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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 June 30, 2023
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
ussclogosignature2955.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,PA15219-2800
(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 classTrading SymbolName of each exchange on which registered
United States Steel Corporation Common StockXNew York Stock Exchange
United States Steel Corporation Common StockXChicago 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 July 24, 2023 – 222,963,794 shares



INDEX
Page
PART I – FINANCIAL INFORMATION
Item 1.Financial Statements:
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 or financial 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 the global economic environment, including supply and demand conditions, inflation, interest rates, supply chain disruptions and changes in 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, statements regarding existing or new regulations 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, 2022 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 and (ii) “Big River Steel” refers to Big River Steel Holdings 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 June 30,Six Months Ended June 30,
(Dollars in millions, except per share amounts)2023202220232022
Net sales:
Net sales$4,520 $5,794 $8,432 $10,637 
Net sales to related parties (Note 19)488 496 1,046 887 
Total (Note 6)5,008 6,290 9,478 11,524 
Operating expenses (income):
Cost of sales (excludes items shown below)4,161 4,661 8,114 8,484 
Selling, general and administrative expenses103 112 202 229 
Depreciation, depletion and amortization224 198 445 396 
Earnings from investees(38)(95)(25)(131)
Asset impairment charges 151 4 157 
Restructuring and other charges (Note 20)2 17 3 34 
Other gains, net(8)(8)(18)(17)
Total4,444 5,036 8,725 9,152 
Earnings before interest and income taxes564 1,254 753 2,372 
Interest expense20 39 47 89 
Interest income(34)(4)(64)(5)
Other financial costs6 18 12 20 
Net periodic benefit income(41)(61)(83)(122)
Net gain from investments related to active employee benefits (Note 16)(8) (30) 
Net interest and other financial benefits(57)(8)(118)(18)
Earnings before income taxes621 1,262 871 2,390 
Income tax expense (Note 12)144 284 195 530 
Net earnings477 978 676 1,860 
Less: Net earnings attributable to noncontrolling interests    
Net earnings attributable to United States Steel Corporation$477 $978 $676 $1,860 
Earnings per common share (Note 13):
Earnings per share attributable to United States Steel Corporation stockholders:
'-Basic
$2.12 $3.80 $2.99 $7.17 
'-Diluted
$1.89 $3.42 $2.67 $6.45 

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 June 30,Six Months Ended June 30,
(Dollars in millions)2023202220232022
Net earnings$477 $978 $676 $1,860 
Other comprehensive income (loss), net of tax:
Changes in foreign currency translation adjustments(1)(100)31 (128)
Changes in pension and other employee benefit accounts(12)1 (22)(2)
Changes in derivative financial instruments33 14 (11)36 
Changes in fair value of active employee benefit investments(1) 2  
Total other comprehensive income (loss), net of tax19 (85) (94)
Comprehensive income including noncontrolling interest496 893 676 1,766 
Comprehensive income attributable to noncontrolling interest    
Comprehensive income attributable to United States Steel
Corporation
$496 $893 $676 $1,766 
The accompanying notes are an integral part of these condensed consolidated financial statements.
-2-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(Dollars in millions)June 30, 2023December 31, 2022
Assets
Current assets:
Cash and cash equivalents (Note 7)$3,080 $3,504 
Receivables, less allowance of $40 and $38
1,698 1,485 
Receivables from related parties (Note 19)166 150 
Inventories (Note 8)2,540 2,359 
Other current assets351 368 
Total current assets7,835 7,866 
Long-term restricted cash (Note 7)32 31 
Operating lease assets129 146 
Property, plant and equipment22,465 21,222 
Less accumulated depreciation and depletion13,029 12,730 
Total property, plant and equipment, net9,436 8,492 
Investments and long-term receivables, less allowance of $3 and $4
832 840 
Intangibles, net (Note 9)457 478 
Deferred income tax benefits (Note 12) 10 
Goodwill (Note 9)920 920 
Other noncurrent assets668 675 
Total assets$20,309 $19,458 
Liabilities
Current liabilities:
Accounts payable and other accrued liabilities$2,940 $2,873 
Accounts payable to related parties (Note 19)172 143 
Payroll and benefits payable457 493 
Accrued taxes287 271 
Accrued interest70 67 
Current operating lease liabilities48 49 
Short-term debt and current maturities of long-term debt (Note 15)98 63 
Total current liabilities4,072 3,959 
Noncurrent operating lease liabilities90 105 
Long-term debt, less unamortized discount and debt issuance costs (Note 15)4,153 3,914 
Employee benefits139 209 
Deferred income tax liabilities (Note 12)576 456 
Deferred credits and other noncurrent liabilities461 504 
Total liabilities9,491 9,147 
Contingencies and commitments (Note 21)
Stockholders’ Equity (Note 17):
Common stock (284,815,011 and 282,487,412 shares issued) (Note 13)
285 283 
Treasury stock, at cost (60,906,149 shares and 54,089,559 shares)
(1,376)(1,204)
Additional paid-in capital5,218 5,194 
Retained earnings6,683 6,030 
Accumulated other comprehensive loss (Note 18)(85)(85)
Total United States Steel Corporation stockholders’ equity10,725 10,218 
Noncontrolling interests93 93 
Total liabilities and stockholders’ equity$20,309 $19,458 
The accompanying notes are an integral part of these condensed consolidated financial statements.
-3-


UNITED STATES STEEL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
(Dollars in millions)20232022
Increase (decrease) in cash, cash equivalents and restricted cash
Operating activities:
Net earnings$676 $1,860 
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, depletion and amortization445 396 
Asset impairment charges4 157 
Restructuring and other charges (Note 20)3 34 
Loss on debt extinguishment 2 
Pensions and other postretirement benefits(84)(106)
Active employee benefit investments7  
Deferred income taxes (Note 12)135 247 
Net gain on sale of assets(2)(4)
Equity investee earnings, net of distributions received(24)(110)
Changes in:
Current receivables(232)(615)
Inventories(167)(885)
Current accounts payable and accrued expenses288 575 
Income taxes receivable/payable48 229 
All other, net(203)(104)
Net cash provided by operating activities894 1,676 
Investing activities:
Capital expenditures(1,353)(660)
Proceeds from cost reimbursement government grants (Note 21) 53 
Proceeds from sale of assets3 12 
Other investing activities (7)
Net cash used in investing activities(1,350)(602)
Financing activities:
Issuance of long-term debt, net of financing costs (Note 15)238 4 
Repayment of long-term debt (Note 15)(20)(73)
Common stock repurchased (Note 22)(150)(522)
Proceeds from government incentives (Note 21) 82 
Other financing activities(42)(39)
Net cash provided by (used in) financing activities26 (548)
Effect of exchange rate changes on cash8 (27)
Net (decrease) increase in cash, cash equivalents and restricted cash(422)499 
Cash, cash equivalents and restricted cash at beginning of year (Note 7)3,539 2,600 
Cash, cash equivalents and restricted cash at end of period (Note 7)$3,117 $3,099 
Non-cash investing and financing activities:
Change in accrued capital expenditures$(146)$104 
U. S. Steel common stock issued for employee/non-employee director stock plans28 46 
Capital expenditures funded by finance lease borrowings55 26 
Export Credit Agreement (ECA) financing2  
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 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, 2022, which should be read in conjunction with these condensed financial statements.
2.    New Accounting Standards
During the six months ended June 30, 2023, there were no accounting standards and interpretations issued which are expected to have a material impact on the Company's financial position, operations or cash flows.
3.    Recently Adopted Accounting Standards
In September 2022, the Financial Accounting Standards Board (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. U. S. Steel adopted this guidance effective January 1, 2023, with the exception of the amendment on roll-forward information, which will be adopted in our fiscal year beginning on January 1, 2024.
The Company has a supply chain finance (SCF) arrangement with a third-party administrator which allows participating suppliers, at their sole discretion, to make offers to sell payment obligations of the Company prior to their scheduled due dates at a discounted price to a participating financial institution. The third-party administrator entered into a separate agreement with the Export Import Bank of the United States to guarantee 90 percent of supplier obligations sold for up to $200 million. No guarantees or collateral are provided by the Company or any of its subsidiaries under the SCF program.
The Company’s goal is to capture overall supplier savings and improve working capital efficiency. The agreements facilitate the suppliers’ ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of the suppliers’ receivables and no direct financial relationship with the financial institution concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to sell amounts under the arrangements. The SCF program requires the Company to pay the third-party administrator the stated amount of the confirmed participating supplier invoices. The payment terms for confirmed invoices range from 75 to 90 days after the end of the month in which the invoice was issued.
The underlying costs from suppliers that elected to participate in the SCF program are generally recorded in cost of sales in the Company’s Condensed Consolidated Statement of Operations. Amounts due to suppliers who participate in the SCF program are reflected in accounts payable and accrued expenses on the Company’s Condensed Consolidated Balance Sheet and payments on the obligations by our suppliers are included in cash used in operating activities in the Condensed Consolidated Statement of Cash Flows. As of June 30, 2023, accounts payable and accrued expenses included $106 million of outstanding payment obligations which suppliers elected to sell to participating financial institutions.
In October 2021, the 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. U. S. Steel adopted this guidance effective January 1, 2023 and will apply it to any future business combinations.
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 results of our real estate businesses are disclosed in the Other category.
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The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measure being earnings (loss) before interest and income taxes. Earnings (loss) before interest and income taxes for reportable segments and the Other category does not include net interest and other financial costs (income), income taxes, stock-based compensation expense, and certain other items that management believes are not indicative of future results.

The accounting principles applied at the operating segment level in determining earnings (loss) before interest and income taxes are generally the same as those applied at the consolidated financial statement level. Intersegment sales and transfers are accounted for at market-based prices and are eliminated at the corporate consolidation level. Corporate-level selling, general and administrative expenses and costs related to certain former businesses are allocated to the reportable segments and Other based on measures of activity that management believes are reasonable.

The results of segment operations for the three months ended June 30, 2023 and 2022 are:
(In millions) Three Months Ended June 30, 2023Customer
Sales
Intersegment
Sales
Net
Sales
Earnings
from
investees
Earnings (loss) before interest and income taxes(a)
Flat-Rolled$2,956 $93 $3,049 $29 $231 
Mini Mill619 169 788  132 
USSE1,032 7 1,039  72 
Tubular398  398 9 157 
Total reportable segments5,005 269 5,274 38 592 
Other3  3  (12)
Reconciling Items and Eliminations (269)(269) (16)
Total$5,008 $ $5,008 $38 $564 
Three Months Ended June 30, 2022
Flat-Rolled$3,724 $147 $3,871 $86 $793 
Mini Mill838 147 985  270 
USSE1,342 4 1,346  280 
Tubular381 2 383 9 107 
Total reportable segments6,285 300 6,585 95 1,450 
Other5  5  (12)
Reconciling Items and Eliminations— (300)(300) (184)
Total$6,290 $— $6,290 $95 $1,254 
(a) Earnings (loss) before interest and income taxes has been updated for three months ended June 30, 2022 for Flat-Rolled and Reconciling Items and Eliminations. This is the result of a retroactive adjustment for the reclassification of stock-based compensation expense as an item not allocated to segment results. See the schedule of reconciling items to consolidated earnings before interest and income taxes below for further details.
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The results of segment operations for the six months ended June 30, 2023 and 2022 are:

(In millions) Six Months Ended June 30, 2023Customer
Sales
Intersegment
Sales
Net
Sales
Earnings
from
investees
Earnings (loss) before interest and income taxes(a)
Flat-Rolled$5,526 $183 $5,709 $13 $224 
Mini Mill1,172 239 1,411  144 
USSE1,870 13 1,883  38 
Tubular903 1 904 12 389 
Total reportable segments9,471 436 9,907 25 795 
Other7  7  (9)
Reconciling Items and Eliminations (436)(436) (33)
Total$9,478 $ $9,478 $25 $753 
Six Months Ended June 30, 2022
Flat-Rolled$6,678 $199 $6,877 $116 $1,322 
Mini Mill1,556 277 1,833  548 
USSE2,593 8 2,601  544 
Tubular690 5 695 15 184 
Total reportable segments11,517 489 12,006 131 2,598 
Other7  7  (5)
Reconciling Items and Eliminations— (489)(489) (221)
Total$11,524 $— $11,524 $131 $2,372 
(a) Earnings (loss) before interest and income taxes has been updated for six months ended June 30, 2022 for Flat-Rolled and Reconciling Items and Eliminations. This is the result of a retroactive adjustment for the reclassification of stock-based compensation expense as an item not allocated to segment results. See the schedule of reconciling items to consolidated earnings before interest and income taxes below for further details.
A summary of total assets by segment is as follows:
(In millions)June 30, 2023December 31, 2022
Flat-Rolled$8,170 $7,936 
Mini Mill(a)
6,808 5,787 
USSE6,169 5,823 
Tubular1,139 1,140 
Total reportable segments$22,286 $20,686 
Other$129 $141 
Corporate, reconciling items, and eliminations(b)
(2,106)(1,369)
Total assets$20,309 $19,458 
(a)Includes assets of $2.3 billion and $1.4 billion at June 30, 2023 and December 31, 2022, respectively, related to a new technologically advanced flat rolled steelmaking facility, Big River 2 ("BR2"), currently under construction near Osceola, Arkansas.
(b)The majority of corporate, reconciling items, and eliminations is comprised of cash and the elimination of intersegment amounts.
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The following is a schedule of reconciling items to consolidated earnings before interest and income taxes:
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2023202220232022
Items not allocated to segments:
Restructuring and other charges (Note 20)$(2)$(17)$(3)$(34)
Stock-based compensation expense (Note 11)(12)(16)(23)(32)
Asset impairment charges (151)(4)(157)
Environmental remediation charges(2) (2) 
Other charges, net  (1)2 
Total reconciling items$(16)$(184)$(33)$(221)

5.    Disposition

The Company has previously committed to, and continues to intend to, pursue the disposition of certain assets related to a component of its flat-rolled business. As of June 30, 2023, the Company accrued a total of $120 million for severance, exit costs and employee benefits. $1 million of these charges were incurred during the six months ended June 30, 2023. No payments for these charges have been made as of June 30, 2023.
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 six months ended June 30, 2023 and 2022, respectively:

Net Sales by Product (In millions):
Three Months Ended June 30, 2023Flat-RolledMini MillUSSETubularOtherTotal
Semi-finished$77 $ $38 $ $ $115 
Hot-rolled sheets549 331 507   1,387 
Cold-rolled sheets958 102 80   1,140 
Coated sheets922 184 357   1,463 
Tubular products  15 393  408 
All Other (a)
450 2 35 5 3 495 
Total$2,956 $619 $1,032 $398 $3 $5,008 
(a) Consists primarily of sales of raw materials and coke making by-products.

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Three Months Ended June 30, 2022Flat-RolledMini MillUSSETubularOtherTotal
Semi-finished$80 $ $62 $ $ $142 
Hot-rolled sheets710 507 636   1,853 
Cold-rolled sheets1,108 123 123   1,354 
Coated sheets1,364 206 456   2,026 
Tubular products  21 379  400 
All Other (a)
462 2 44 2 5 515 
Total$3,724 $838 $1,342 $381 $5 $6,290 
(a) Consists primarily of sales of raw materials and coke making by-products.

Six Months Ended June 30, 2023Flat-RolledMini MillUSSETubularOtherTotal
Semi-finished$136 $ $70 $ $ $206 
Hot-rolled sheets1,103 663 855   $2,621 
Cold-rolled sheets1,859 174 151   $2,184 
Coated sheets1,775 332 697   $2,804 
Tubular products  27 893  $920 
All Other (a)
653 3 70 10 7 $743 
Total$5,526 $1,172 $1,870 $903 $7 $9,478 
(a) Consists primarily of sales of raw materials and coke making by-products.

Six Months Ended June 30, 2022Flat-RolledMini MillUSSETubularOtherTotal
Semi-finished$129 $ $63 $ $ $192 
Hot-rolled sheets1,224 906 1,229   $3,359 
Cold-rolled sheets2,079 215 262   $2,556 
Coated sheets2,560 430 939   $3,929 
Tubular products  36 685  $721 
All Other (a)
686 5 64 5 7 $767 
Total$6,678 $1,556 $2,593 $690 $7 $11,524 
(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)June 30, 2023December 31, 2022June 30, 2022
Cash and cash equivalents$3,080 $3,504 $3,035 
Restricted cash in other current assets5 4  
Long-term restricted cash32 31 64 
      Total cash, cash equivalents and restricted cash$3,117 $3,539 $3,099 

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 last-in, first-out (LIFO) method is the predominant method of inventory costing for our Flat-Rolled and Tubular segments. The first-in, first-out (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 June 30, 2023 and December 31, 2022, the LIFO method accounted for 42 percent and 43 percent of total inventory values, respectively.
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(In millions)June 30, 2023December 31, 2022
Raw materials$1,088 $1,098 
Semi-finished products964 811 
Finished products446 398 
Supplies and sundry items42 52 
Total$2,540 $2,359 
Current acquisition costs for LIFO inventories were estimated to exceed the above inventory values by $1.5 billion and $1.2 billion at June 30, 2023 and December 31, 2022, respectively. As a result of the liquidation of LIFO inventories, cost of sales decreased and earnings before interest and income taxes increased by $3 million and $12 million for the three months and six months ended June 30, 2023, respectively. Cost of sales increased and earnings before interest and income taxes decreased by $1 million for the three months ended June 30, 2022, and cost of sales decreased and earnings before interest and income taxes increased by $7 million for the six months ended June 30, 2022, 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 June 30, 2023As of December 31, 2022
(In millions)Useful
Lives
Gross
Carrying
Amount
Accumulated
Amortization
Net
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Amount
Customer relationships
22 Years
$413 $46 $367 $413 $37 $376 
Patents
5-15 Years
17 13 4 17 12 5 
Energy Contract
2 Years
54 43 11 54 32 22 
Total amortizable intangible assets$484 $102 $382 $484 $81 $403 
Amortization expense was $21 million and $22 million for the six months ended June 30, 2023 and 2022, respectively.
Total estimated amortization expense for the remainder of 2023 is $21 million. We expect approximately $98 million in total amortization expense from 2024 through 2028 and approximately $263 million in remaining amortization expense thereafter.
The carrying amount of acquired water rights with indefinite lives as of June 30, 2023 and December 31, 2022 totaled $75 million.
Below is a summary of goodwill by segment for the six months ended June 30, 2023:
Flat-RolledMini MillUSSETubularTotal
Balance at December 31, 2022$ $916 $4 $ $920 
Additions     
Balance at June 30, 2023$ $916 $4 $ $920 
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10.    Pensions and Other Benefits
The following table reflects the components of net periodic benefit (income) cost for the three months ended June 30, 2023 and 2022:
Pension BenefitsOther Benefits
(In millions)2023202220232022
Service cost$8 $11 $2 $2 
Interest cost55 39 17 12 
Expected return on plan assets(82)(89)(15)(23)
Amortization of prior service cost (credit)4 1 (6)(6)
Amortization of actuarial net loss (gain)3 18 (18)(13)
Net periodic benefit income, excluding below(12)(20)(20)(28)
Multiemployer plans21 19   
Settlement, termination and curtailment losses (a)
 3  2 
Net periodic benefit cost (income)$9 $2 $(20)$(26)
(a) During the three months ended June 30, 2022, pension and other postretirement benefits incurred special termination charges of approximately $5 million due to workforce restructuring.
The following table reflects the components of net periodic benefit (income) cost for the six months ended June 30, 2023 and 2022:
Pension BenefitsOther Benefits
(In millions)2023202220232022
Service cost$16 $22 $3 $4 
Interest cost110 78 34 24 
Expected return on plan assets(164)(178)(30)(45)
Amortization of prior service cost (credit)9 1 (12)(13)
Amortization of actuarial net loss (gain)6 36 (36)(26)
Net periodic benefit income, excluding below(23)(41)(41)(56)
Multiemployer plans42 38