217 
Other $ 130  $ 88 
Corporate, reconciling items, and eliminations(b)
(507) (1,489)
Total assets $ 19,958  $ 17,816 
(a)Includes assets of $1.1 billion and $347 million at September 30, 2022 and December 31, 2021, respectively, related to BR2 under construction in Osceola, Arkansas.
(b)The majority of corporate, reconciling items, and eliminations is comprised of cash and the elimination of intersegment amounts.
The following is a schedule of reconciling items to consolidated earnings before interest and income taxes:
Three Months Ended September 30, Nine Months Ended September 30,
(In millions) 2022 2021 2022 2021
Items not allocated to segments:
Restructuring and other charges (Note 20) $ (23) $ —  $ (57) $ (37)
Asset impairment charges (Note 1)   —  (157) (28)
Other charges, net (13) 12  (11) (36)
(Losses) gains on assets sold and previously held investments   (7)   119 
Gain on sale of Transtar (Note 5)   506    506 
Total reconciling items $ (36) $ 511  $ (225) $ 524 

5.    Acquisitions and Dispositions

Big River Steel Acquisition
On January 15, 2021, U. S. Steel purchased the remaining equity interest in Big River Steel for approximately $625 million in cash net of $36 million and $62 million in cash and restricted cash received, respectively, and the assumption of liabilities of approximately $50 million. There were acquisition related costs of approximately $9 million recorded in 2021.

Prior to the closing of the acquisition on January 15, 2021, U. S. Steel accounted for its 49.9% equity interest in Big River Steel under the equity method. As a result of the acquisition, the Company adjusted the carrying amount of its previously held equity investment to its fair value of $770 million which resulted in a gain of approximately $111 million. The gain was recorded in gain on equity investee transactions in the Condensed Consolidated Statement of Operations.

The following unaudited pro forma information for U. S. Steel includes the results of the Big River Steel acquisition as if it had been consummated on January 1, 2020. The unaudited pro forma information is based on historical information and is adjusted for amortization of intangible asset, property, plant and equipment and debt fair value step-ups. The pro forma information does not include any anticipated cost savings or other effects of the integration of Big River Steel. Accordingly, the unaudited pro forma information does not necessarily reflect the actual results that would have occurred, nor is it necessarily indicative of future results of operations.

Nine Months Ended September 30,
(in millions) 2021
Net sales $ 14,725 
Net earnings (loss) $ 3,034 

Transtar Disposition
On July 28, 2021, U. S. Steel completed the sale of 100 percent of its equity interests in its wholly-owned short-line railroad, Transtar, LLC (Transtar) to an affiliate of Fortress Transportation and Infrastructure Investors, LLC. The
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Company received net cash proceeds of $627 million, subject to certain customary adjustments as set forth in the Membership Interest Purchase Agreement, and recognized a pretax gain of approximately $506 million in 2021. In connection with the closing of the transaction, the Company entered into certain ancillary agreements including a railway services agreement, providing for continued rail services for its Gary and Mon Valley Works facilities, and a transition services agreement. Because Transtar does not represent a significant component of U. S. Steel's business and does not constitute a reportable business segment, its results through the date of disposition are reported in the Other category. See Note 4 for further details.

Other Transactions
In December 2021, the Company entered into an agreement to sell certain assets related to a component of its flat-roll business. As a result of this commitment, the Company has recognized a total of $119 million in restructuring-related charges, $89 million during the fourth quarter 2021 and $30 million during the nine months ended September 30, 2022. These charges are expected to be paid out on a long-term basis. This transaction is expected to result in a gain upon closure, which is subject to customary closing conditions.
6.     Revenue

Revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, raw materials sales such as iron ore pellets and coke by-products and real estate sales. Generally, U. S. Steel’s performance obligations are satisfied and revenue is recognized when title transfers to our customer for product shipped or services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and are expensed when incurred. Because customers are invoiced at the time title transfers and U. S. Steel’s right to consideration is unconditional at that time, U. S. Steel does not maintain contract asset balances. Additionally, U. S. Steel does not maintain contract liability balances, as performance obligations are satisfied prior to customer payment for product. U. S. Steel offers industry standard payment terms.

The following tables disaggregate our revenue by product for each of the reportable business segments for the three months and nine months ended September 30, 2022 and 2021, respectively:

Net Sales by Product (In millions):
Three Months Ended September 30, 2022 Flat-Rolled Mini Mill USSE Tubular Other Total
Semi-finished $ 48  $   $ 27  $   $   $ 75 
Hot-rolled sheets 622  332  389      1,343 
Cold-rolled sheets 974  92  73      1,139 
Coated sheets 1,127  176  376      1,679 
Tubular products     20  418    438 
All Other (a)
477  2  40  7  3  529 
Total $ 3,248  $ 602  $ 925  $ 425  $ 3  $ 5,203 
(a) Consists primarily of sales of raw materials and coke making by-products.

Three Months Ended September 30, 2021 Flat-Rolled Mini Mill USSE Tubular Other Total
Semi-finished $ —  $ —  $ 35  $ —  $ —  $ 35 
Hot-rolled sheets 887  571  657  —  —  2,115 
Cold-rolled sheets 1,037  159  145  —  —  1,341 
Coated sheets 1,216  219  356  —  —  1,791 
Tubular products —  —  21  217  —  238 
All Other (a)
401  —  32  (1) 12  444 
Total $ 3,541  $ 949  $ 1,246  $ 216  $ 12  $ 5,964 
(a) Consists primarily of sales of raw materials and coke making by-products.

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Nine Months Ended September 30, 2022 Flat-Rolled Mini Mill USSE Tubular Other Total
Semi-finished $ 177  $   $ 90  $   $   $ 267 
Hot-rolled sheets 1,846  1,238  1,618      4,702 
Cold-rolled sheets 3,053  307  335      3,695 
Coated sheets 3,687  606  1,315      5,608 
Tubular products     56  1,103    1,159 
All Other (a)
1,163  7  104  12  10  1,296 
Total $ 9,926  $ 2,158  $ 3,518  $ 1,115  $ 10  $ 16,727 
(a) Consists primarily of sales of raw materials and coke making by-products.

Nine Months Ended September 30, 2021 Flat-Rolled Mini Mill USSE Tubular Other Total
Semi-finished $ 12  $ —  $ 84  $ —  $ —  $ 96 
Hot-rolled sheets 1,990  1,271  1,604  —  —  4,865 
Cold-rolled sheets 2,710  365  330  —  —  3,405 
Coated sheets 3,114  519  988  —  —  4,621 
Tubular products —  —  45  523  —  568 
All Other (a)
978  71  11  35  1,098 
Total $ 8,804  $ 2,158  $ 3,122  $ 534  $ 35  $ 14,653 
(a) Consists primarily of sales of raw materials and coke making by-products.
7.     Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within U. S. Steel's Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statement of Cash Flows:
(In millions) September 30, 2022 December 31, 2021 September 30, 2021
Cash and cash equivalents $ 3,364  $ 2,522  $ 2,044 
Restricted cash in other current assets   17 
Restricted cash in other noncurrent assets 123  76  91 
      Total cash, cash equivalents and restricted cash $ 3,487  $ 2,600  $ 2,152 

Amounts included in restricted cash represent cash balances which are legally or contractually restricted, primarily for electric arc furnace construction, environmental liabilities and other capital projects and insurance purposes.
8.    Inventories
The LIFO method is the predominant method of inventory costing for our Flat-Rolled and Tubular segments. The FIFO and moving average methods are the predominant inventory costing methods for our Mini Mill segment and the FIFO method is the predominant inventory costing method for our USSE segment. At September 30, 2022 and December 31, 2021, the LIFO method accounted for 40 percent and 46 percent of total inventory values, respectively.
(In millions) September 30, 2022 December 31, 2021
Raw materials $ 1,225  $ 713 
Semi-finished products 1,043  1,056 
Finished products 435  388 
Supplies and sundry items 56  53 
Total $ 2,759  $ 2,210 
Current acquisition costs were estimated to exceed the above inventory values by $1.4 billion and $896 million at September 30, 2022 and December 31, 2021, respectively. Cost of sales decreased and earnings before interest and income taxes increased by $1 million and $8 million for the three and nine months ended September 30, 2022, respectively, as a result of liquidation of LIFO inventories. Cost of sales decreased and earnings before interest and
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income taxes increased by $5 million and $12 million for the three and nine months ended September 30, 2021, respectively, as a result of liquidation of LIFO inventories.
9.     Intangible Assets and Goodwill
Intangible assets that are being amortized on a straight-line basis over their estimated useful lives are detailed below:
As of September 30, 2022 As of December 31, 2021
(In millions) Useful
Lives
Gross
Carrying
Amount
Accumulated
Amortization
Net
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Amount
Customer relationships
22 Years
$ 413  $ 32  $ 381  $ 413  $ 18  $ 395 
Patents
5-15 Years
17  12  5  17  11 
Energy Contract
2 Years
54  27  27  54  11  43 
Total amortizable intangible assets $ 484  $ 71  $ 413  $ 484  $ 40  $ 444 
Total estimated amortization expense for the remainder of 2022 is $11 million. We expect approximately $120 million in total amortization expense from 2023 through 2027 and approximately $282 million in remaining amortization expense thereafter.
The carrying amount of acquired water rights with indefinite lives as of September 30, 2022 and December 31, 2021 totaled $75 million.
Below is a summary of goodwill by segment for the three months ended September 30, 2022:
Flat-Rolled Mini Mill USSE Tubular Total
Balance at December 31, 2021 $   $ 916  $ 4  $   $ 920 
Additions          
Balance at September 30, 2022 $   $ 916  $ 4  $   $ 920 
10.    Pensions and Other Benefits
The following table reflects the components of net periodic benefit (income) cost for the three months ended September 30, 2022 and 2021:
Pension Benefits Other Benefits
(In millions) 2022 2021 2022 2021
Service cost $ 11  $ 12  $ 2  $
Interest cost 40  41  13  13 
Expected return on plan assets (89) (91) (23) (21)
Amortization of prior service credit   —  (6) (7)
Amortization of actuarial net loss (gain) 18  29  (13) (6)
Net periodic benefit (income) cost, excluding below (20) (9) (27) (18)
Multiemployer plans 18  19    — 
Settlement, termination and curtailment losses (a)
     
Net periodic benefit (income) cost $ (2) $ 15  $ (27) $ (18)
(a) During the three months ended September 30, 2021, pension benefits incurred settlement charges of approximately $5 million due to lump sum payment to certain individuals.
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The following table reflects the components of net periodic benefit (income) cost for the nine months ended September 30, 2022 and 2021:
Pension Benefits Other Benefits
(In millions) 2022 2021 2022 2021
Service cost $ 33  $ 40  $ 6  $
Interest cost 118  122  37  37 
Expected return on plan assets (267) (269) (68) (61)
Amortization of prior service cost 1  (19) (21)
Amortization of actuarial net loss (gain) 54  104  (39) (18)
Net periodic benefit (income) cost, excluding below (61) (2) (83) (54)
Multiemployer plans 56  56    — 
Settlement, termination and curtailment losses (a)
4  2   
Net periodic benefit (income) cost $ (1) $ 62  $ (81) $ (54)
(a) During the nine months ended September 30, 2022, pension and other postretirement benefits incurred special termination charges of approximately $6 million due to workforce restructuring. During the nine months ended September 30, 2021, the pension plan incurred settlement and curtailment charges of approximately $8 million due to lump sum payments to certain individuals and the sale of Transtar.
Employer Contributions
During the first nine months of 2022, U. S. Steel made cash payments of $56 million to the Steelworkers Pension Trust and $1 million of pension payments not funded by trusts.

During the first nine months of 2022, cash payments of $21 million were made for other postretirement benefit payments not funded by trusts.

Company contributions to defined contribution plans totaled $11 million for both the three months ended September 30, 2022 and 2021. Company contributions to defined contribution plans totaled $34 million and $32 million for the nine months ended September 30, 2022 and 2021, respectively.

Transtar Disposition
In connection with the Transtar sale, U. S. Steel remeasured its main pension benefit plan as of June 30, 2021. As a result of the remeasurement, the net pension obligation was reduced by $255 million.

11.    Stock-Based Compensation Plans

U. S. Steel has outstanding stock-based compensation awards that were granted by the Compensation & Organization Committee of the Board of Directors, or its designee, under the 2005 Stock Incentive Plan (2005 Plan) and the 2016 Omnibus Incentive Compensation Plan, as amended and restated (Omnibus Plan). The Company's stockholders approved the Omnibus Plan and authorized the Company to issue up to 32,700,000 shares of U. S. Steel common stock under the Omnibus Plan. While the awards that were previously granted under the 2005 Plan remain outstanding, all future awards will be granted under the Omnibus Plan. As of September 30, 2022, there were 8,832,318 shares available for future grants under the Omnibus Plan.

Recent grants of stock-based compensation consist of restricted stock units, total stockholder return (TSR) performance awards and return on capital employed (ROCE) performance awards. Shares of common stock under the Omnibus Plan are issued from authorized, but unissued stock. The following table is a summary of the awards made under the Omnibus Plan during the first nine months of 2022 and 2021.
2022 2021
Grant Details
Shares(a)
Fair Value(b)
Shares(a)
Fair Value(b)
Restricted Stock Units 1,225,820  $ 24.26  1,831,880  $ 19.65 
Performance Awards (c)
     TSR 236,520  $ 28.41  306,930  $ 19.46 
     ROCE (d)
408,870  $ 23.59  485,900  $ 17.92 
Performance-Based Restricted Stock Units 83,951  $ 23.07  —  $ — 
(a) The share amounts shown in this table do not reflect an adjustment for estimated forfeitures.
(b) Represents the per share weighted average for all grants during the period.
(c) The number of performance awards shown represents the target share grant of the award.
(d) A portion of ROCE awards granted in 2022 and 2021 are not shown in the table because they were granted in cash.

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U. S. Steel recognized pretax stock-based compensation expense in the amount of $13 million and $15 million in the three-month periods ended September 30, 2022 and 2021, respectively and $45 million and $41 million in the first nine months of 2022 and 2021, respectively.

As of September 30, 2022, total future compensation expense related to nonvested stock-based compensation arrangements was $58 million, and the weighted average period over which this expense is expected to be recognized is approximately 19 months.

Stock Options
Compensation expense for stock options is recorded over the vesting period based on the fair value on the date of grant, as calculated by U. S. Steel using the Black-Scholes model and the assumptions listed below. Awards generally vest ratably over a three-year service period and have a term of ten years. Stock options are generally issued at the average market price of the underlying stock on the date of the grant. Upon exercise of stock options, shares of U. S. Steel stock are issued from treasury stock or from authorized, but unissued common stock. There have been no stock options granted since 2017 other than the 171,000 performance-based stock options granted in December 2021, which are further described below.

The expected annual dividends per share are based on the latest annualized dividend rate at the date of grant; the expected life in years is determined primarily from historical stock option exercise data; the expected volatility is based on the historical volatility of U. S. Steel stock; and the risk-free interest rate is based on the U.S. Treasury strip rate for the expected life of the option.

The 171,000 performance-based stock options granted in December 2021 do not become vested and exercisable until the Company's 20-trading day average closing stock price meets or exceeds the following stock price hurdles during the seven-year period beginning on the grant date, as follows:

20-trading day Average Closing Stock Price Achievement During 7-Year Period Beginning on Grant Date(a)
Percentage of Performance-Based Stock Options Exercisable
$ 35.00  33.33  %
$ 45.00  33.33  %
$ 55.00  33.34  %
(a) The $35.00 tranche vested in April 2022.

Stock Awards
Restricted stock units awarded as part of annual grants generally vest ratably over three years. Their fair value is the average market price of the underlying common stock on the date of grant. Restricted stock units granted in connection with new-hire or retention grants generally cliff vest three years from the date of the grant.

TSR performance awards may vest at varying levels at the end of a three-year performance period if U. S. Steel's total stockholder return compared to the total stockholder return of a peer group of companies meets specified performance criteria with each year in the three-year performance period weighted at 20 percent and the full three-year period weighted at 40 percent. TSR performance awards can vest at between zero and 200 percent of the target award. The fair value of the TSR performance awards is calculated using a Monte Carlo simulation.

ROCE performance awards may vest at the end of a three-year performance period contingent upon meeting the specified ROCE performance metric. For the 2022 ROCE performance awards, each year in the three-year performance period is weighted at 20 percent and the full three-year period is weighted at 40 percent of the total award. ROCE performance awards can vest between zero and 200 percent of the target award. The fair value of the ROCE performance awards is the average market price of the underlying common stock on the date of grant.

In December 2021 and August 2022, special performance-based restricted stock unit awards (PSUs) were granted to members of the Company’s executive leadership team. Shares are earned based on the achievement of certain pre-set quantitative performance criteria during the four-year performance period, January 1, 2022 through December 31, 2025. Shares may vest following the expiration of the Performance Period if the Company satisfies the performance criteria.

The Chief Executive Officer was granted PSUs that vest with the following, equally weighted, performance metrics: (i) EBITDA margin expansion, (ii) greenhouse gas emissions intensity reduction, (iii) asset portfolio optimization, (iv) leverage metrics and (v) corporate relative valuation. Other members of the executive leadership team were granted PSUs that vest with performance criteria related to: (i) on time and on budget completion of BR2 (30% of the grant), (ii) EBITDA margin expansion (40% of the grant) and (iii) greenhouse gas emissions intensity reduction (30% of the grant).

For the PSU awards, a payout is achievable at threshold (50% of target), target (100% of target) or maximum (200% of target) performance achievement. Payout amounts will be interpolated between the threshold, target and maximum amounts.
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12.    Income Taxes
Tax provision
For the nine months ended September 30, 2022, and 2021, the Company recorded a tax provision of $684 million and $224 million, respectively. Additionally, in accordance with the adoption of ASU 2020-06, the Company recorded an increase in its long-term state deferred tax asset of $4 million and a decrease in its long-term federal deferred tax liability of $15 million in the first quarter of 2022. The tax provisions for the first nine months of 2022 and 2021 were based on an estimated annual effective rate, which requires management to make its best estimate of annual pretax income or loss and discrete items recognized during the period.

The tax provision for the nine months ended September 30, 2022, includes an expense of $19 million related to the filing of the 2021 federal income tax return, as well as an additional expense of $13 million related to the reduction in the Pennsylvania corporate net income tax rate which is being phased in over nine years beginning in 2023.

The tax provision for the nine months ended September 30, 2021, includes a benefit of $514 million for the release of the domestic valuation allowance recorded against domestic deferred tax assets that are more likely than not to be realized. During the second quarter of 2021, the Company evaluated all available positive and negative evidence, including the impact of profitability generated from current year operations and future projections of profitability. As a result, the Company determined that all of its domestic deferred tax assets were more likely than not to be realized with the exception of certain of its state net operating losses and state tax credits and reversed the valuation allowance against those deferred tax assets accordingly.

Throughout the year, management regularly updates forecasted annual pretax results for the various countries in which we operate based on changes in factors such as prices, shipments, product mix, plant operating performance and cost estimates. To the extent that actual 2022 pretax results for U.S. and foreign income or loss vary from estimates applied herein, the actual tax provision or benefit recognized in 2022 could be materially different from the forecasted amount used to estimate the tax provision for the nine months ended September 30, 2022.

In March 2022, the Company and the Arkansas Economic Development Commission entered into the Recycling Tax Credit Incentive Agreement, whereby the Company may earn state income tax credits in an amount equal to 30% of the cost of waste reduction, reuse, or recycling equipment, subject to meeting the requirements of the Arkansas Code Ann. Section 26-51-506, for BR2 which is under construction in Osceola, Arkansas. Documentation supporting the Company's investment in qualifying equipment must be submitted as part of an application for certification expected to be completed on or before 2025. In March 2022, the Company received a lump-sum payment of approximately $82 million as proceeds from the sale of a portion of expected future tax credits to be earned by the Company (see Note 21 for additional information). The Company estimates that it could earn tax credits in excess of $700 million, exclusive of the amount sold in March 2022, which the Company will recognize in the year the assets are placed into service and meet the requirements of Arkansas Code Ann. Section 26-51-506. Any unused tax credit that cannot be claimed in a tax year may be carried forward indefinitely by the Company and applied to its future state tax liability.

On August 16, 2022, H.R. 5376 (commonly called the Inflation Reduction Act of 2022) was signed into law, which, among other things, implemented a corporate alternative minimum tax (CAMT) of 15 percent on book income of certain large corporations, a 1 percent excise tax on net stock repurchases and several tax incentives to promote clean energy. The provision pertaining to an excise tax on corporate stock repurchases imposes a nondeductible 1 percent excise tax on a publicly traded corporation for the net value of certain stock that the corporation repurchases. The value of the repurchases subject to the tax is reduced by the value of any stock issued by the corporation during the tax year, including stock issued or provided to the employees. The CAMT imposes a minimum tax on net income adjusted for certain items prescribed by the legislation. Both the CAMT and the excise tax provisions of this legislation are effective for tax years beginning after December 31, 2022. Although management is currently assessing the impact of the law change and awaiting guidance from the Department of Treasury, the Company anticipates being subject to the new CAMT but does not believe that it will have a material impact on its Condensed Consolidated Financial Statements.
13.    Earnings and Dividends Per Common Share
Earnings Per Share Attributable to United States Steel Corporation Stockholders
The effect of dilutive securities on weighted average common shares outstanding included in the calculation of diluted earnings per common share for the three and nine months ended September 30, 2022 and September 30, 2021 were as follows.
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Three Months Ended September 30, Nine Months Ended September 30,
(Dollars in millions, except per share amounts) 2022 2021 2022 2021
Earnings attributable to United States Steel Corporation stockholders:
Basic $ 490  $ 2,002  $ 2,350  $ 3,105 
Interest expense on Senior Convertible Notes, net of tax 3  —  10  — 
Diluted $ 493  $ 2,002  $ 2,360  $ 3,105 
Weighted-average shares outstanding (in thousands):
Basic 237,094  270,175  251,848  263,209 
Effect of Senior Convertible Notes 26,194  12,199  26,194  11,082 
Effect of stock options, restricted stock units and performance awards 2,976  5,089  3,527  4,812 
Diluted 266,264  287,463  281,569  279,103 
Earnings per share attributable to United States Steel Corporation stockholders:
Basic $ 2.07  $ 7.41  $ 9.33  $ 11.80 
Diluted $ 1.85  $ 6.97  $ 8.38  $ 11.13 
Excluded from the computation of diluted earnings per common share due to their anti-dilutive effect were 1.7 million and 0.7 million outstanding securities granted under the Omnibus Plan for the three and nine months ended September 30, 2022, respectively, and 0.6 million and 1.2 million outstanding securities granted under the Omnibus Plan for the three and nine months ended September 30, 2021, respectively.
Dividends Paid Per Share
The dividend for each of the first, second and third quarters of 2022 was five cents per common share. The dividend for each of the first, second and third quarters of 2021 was one cent per common share.
14.    Derivative Instruments
U. S. Steel uses foreign exchange forward sales contracts (foreign exchange forwards) with maturities up to 25 months to manage our currency requirements and exposure to foreign currency exchange rate fluctuations. The USSE and Flat-Rolled segments use hedge accounting for their foreign exchange forwards. The Mini Mill segment has foreign exchange forwards for which hedge accounting has not been elected; therefore, the changes in the fair value of their foreign exchange forwards are recognized immediately in the Consolidated Statements of Operations (mark-to-market accounting).

U. S. Steel also uses financial swaps to protect from the commodity price risk associated with purchases of natural gas, zinc, tin, electricity and iron ore pellets (commodity purchase swaps). We elected cash flow hedge accounting for commodity purchase swaps for natural gas, zinc and tin and iron ore pellets and use mark-to-market accounting for electricity swaps. The commodity purchase swaps have maturities of up to 15 months.

U. S. Steel has entered into financial swaps that are used to partially manage the sales price risk of certain hot-rolled coil sales (sales swaps) and iron ore pellet sales (zero cost collars). Both the sales swaps and the zero cost collars are accounted for using hedge accounting and have maturities of up to 3 months.

The table below shows the outstanding swap quantities used to hedge forecasted purchases and sales as of September 30, 2022 and September 30, 2021:
Hedge Contracts Classification September 30, 2022 September 30, 2021
Natural gas (in mmbtus) Commodity purchase swaps 59,215,000 38,661,000
Tin (in metric tons) Commodity purchase swaps 885 1,384
Zinc (in metric tons) Commodity purchase swaps 10,666 12,853
Electricity (in megawatt hours) Commodity purchase swaps 547,680 909,240
Iron ore pellets (in metric tons) Zero-cost collars 432,000
Hot-rolled coils (in tons) Sales swaps 44,000 97,320
Foreign currency (in millions of euros) Foreign exchange forwards 292  290 
Foreign currency (in millions of dollars) Foreign exchange forwards $ 118  $
Foreign currency (in millions of CAD) Foreign exchange forwards $ 4  $ — 

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The following summarizes the fair value amounts included in our Condensed Consolidated Balance Sheets as of September 30, 2022, and December 31, 2021:
Balance Sheet Location (in millions) September 30, 2022 December 31, 2021
Designated as Hedging Instruments
Accounts receivable $ 88  $ 42 
Accounts payable 44  59 
Investments and long-term receivables 7 
Other long-term liabilities 13 
Not Designated as Hedging Instruments
Accounts receivable 20 
Investments and long-term receivables 5 

The table below summarizes the effect of hedge accounting on Accumulated Other Comprehensive Income (AOCI) and amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2022 and 2021:
Gain (Loss) on Derivatives in AOCI Amount of Gain (Loss) Recognized in Income
(In millions) Three Months Ended September 30, 2022 Three Months Ended September 30, 2021
Location of Reclassification from AOCI (a)
Three Months Ended September 30, 2022 Three Months Ended September 30, 2021
Sales swaps $ 9  $ 52  Net sales $ 9  $ (60)
Commodity purchase swaps 2  20 
Cost of sales (b)
46  14 
Foreign exchange forwards 13  Cost of sales  
(a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items resulting in immaterial ineffectiveness.
(b) Costs for commodity purchase swaps are recognized in cost of sales as products are sold.

Gain (Loss) on Derivatives in AOCI Amount of Gain (Loss) Recognized in Income
(In millions) Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
Location of Reclassification from AOCI (a)
Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
Sales swaps $ 33  $ (71) Net sales $ (29) $ (93)
Commodity purchase swaps 17  52 
Cost of sales (b)
89  18 
Foreign exchange forwards 22  29  Cost of sales 30  (9)
(a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items resulting in immaterial ineffectiveness.
(b) Costs for commodity purchase swaps are recognized in cost of sales as products are sold.

At current contract values, $30 million currently in AOCI as of September 30, 2022, will be recognized as a decrease in cost of sales over the next year and $14 million currently in AOCI as of September 30, 2022, will be recognized as an increase in net sales over the next year.
The gain recognized for foreign exchange forwards and financial swaps where hedge accounting was not elected was $18 million and $12 million for the three and nine months ended September 30, 2022, respectively. The gain recognized for sales swaps where hedge accounting was not elected was $12 million for the three months ended September 30, 2021, and the loss of $3 million was recognized in cost of sales for the nine months ended September 30, 2021.
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15.    Debt
(In millions) Issuer/Borrower Interest
Rates %
Maturity September 30, 2022 December 31, 2021
2037 Senior Notes U. S. Steel 6.650 2037 274  350 
2029 Senior Secured Notes Big River Steel 6.625 2029 720  720 
2029 Senior Notes U. S. Steel 6.875 2029 475  750 
2026 Senior Convertible Notes U. S. Steel 5.000 2026 350  350 
Environmental Revenue Bonds U. S. Steel
4.125 - 6.750
2024 - 2052 924  647 
Environmental Revenue Bonds Big River Steel
4.500 - 4.750
2049 752  752 
Finance leases and all other obligations U. S. Steel Various 2022 - 2029 96  67 
Finance leases and all other obligations Big River Steel Various 2022 - 2031 124  122 
Export Credit Agreement U. S. Steel Variable 2031 136  136 
Credit Facility Agreement U. S. Steel Variable 2027   — 
Big River Steel ABL Facility Big River Steel Variable 2026   — 
USSK Credit Agreement U. S. Steel Kosice Variable 2026   — 
USSK Credit Facility U. S. Steel Kosice Variable 2024   — 
Total Debt 3,851  3,894 
Less unamortized discount, premium, and debt issuance costs (71)
Less short-term debt, long-term debt due within one year, and short-term issuance costs 59  28 
Long-term debt $ 3,863  $ 3,863 

The following is a summary of debt repayments of certain Senior Notes and environmental revenue bonds made during the nine months ended September 30, 2022:

Nine Months Ended September 30, 2022
Debt Instrument (in Millions)
Date Debt Extinguished
2037 Senior Notes(a)
Third quarter 2022 $ 76 
2029 Senior Notes(b)
Third quarter 2022 225
Hoover, AL Environmental Revenue Bonds Second quarter 2022 14
2029 Senior Notes(b)
Second quarter 2022 48
2029 Senior Notes(b)
First quarter 2022 2
Total $ 365 
(a) There were redemption discounts and unamortized debt issuance cost write-offs of $6 million and $1 million, respectively, included in (gain) loss on debt extinguishment on the Consolidated Statement of Operations related to the repayment.
(b) During the nine months ended September 30, 2022, there were no redemption premiums paid and a net loss of $4 million for the write-off of unamortized discounts and debt issuance costs, included in (gain) loss on debt extinguishment on the Consolidated Statement of Operations, as a result of these debt repayments.
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Arkansas Development Finance Authority Environmental Improvement Revenue Bonds, Series 2022 (United States Steel Corporation Project) (Green Bonds)
On September 6, 2022, U. S. Steel closed on an offering of $290 million aggregate principal amount of 5.450% Environmental Improvement Revenue Bonds due 2052 (2052 ADFA Green Bonds). U. S. Steel received net proceeds of approximately $287 million after fees of approximately $3 million related to the underwriting and third-party expenses. The net proceeds from the issuance of the 2052 ADFA Green Bonds will be used to partially fund work related to U. S. Steel's solid waste disposal facilities, including two electric arc furnaces (EAF) and other equipment facilities at its new technologically-advanced flat rolled steel making facility, BR2, currently under construction near Osceola, Arkansas.

On and after September 1, 2025, the Company may redeem the 2052 ADFA Green Bonds at its option, at any time in whole or from time to time in part at the redemption prices (expressed in percentages of principal amount) listed below, plus accrued and unpaid interest on the 2052 ADFA Green Bonds, if any, to, but excluding, the applicable redemption date, if redeemed during the twelve-month period beginning on September 1 of each of the years indicated below.

Year Redemption Price
2025 105.000  %
2026 104.000  %
2027 103.000  %
2028 102.000  %
2029 101.000  %
2030 and thereafter 100.000  %

At any time prior to September 1, 2025, U. S. Steel may also redeem the 2052 ADFA Green Bonds, at our option, in whole or in part, or from time to time, at a price equal to the greater of 100 percent of the principal amount of the 2052 ADFA Green Bonds plus accrued and unpaid interest, if any, or the sum of the present value of the redemption price of the 2052 ADFA Green Bonds if they were redeemed on September 1, 2025, plus interest payments due through September 1, 2025, discounted to the date of redemption on a semi-annual basis at the applicable tax-exempt municipal bond rate, plus accrued and unpaid interest, if any.

2026 Senior Convertible Notes
In October 2019, U. S. Steel issued $350 million of 5.00% Senior Convertible Notes due November 1, 2026 (2026 Senior Convertible Notes). Interest on the 2026 Senior Convertible Notes is payable semi-annually on May 1 and November 1 of each year. The initial conversion rate for the 2026 Senior Convertible Notes is 74.8391 shares of U. S. Steel common stock per $1,000 principal amount, equivalent to an initial conversion price of approximately $13.36 per share of common stock, subject to adjustment pursuant to the 2026 Senior Convertible Notes indenture. Based on the initial conversion rate, the 2026 Senior Convertible Notes are convertible into 26,193,685 shares of U. S. Steel common stock and we reserved for the possible issuance of 33,396,930 shares, which is the maximum amount that could be issued upon conversion. Prior to August 1, 2026, holders of notes may convert all or a portion of their notes at their option only upon the satisfaction of specified conditions and during certain periods. On or after August 1, 2026, holders may convert all or a portion of their notes prior to the maturity date. Upon conversion, we will satisfy the obligation with cash, common stock, or a combination thereof, at our election. U. S. Steel may not redeem the 2026 Senior Convertible Notes prior to November 5, 2023. On or after November 5, 2023, and prior to August 1, 2026, if the price per share of U. S. Steel's common stock has been at least 130% of the conversion price for specified periods, U. S. Steel may redeem all or a portion of the 2026 Senior Convertible Notes at a cash redemption price of 100% of the principal amount, plus accrued and unpaid interest.

If U. S. Steel undergoes a fundamental change, as defined in the 2026 Senior Convertible Notes, holders may require us to repurchase the 2026 Senior Convertible Notes in whole or in part for cash at a price equal to 100% of the principal amount of the 2026 Senior Convertible Notes to be purchased plus any accrued and unpaid interest up to, but excluding the repurchase date.

Big River Steel - Sustainability Linked ABL Facility
Big River Steel's amended senior secured asset-based revolving credit facility (Big River Steel ABL Facility) matures on July 23, 2026. The facility is secured by first-priority liens on accounts receivable and inventory and certain other assets and second priority liens on most tangible and intangible assets of Big River Steel in each case subject to permitted liens. Additionally, the amendment includes sustainability targets related to greenhouse gas emissions intensity reduction, safety performance and facility certification by ResponsibleSteel™.

The Big River Steel ABL Facility provides for borrowings for working capital and general corporate purposes in an amount equal up to the lesser of (a) $350 million and (b) a borrowing base calculated based on specified percentages of eligible accounts receivables and inventory, subject to certain adjustments and reserves.

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Big River Steel LLC must maintain a fixed charge coverage ratio of at least 1.00 to 1.00 for the most recent twelve consecutive months when availability under the Big River Steel ABL Facility is less than the greater of ten percent of the borrowing base availability and $13 million. Based on the most recent four quarters as of September 30, 2022, Big River Steel would have met the fixed charge coverage ratio test. The facility includes affirmative and negative covenants and events of default that are customary for facilities of this type.

There were no loans outstanding under the Big River Steel ABL Facility at September 30, 2022.

U. S. Steel - Sustainability Linked Credit Facility Agreement
On May 27, 2022, U. S. Steel entered into the Sixth Amended and Restated Credit Facility Agreement (Credit Facility Agreement) to replace the existing Fifth Amended and Restated Credit Facility Agreement (Fifth Credit Facility Agreement). The Credit Facility Agreement has substantially the same terms as the Fifth Credit Facility Agreement, except the Credit Facility Agreement references the Secured Overnight Financing Rate instead of the London Interbank Offered Rate, adjusts the individual lenders' commitments, and renews the five-year maturity to May 27, 2027. The Credit Facility Agreement also adjusts the threshold for the fixed charge coverage ratio. The total availability under the facility remained the same at $1,750 million, and the financial impact from replacing the Fifth Credit Facility Agreement was immaterial. Consistent with the Fifth Credit Facility Agreement, the Credit Facility Agreement is secured by first-priority liens on certain accounts receivable and inventory and includes targets related to greenhouse gas emissions intensity reduction, safety performance and facility certification by ResponsibleSteel™.

The Credit Facility Agreement provides for borrowings for working capital and general corporate purchases in an amount equal to the lesser of (a) $1,750 million or (b) a borrowing base calculated based on specified percentages of eligible accounts receivable and inventory, subject to certain adjustments and reserves. As of September 30, 2022, there were approximately $4 million of letters of credit issued and no loans drawn under the Credit Facility Agreement. U. S. Steel must maintain a fixed charge coverage ratio of at least 1.00 to 1.00 for the most recent four consecutive quarters when availability under the Credit Facility Agreement is less than the greater of ten percent of the maximum facility availability and $140 million. Based on the most recent four quarters as of September 30, 2022, the Company would have met the fixed charge coverage ratio test.

U. S. Steel Košice (USSK) Credit Facilities
On September 29, 2021, USSK entered into a €300 million (approximately $292 million) unsecured sustainability linked credit agreement (USSK Credit Agreement). The USSK Credit Agreement matures in 2026 and contains sustainability targets related to greenhouse gas emissions intensity reduction, safety performance and facility certification by ResponsibleSteel™. At September 30, 2022, USSK had no borrowings under the USSK Credit Agreement.

At September 30, 2022, USSK had no borrowings under its €20 million credit facility (approximately $20 million) (USSK Credit Facility) and the availability was approximately $5 million due to approximately $15 million of customs and other guarantees outstanding.
16.    Fair Value of Financial Instruments
The carrying value of cash and cash equivalents, current accounts and notes receivable, accounts payable and accrued interest included in the Condensed Consolidated Balance Sheet approximate fair value. See Note 14 for disclosure of U. S. Steel’s derivative instruments, which are accounted for at fair value on a recurring basis.
Stelco Option for Minntac Mine Interest
On April 30, 2020 (Effective Date), the Company entered into an Option Agreement with Stelco, Inc. (Stelco), that grants Stelco the option to purchase a 25 percent interest (Option Interest) in a to-be-formed entity (Joint Venture) that will own the Company’s current iron ore mine located in Mt. Iron, Minnesota (Minntac Mine). As consideration for the Option, Stelco paid the Company an aggregate amount of $100 million in five $20 million installments during the year-ended December 31, 2020 which are recorded net of transaction costs in the Condensed Consolidated Balance Sheet. The option can be exercised any time before January 31, 2027, and in the event Stelco exercises the option, Stelco will contribute an additional $500 million to the Joint Venture, which amount shall be remitted solely to U. S. Steel in the form of a one-time special distribution, and the parties will engage in good faith negotiations to finalize the master agreement (pursuant to which Stelco will acquire the Option Interest) and the limited liability company agreement of the Joint Venture.
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The following table summarizes U. S. Steel’s financial liabilities that were not carried at fair value at September 30, 2022 and December 31, 2021. The fair value of long-term debt was determined using Level 2 inputs.
September 30, 2022 December 31, 2021
(In millions) Fair
Value
Carrying
Amount
Fair
Value
Carrying
Amount
Financial liabilities:
Long-term debt (a)
$ 3,551  $ 3,702  $ 4,379  $ 3,702 
(a) Excludes finance lease obligations.

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17.    Statement of Changes in Stockholders’ Equity

The following table reflects the first nine months of 2022 and 2021 reconciliation of the carrying amount of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests:

Nine Months Ended September 30, 2022 (In millions) Total Retained Earnings Accumulated
Other
Comprehensive
Income
Common
Stock
Treasury
Stock
Paid-in
Capital
Non-
Controlling
Interest
Balance at beginning of year $ 9,103  $ 3,534  $ 331  $ 280  $ (334) $ 5,199  $ 93 
Comprehensive income (loss):
Net earnings 882  882           
Other comprehensive income (loss), net of tax:
Pension and other benefit adjustments (3)   (3)        
Currency translation adjustment (28)   (28)        
Derivative financial instruments 22    22         
Employee stock plans 7      2  (20) 25   
Common Stock Repurchased (123)       (123)    
Dividends paid on common stock (13) (13)          
Cumulative effect upon adoption of Accounting Standards Update 2020-06 (56) 22        (78)  
Balance at March 31, 2022 $ 9,791  $ 4,425  $ 322  $ 282  $ (477) $ 5,146  $ 93 
Comprehensive income (loss):
Net earnings 978  978  —  —  —  —  — 
Other comprehensive income (loss), net of tax:
Pension and other benefit adjustments 1  —  1  —  —  —  — 
Currency translation adjustment (100) —  (100) —  —  —  — 
Derivative financial instruments 14  —  14  —  —  —  — 
Employee stock plans 19  —  —  —  (1) 20  — 
Common Stock Repurchased (399) —  —  —  (399)   — 
Dividends paid on common stock (13) (13) —  —  —    — 
Balance at June 30, 2022 $ 10,291  $ 5,390  $ 237  $ 282  $ (877) $ 5,166  $ 93 
Comprehensive income (loss):
Net earnings 490  490  —  —  —  —  — 
Other comprehensive income (loss), net of tax:
Pension and other benefit adjustments   —    —  —  —  — 
Currency translation adjustment (92) —  (92) —  —  —  — 
Derivative financial instruments 18  —  18  —  —  —  — 
Employee stock plans 13  —  —  —    13  — 
Common Stock Repurchased (177)   —  —  (177)   — 
Dividends paid on common stock (12) (12) —  —      — 
Other (1) (1) —         
Balance at September 30, 2022 $ 10,530  $ 5,867  $ 163  $ 282  $ (1,054) $ 5,179  $ 93 
-21-



Nine Months Ended September 30, 2021 (In millions) Total (Accumulated Deficit) Retained Earnings Accumulated
Other
Comprehensive
(Loss) Income
Common
Stock
Treasury
Stock
Paid-in
Capital
Non-
Controlling
Interest
Balance at beginning of year $ 3,879  $ (623) $ (47) $ 229  $ (175) $ 4,402  $ 93 
Comprehensive income (loss):
Net earnings 91  91           
Other comprehensive income (loss), net of tax:
Pension and other benefit adjustments 24    24         
Currency translation adjustment (47)   (47)        
Derivative financial instruments (20)   (20)        
Employee stock plans 6      2  (7) 11   
Common Stock Issued 790      48    742   
Dividends paid on common stock (3)         (3)  
Balance at March 31, 2021 $ 4,720  $ (532) $ (90) $ 279  $ (182) $ 5,152  $ 93 
Comprehensive income (loss):
Net earnings 1,012  1,012