Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 26, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | X | |
Entity Registrant Name | UNITED STATES STEEL CORP | |
Entity Central Index Key | 1,163,302 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 177,268,638 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Net sales: | |||||
Net sales | $ 3,351 | $ 2,976 | $ 9,415 | $ 8,176 | |
Net sales to related parties (Note 20) | 378 | 272 | 1,072 | 941 | |
Total (Note 5) | 3,729 | 3,248 | 10,487 | 9,117 | |
Operating expenses (income): | |||||
Cost of sales (excludes items shown below) | 3,172 | 2,828 | 9,101 | 8,110 | |
Selling, general and administrative expenses | 81 | 75 | 251 | 223 | |
Depreciation, depletion and amortization | 126 | 118 | 384 | 376 | |
Earnings from investees | (17) | (9) | (39) | (29) | |
Gain on equity investee transactions (Note 24) | 0 | (21) | (18) | (21) | |
Gain associated with retained interest in U. S. Steel Canada Inc. (Note 23) | 0 | 0 | 0 | (72) | |
Restructuring and other charges (Note 21) | 0 | (2) | 0 | 30 | |
Net gain on disposal of assets | (5) | (1) | (3) | (2) | |
Other income, net | (1) | 0 | 0 | (5) | |
Total | 3,356 | 2,988 | 9,676 | 8,610 | |
Earnings before interest and income taxes | 373 | 260 | 811 | 507 | |
Interest expense | 41 | 60 | 134 | 173 | |
Interest income | (6) | (5) | (16) | (13) | |
Loss on debt extinguishment (Note 9) | 3 | 31 | 77 | 32 | |
Other financial costs | 2 | 12 | 4 | 37 | |
Net periodic benefit cost (other than service cost) (Note 3) (a) | [1] | (19) | (15) | (53) | (47) |
Net interest and other financial costs (Note 9) | 59 | 113 | 252 | 276 | |
Earnings before income taxes | 314 | 147 | 559 | 231 | |
Income tax provision (Note 11) | 23 | 0 | 36 | 3 | |
Net earnings | 291 | 147 | 523 | 228 | |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net earnings attributable to United States Steel Corporation | $ 291 | $ 147 | $ 523 | $ 228 | |
Earnings per share attributable to United States Steel Corporation stockholders: | |||||
-Basic (usd per share) | $ 1.64 | $ 0.84 | $ 2.96 | $ 1.30 | |
-Diluted (usd per share) | $ 1.62 | $ 0.83 | $ 2.92 | $ 1.29 | |
[1] | Represents postretirement benefit expense as a result of the adoption of Accounting Standards Update 2017-07, Compensation - Retirement Benefits on January 1, 2018. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 291 | $ 147 | $ 523 | $ 228 |
Other comprehensive (loss) income, net of tax: | ||||
Changes in foreign currency translation adjustments | (10) | 44 | (58) | 149 |
Changes in pension and other employee benefit accounts | 50 | 55 | 143 | 146 |
Changes in derivative financial instruments | 7 | 8 | (11) | 6 |
Total other comprehensive income, net of tax | 47 | 107 | 74 | 301 |
Comprehensive income including noncontrolling interest | 338 | 254 | 597 | 529 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income attributable to United States Steel Corporation | $ 338 | $ 254 | $ 597 | $ 529 |
CONSOLIDATED BALANCE SHEET (Una
CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents (Note 6) | $ 1,344 | $ 1,553 |
Receivables, less allowance of $29 and $28 | 1,463 | 1,173 |
Receivables from related parties (Note 20) | 210 | 206 |
Inventories (Note 13) | 1,950 | 1,738 |
Other current assets | 101 | 85 |
Total current assets | 5,068 | 4,755 |
Property, plant and equipment | 15,698 | 15,086 |
Less accumulated depreciation and depletion | 11,055 | 10,806 |
Total property, plant and equipment, net | 4,643 | 4,280 |
Investments and long-term receivables, less allowance of $9 and $11 | 508 | 480 |
Intangibles – net (Note 7) | 160 | 167 |
Deferred income tax benefits (Note 11) | 56 | 56 |
Other noncurrent assets | 134 | 124 |
Total assets | 10,569 | 9,862 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 2,419 | 2,096 |
Accounts payable to related parties (Note 20) | 106 | 74 |
Payroll and benefits payable | 425 | 347 |
Accrued taxes | 144 | 132 |
Accrued interest | 38 | 69 |
Current portion of long-term debt (Note 15) | 4 | 3 |
Total current liabilities | 3,136 | 2,721 |
Long-term debt, less unamortized discount and debt issuance costs (Note 15) | 2,498 | 2,700 |
Employee benefits | 666 | 759 |
Deferred income tax liabilities (Note 11) | 7 | 6 |
Deferred credits and other noncurrent liabilities | 320 | 355 |
Total liabilities | 6,627 | 6,541 |
Contingencies and commitments (Note 22) | ||
Stockholders’ Equity (Note 18): | ||
Common stock (177,354,654 and 176,424,554 shares issued) (Note 12) | 177 | 176 |
Treasury stock, at cost (96,399 shares and 1,203,344 shares) | (3) | (76) |
Additional paid-in capital | 3,909 | 3,932 |
Retained earnings | 629 | 133 |
Accumulated other comprehensive loss (Note 19) | (771) | (845) |
Total United States Steel Corporation stockholders’ equity | 3,941 | 3,320 |
Noncontrolling interests | 1 | 1 |
Total liabilities and stockholders’ equity | $ 10,569 | $ 9,862 |
CONSOLIDATED BALANCE SHEET (U_2
CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance | $ 29 | $ 28 |
Investments and long-term receivables, allowance | $ 9 | $ 11 |
Common stock, shares issued (in shares) | 177,354,654 | 176,424,554 |
Treasury stock, shares (in shares) | 96,399 | 1,203,344 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net earnings | $ 523 | $ 228 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 384 | 376 |
Gain associated with retained interest in U. S. Steel Canada Inc. (Note 23) | 0 | (72) |
Gain on equity investee transactions (Note 24) | (18) | (21) |
Restructuring and other charges (Note 21) | 0 | 30 |
Loss on debt extinguishment (Note 9) | 77 | 32 |
Provision for doubtful accounts | 4 | 1 |
Pensions and other postretirement benefits | 57 | 42 |
Deferred income taxes (Note 11) | 1 | 7 |
Net gain on disposal of assets | (3) | (2) |
Equity investee earnings, net of distributions received | (35) | (18) |
Changes in: | ||
Current receivables | (357) | (214) |
Inventories | (228) | (123) |
Current accounts payable and accrued expenses | 302 | 121 |
Income taxes receivable/payable | 53 | 15 |
Bank checks outstanding | 1 | 12 |
All other, net | (39) | 132 |
Net cash provided by operating activities | 722 | 546 |
Investing activities: | ||
Capital expenditures | (646) | (291) |
Disposal of assets | 10 | 0 |
Proceeds from sale of ownership interest in equity investee (Note 24) | 0 | 105 |
Investments, net | (1) | (3) |
Net cash used in investing activities | (637) | (189) |
Financing activities: | ||
Issuance of long-term debt, net of financing costs (Note 15) | 640 | 737 |
Repayment of long-term debt (Note 15) | (922) | (906) |
Dividends paid | (27) | (26) |
Receipt from exercise of stock options | 34 | 14 |
Taxes paid for equity compensation plans (Note 10) | (9) | (10) |
Net cash used in financing activities | (284) | (191) |
Effect of exchange rate changes on cash | (13) | 15 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (212) | 181 |
Cash, cash equivalents and restricted cash at beginning of year (Note 6) | 1,597 | 1,555 |
Cash, cash equivalents and restricted cash at end of period (Note 6) | $ 1,385 | $ 1,736 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies United States Steel Corporation (U. S. Steel or the Company) produces and sells steel products, including flat-rolled and tubular products, in North America and Europe. Operations in North America also include iron ore and coke production facilities, railroad services and real estate operations. Operations in Europe also include coke production facilities. 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 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. All such adjustments are of a normal recurring nature unless disclosed otherwise. These 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, 2017 , which should be read in conjunction with these financial statements. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Standards | New Accounting Standards In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14). ASU 2018-14 removes certain disclosures that the FASB no longer considers cost beneficial, adds certain disclosure requirements and clarifies others. ASU 2018-14 is effective for public companies for fiscal years beginning after December 15, 2020, with early adoption permitted. U. S. Steel is currently assessing the impact of the ASU on its defined benefit plan disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which adds an impairment model that is based on expected losses rather than incurred losses. Under ASU 2016-13, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. ASU 2016-13 is effective for public companies for fiscal years beginning after December 15, 2019 including interim reporting periods, with early adoption permitted. U. S. Steel is currently assessing the impact of the ASU, but does not believe this ASU will have a material impact on its overall Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases (ASU 2016-02). ASU 2016-02 supersedes prior lease accounting guidance. Under ASU 2016-02, for operating leases, a lessee should recognize in its statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term; recognize a single lease cost, which is allocated over the lease term, generally on a straight line basis, and classify all cash payments within operating activities in the statement of cash flows. For financing leases, a lessee is required to recognize a right-of-use asset and a lease liability; recognize interest on the lease liability separately from amortization of the right-of-use asset, and classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. In addition, at the inception of a contract, an entity should determine whether the contract is or contains a lease. ASU 2016-02 is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements (ASU 2018-11), which provides an option to use a modified retrospective transition method at the adoption date. U. S. Steel expects to adopt the new lease accounting standard at the adoption date using the optional modified retrospective transition method outlined in ASU 2018-11. U. S. Steel has completed its inventory of leases. Based on our lease portfolio and estimated secured borrowing rates at September 30, 2018, we anticipate that the impact of adoption will result in an insignificant cumulative effect of adoption and a right of use asset and total lease liability in the range of $200 million to $275 million . We estimate that the short-term portion of the total lease liability will be between $45 million and $75 million . We anticipate changes in our lease portfolio and estimated borrowing rates which will cause the actual impact of adoption to vary. |
Recently Adopted Accounting Sta
Recently Adopted Accounting Standards | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02) . ASU 2018-02 allows a reclassification from Accumulated Other Comprehensive Income to Retained Earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (2017 Act). The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and for interim periods therein; early adoption is permitted. U. S. Steel adopted ASU 2018-02 on July 1, 2018, and elected not to reclassify the stranded tax effects related to the 2017 Act. As a result, the adoption did not have an impact on the Company's Consolidated Financial Statements. U. S. Steel's accounting policy is to release stranded income tax effects from AOCI when the circumstances upon which the stranded tax effects are premised cease to exist. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12), which amends and simplifies hedge accounting guidance so that companies could more accurately present the economic effects of risk management activities in the financial statements. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. U. S. Steel adopted the provisions of ASU 2017-12 on January 1, 2018. The adoption did not result in a material impact to our financial results; however, we expanded our use of hedge accounting effective January 1, 2018 as well as our disclosures of derivative activity. See Note 14 for further details. In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation: Scope of Modification Accounting (ASU 2017-09). The amendments included in ASU 2017-09 provide guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this update will be applied prospectively to an award modified on or after the adoption date. On January 1, 2018, U. S. Steel adopted the provisions of ASU 2017-09 and the adoption did not have an impact on its Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (ASU 2017-07). ASU 2017-07 requires an employer who offers defined benefit and postretirement benefit plans to report the service cost component of the net periodic benefit cost in the same line item or items as other compensation cost arising from services rendered by employees during the period. The other components of net periodic benefit costs are required to be presented on a retrospective basis in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The ASU also allows for the service cost component of net periodic benefit cost to be eligible for capitalization into inventory when applicable. ASU 2017-07 was effective for periods beginning after December 15, 2017, including interim periods within those annual periods; early adoption was permitted. U. S. Steel adopted ASU 2017-07 on January 1, 2018. U. S. Steel has historically capitalized the service cost component of net periodic benefit cost into inventory, when applicable, and will continue to do so prospectively. The effect of the retrospective presentation change related to the net periodic benefit cost of our defined benefit pension and other post-employment benefits (OPEB) plans on our consolidated statement of operations was as follows: Three Months Ended September 30, 2017 Statement of Operations (In millions) As Revised Previously Reported Effect of Change Higher/(Lower) Cost of Sales $ 2,828 $ 2,829 $ (1 ) Selling, general and administrative expenses 75 89 (14 ) Net periodic benefit cost (other than service cost) 15 — 15 Nine Months Ended September 30, 2017 Statement of Operations (In millions) As Revised Previously Reported Effect of Change Higher/(Lower) Cost of Sales $ 8,110 $ 8,115 $ (5 ) Selling, general and administrative expenses 223 265 (42 ) Net periodic benefit cost (other than service cost) 47 — 47 In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18). The ASU reduced diversity in practice in the classification and presentation of changes in restricted cash on the statement of cash flows by including restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. On January 1, 2018, U. S. Steel adopted the provisions of ASU 2016-18 using a retrospective transition method. As a result, the Change in Restricted Cash, Net line that was included in the investing activities section of the Consolidated Statement of Cash Flows has been eliminated as changes in restricted cash are now included in the beginning-of-period and end-of-period total cash, cash equivalents and restricted cash amounts. Expanded disclosures have been included, which describe the components of cash shown on the Company's Consolidated Statements of Cash Flows. See Note 6 for further details. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15). ASU 2016-15 reduced diversity in practice in how certain transactions are classified in the statement of cash flows by addressing eight specific cash receipt and cash payment issues. On January 1, 2018, U. S. Steel adopted the provisions of ASU 2016-15 using a retrospective transition method. As a result, all payments to extinguish debt will now be presented as cash outflows from financing activities on our Consolidated Statement of Cash Flows in accordance with ASU 2016-15. U. S. Steel has historically presented make-whole premiums as cash outflows from operating activities. There was a $4 million cash outflow for make-whole premiums that was reclassified from cash provided by operating activities to the repayment of long-term debt line within the cash used in financing activities section on the Consolidated Statement of Cash Flows for the nine months ended September 30, 2017. The other cash receipt and cash payment items addressed in ASU 2016-15 did not have an impact on the Company’s Consolidated Statement of Cash Flows. Additionally, the Company has elected to use the cumulative earnings approach as defined in ASU 2016-15 to classify distributions received from equity method investees. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 and its related amendments (Revenue Recognition Standard) outline a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseded most previous revenue recognition guidance. On January 1, 2018, U. S. Steel adopted the Revenue Recognition Standard using the full retrospective method. Generally, U. S. Steel’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time. The adoption did not have a financial statement impact to U. S. Steel but did result in expanded disclosures. See Note 5 for further details. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information U. S. Steel has three reportable segments: (1) Flat-Rolled Products (Flat-Rolled), which consists of the following three commercial entities that directly interact with our customers and service their needs: (i) automotive solutions, (ii) consumer solutions, and (iii) industrial, service center and mining solutions; (2) U. S. Steel Europe (USSE); and (3) Tubular Products (Tubular). The results of our railroad and real estate businesses that do not constitute reportable segments are combined and disclosed in the Other Businesses category. 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 Other Businesses does not include net interest and other financial costs (income), income taxes, 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 Businesses based on measures of activity that management believes are reasonable. The results of segment operations for the three months ended September 30, 2018 and 2017 are: (In millions) Three Months Ended September 30, 2018 Customer Intersegment Net Earnings Earnings (loss) before interest and income taxes Flat-Rolled $ 2,632 $ 32 $ 2,664 $ 15 $ 305 USSE 767 4 771 — 72 Tubular 313 2 315 2 7 Total reportable segments 3,712 38 3,750 17 384 Other Businesses 17 31 48 — 16 Reconciling Items and Eliminations — (69 ) (69 ) — (27 ) Total $ 3,729 $ — $ 3,729 $ 17 $ 373 Three Months Ended September 30, 2017 Flat-Rolled $ 2,249 $ 42 $ 2,291 $ 7 $ 161 USSE 710 1 711 — 73 Tubular 276 — 276 2 (7 ) Total reportable segments 3,235 43 3,278 9 227 Other Businesses 13 29 42 — 12 Reconciling Items and Eliminations — (72 ) (72 ) — 21 Total $ 3,248 $ — $ 3,248 $ 9 $ 260 The results of segment operations for the nine months ended September 30, 2018 and 2017 are: (In millions) Nine Months Ended September 30, 2018 Customer Intersegment Net Earnings (Loss) Earnings (loss) before interest and income taxes Flat-Rolled $ 7,114 $ 148 $ 7,262 $ 34 $ 562 USSE 2,438 20 2,458 — 297 Tubular 888 4 892 5 (55 ) Total reportable segments 10,440 172 10,612 39 804 Other Businesses 47 94 141 — 44 Reconciling Items and Eliminations — (266 ) (266 ) — (37 ) Total $ 10,487 $ — $ 10,487 $ 39 $ 811 Nine Months Ended September 30, 2017 Flat-Rolled $ 6,265 $ 154 $ 6,419 $ 24 $ 293 USSE 2,123 25 2,148 — 215 Tubular 682 — 682 6 (93 ) Total reportable segments 9,070 179 9,249 30 415 Other Businesses 47 89 136 (1 ) 34 Reconciling Items and Eliminations — (268 ) (268 ) — 58 Total $ 9,117 $ — $ 9,117 $ 29 $ 507 The following is a schedule of reconciling items to consolidated earnings (loss) before interest and income taxes: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2018 2017 2018 2017 Items not allocated to segments: Gain on equity investee transactions (Note 24) $ — $ 21 $ 18 $ 21 Granite City Works restart costs (27 ) — (63 ) — Granite City Works adjustment to temporary idling charges — — 8 — Loss on shutdown of certain tubular assets (a) — — — (35 ) Gain associated with retained interest in U. S. Steel Canada Inc. (Note 23) — — — 72 Total reconciling items $ (27 ) $ 21 $ (37 ) $ 58 (a) Included in Restructuring and other charges in the Consolidated Statement of Operations. See Note 21 to the Consolidated Financial Statements. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, to deliver raw materials such as iron ore pellets, to deliver coke by-products and for railroad services and real estate sales. Generally, U. S. Steel’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when 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. U. S. Steel has three reportable segments: Flat-Rolled, USSE and Tubular. Flat-Rolled primarily generates revenue from sheet and coated product sales to North American customers. Flat-Rolled also sells iron ore pellets and coke making by-products. USSE sells slabs, sheet, strip mill plate, coated products and spiral welded pipe to customers primarily in the Eastern European market. Tubular sells seamless and electric resistance welded (ERW) steel casing and tubing (commonly known as oil country tubular goods or OCTG), standard and line pipe and mechanical tubing and primarily serves customers in the oil, gas and petrochemical markets. Revenue from our railroad and real estate businesses is reported in the Other Businesses category in our segment reporting structure. The following tables disaggregate our revenue by product for each of our reportable business segments for the three and nine months ended September 30, 2018 and 2017 , respectively: Customer Sales by Product (In millions) Three Months Ended September 30, 2018 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 40 $ 83 $ — $ — $ 123 Hot-rolled sheets 764 267 — — 1,031 Cold-rolled sheets 718 91 — — 809 Coated sheets 829 282 — — 1,111 Tubular products — 12 304 — 316 All Other (a) 281 32 9 17 339 Total $ 2,632 $ 767 $ 313 $ 17 $ 3,729 (a) Consists primarily of sales of raw materials and coke making by-products. (In millions) Three Months Ended September 30, 2017 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 15 $ 51 $ — $ — $ 66 Hot-rolled sheets 525 273 — — 798 Cold-rolled sheets 576 79 — — 655 Coated sheets 787 267 — — 1,054 Tubular products — 11 268 — 279 All Other (a) 346 29 8 13 396 Total $ 2,249 $ 710 $ 276 $ 13 $ 3,248 (a) Consists primarily of sales of raw materials and coke making by-products. (In millions) Nine Months Ended September 30, 2018 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 50 $ 172 $ — $ — $ 222 Hot-rolled sheets 1,976 959 — — 2,935 Cold-rolled sheets 2,092 293 — — 2,385 Coated sheets 2,332 889 — — 3,221 Tubular products — 37 862 — 899 All Other (a) 664 88 26 47 825 Total $ 7,114 $ 2,438 $ 888 $ 47 $ 10,487 (a) Consists primarily of sales of raw materials and coke making by-products. (In millions) Nine Months Ended September 30, 2017 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 16 $ 155 $ — $ — $ 171 Hot-rolled sheets 1,507 862 — — 2,369 Cold-rolled sheets 1,761 235 — — 1,996 Coated sheets 2,291 774 — — 3,065 Tubular products — 30 656 — 686 All Other (a) 690 67 26 47 830 Total $ 6,265 $ 2,123 $ 682 $ 47 $ 9,117 (a) Consists primarily of sales of raw materials and coke making by-products. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Sep. 30, 2018 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | 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 Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows: (In millions) September 30, 2018 September 30, 2017 Cash and cash equivalents $ 1,344 $ 1,694 Restricted cash in other current assets 4 — Restricted cash in other noncurrent assets 37 42 Total cash, cash equivalents and restricted cash $ 1,385 $ 1,736 Amounts included in restricted cash represent cash balances which are legally or contractually restricted, primarily for environmental capital expenditure projects and insurance purposes. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets that are being amortized on a straight-line basis over their estimated useful lives are detailed below: As of September 30, 2018 As of December 31, 2017 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 22 Years $ 132 $ 69 $ 63 $ 132 $ 64 $ 68 Patents 10-15 Years 22 6 16 22 5 17 Other 4-20 Years 14 8 6 15 8 7 Total amortizable intangible assets $ 168 $ 83 $ 85 $ 169 $ 77 $ 92 Identifiable intangible assets with finite lives are reviewed for impairment whenever events or circumstances indicate that the carrying values may not be recoverable. Amortization expense was $2 million in both the three months ended September 30, 2018 and 2017 . Amortization expense was $6 million in both the nine months ended September 30, 2018 and 2017 . The estimated amortization expense for the remainder of 2018 is $2 million . We expect a consistent level of annual amortization expense through 2022. In addition, the carrying amount of acquired water rights with indefinite lives as of September 30, 2018 and December 31, 2017 totaled $75 million . The acquired water rights are tested for impairment annually in the third quarter, or whenever events or circumstances indicate the carrying value may not be recoverable. U. S. Steel performed a qualitative impairment evaluation of its acquired water rights during the third quarter of 2018 . Based on the results of the evaluation, the water rights were not impaired. |
Pensions and Other Benefits
Pensions and Other Benefits | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pensions and Other Benefits | Pensions and Other Benefits The following table reflects the components of net periodic benefit cost for the three months ended September 30, 2018 and 2017 : Pension Other (In millions) 2018 2017 2018 2017 Service cost $ 12 $ 13 $ 4 $ 4 Interest cost 58 59 23 23 Expected return on plan assets (90 ) (98 ) (20 ) (16 ) Amortization of prior service cost — — 7 8 Amortization of actuarial net loss 38 37 1 1 Net periodic benefit cost, excluding below 18 11 15 20 Multiemployer plans 16 15 — — Settlement, termination and curtailment losses (a) $ 10 $ 1 $ — $ — Net periodic benefit cost $ 44 $ 27 $ 15 $ 20 (a) During the three months ended September 30, 2018 , the non-qualified pension plan incurred settlement charges of approximately $10 million due to lump sum payments for certain individuals. The following table reflects the components of net periodic benefit cost for the nine months ended September 30, 2018 and 2017 : Pension Other (In millions) 2018 2017 2018 2017 Service cost $ 37 $ 37 $ 12 $ 13 Interest cost 174 177 69 70 Expected return on plan assets (270 ) (292 ) (61 ) (49 ) Amortization of prior service cost — — 22 22 Amortization of actuarial net loss 114 111 3 3 Net periodic benefit cost, excluding below 55 33 45 59 Multiemployer plans 45 44 — — Settlement, termination and curtailment losses (a) 10 5 — — Net periodic benefit cost $ 110 $ 82 $ 45 $ 59 (a) During the first nine months of 2018 and 2017 , the non-qualified pension plan incurred settlement charges of approximately $10 million and $5 million , respectively, due to lump sum payments for certain individuals. Employer Contributions During the first nine months of 2018 , U. S. Steel made cash payments of $ 45 million to the Steelworkers’ Pension Trust and $ 19 million of pension payments not funded by trusts. During the first nine months of 2018 , cash payments of $ 36 million were made for other postretirement benefit payments not funded by trusts. Company contributions to defined contribution plans totaled $13 million and $11 million for the three months ended September 30, 2018 and 2017 , respectively. Company contributions to defined contribution plans totaled $35 million and $30 million for the nine months ended September 30, 2018 and 2017 , respectively. |
Net Interest and Other Financia
Net Interest and Other Financial Costs | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Net Interest and Other Financial Costs | Net Interest and Other Financial Costs Net interest and other financial costs includes interest expense (net of capitalized interest), interest income, financing costs, net periodic benefit costs (other than service costs) related to pension and other post-employment benefits (OPEB) plans, and foreign currency derivative and remeasurement gains and losses. During the three months ended September 30, 2018 and 2017 , net foreign currency gains of $3 million and losses of $6 million , respectively were recorded in other financial costs. During the nine months ended September 30, 2018 and 2017 , net foreign currency gains of $11 million and losses of $21 million , respectively, were recorded in other financial costs. Additionally, during the nine months ended September 30, 2018 and 2017 , there were losses on debt extinguishments recognized of $77 million and $32 million , respectively. See Note 14 for additional information on U. S. Steel’s use of derivatives to mitigate its foreign currency exchange rate exposure. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | 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 (the Committee) under the 2005 Stock Incentive Plan (the 2005 Plan) and the 2016 Omnibus Incentive Compensation Plan (the Omnibus Plan), which are more fully described in Note 14 of the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2017. On April 26, 2016, the Company's stockholders approved the Omnibus Plan and authorized the Company to issue up to 7,200,000 shares of U. S. Steel common stock under the Omnibus Plan. The Company's stockholders authorized the issuance of an additional 6,300,000 shares under the Omnibus Plan on April 25, 2017. While 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, 2018 , there were 10,993,930 shares available for future grants under the Omnibus Plan. Recent grants of stock-based compensation consist of stock options, restricted stock units, total shareholder return (TSR) performance awards and return on capital employed (ROCE) performance awards. Stock options are generally issued at the market price of the underlying stock on the date of the grant. Upon exercise of stock options, shares of U. S. Steel common stock were issued from treasury stock. Beginning in 2018, shares of common stock are issued from authorized, but unissued stock. The following table is a general summary of the awards made under the Omnibus Plan during the first nine months of 2018 and 2017 . There were no stock options granted during the first nine months of 2018. 2018 2017 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Stock Options — $ — 647,780 $ 17.28 Restricted Stock Units 742,495 $ 41.44 344,500 $ 36.27 Performance Awards (c) TSR 79,190 $ 61.57 169,850 $ 40.72 ROCE (d) 247,510 $ 43.50 — $ — (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 value of the award. (d) The ROCE awards granted in 2017 are not shown in the table above because they were granted in cash. U. S. Steel recognized pretax stock-based compensation expense in the amount of $9 million and $6 million in the three-month periods ended September 30, 2018 and 2017 , respectively, and $26 million and $21 million in the first nine months of 2018 and 2017 , respectively. As of September 30, 2018 , total future compensation expense related to nonvested stock-based compensation arrangements was $29 million , and the weighted average period over which this expense is expected to be recognized is approximately 1 year . 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. The stock options generally vest ratably over a three -year service period and have a term of ten years. 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. Restricted stock units awarded as part of annual grants generally vest ratably over three years. Their fair value is the 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 the end of a three -year performance period if U. S. Steel's total shareholder return compared to the total shareholder return of a peer group of companies over the three -year performance period meets performance criteria established by the Committee at the beginning of the performance period. 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 vest at the end of a three -year performance period contingent upon meeting the specified ROCE metric established by the Committee at the beginning of the performance period. ROCE performance awards can vest at 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. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Tax provision For the nine months ended September 30, 2018 and 2017 , we recorded a tax provision of $36 million on our pretax earnings of $559 million and a tax provision of $3 million on our pretax earnings of $231 million , respectively. Included in the tax provision in the first nine months of 2018 is a benefit for the release of a portion of the domestic valuation allowance due to pretax income. Included in the tax provision in the first nine months of 2017 is a benefit of $13 million related to the carryback of certain losses to prior years, as well as a benefit of $25 million related to the Company's intent to claim a refund of Alternative Minimum Tax credits pursuant to a provision in the Protecting Americans from Tax Hikes Act. As a result, the provision recorded in the third quarter of 2017 was immaterial. The tax provision for the first nine months of 2018 is based on an estimated annual effective rate, which requires management to make its best estimate of annual pretax income or loss. During 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 2018 pretax results for U.S. and foreign income or loss vary from estimates applied herein, the actual tax provision or benefit recognized in 2018 could be materially different from the forecasted amount used to estimate the tax provision for the nine months ended September 30, 2018 . Deferred taxes Each quarter U. S. Steel analyzes the likelihood that our deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not that some portion, or all, of the deferred tax asset may not be realized. At September 30, 2018 , U. S. Steel reviewed all available positive and negative evidence and determined that it is more likely than not that all of its net domestic deferred tax assets may not be realized. U. S. Steel will continue to monitor the realizability of its deferred tax assets on a quarterly basis taking into consideration, among other items, the uncertainty regarding the Company's continued ability to generate domestic income in the near term. In the future, if we determine that realization is more likely than not for deferred tax assets with a valuation allowance, the related valuation allowance will be reduced, and we will record a non-cash benefit to earnings. Unrecognized tax benefits Unrecognized tax benefits are the differences between a tax position taken, or expected to be taken, in a tax return and the benefit recognized for accounting purposes pursuant to the guidance in ASC Topic 740 on income taxes. As of September 30, 2018 , and December 31, 2017 , the total amount of gross unrecognized tax benefits was $40 million and $42 million , respectively. The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $6 million as of both September 30, 2018 and December 31, 2017 . U. S. Steel records interest related to uncertain tax positions as a part of net interest and other financial costs in the Consolidated Statement of Operations. Any penalties are recognized as part of selling, general and administrative expenses. As of both September 30, 2018 and December 31, 2017 , U. S. Steel had accrued liabilities of $6 million for interest and penalties related to uncertain tax positions. |
Earnings and Dividends Per Comm
Earnings and Dividends Per Common Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings and Dividends Per Common Share | Earnings and Dividends Per Common Share Earnings Per Share Attributable to United States Steel Corporation Stockholders Basic earnings per common share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per common share assumes the exercise of stock options, the vesting of restricted stock units and performance awards, provided in each case the effect is dilutive. The computations for basic and diluted earnings per common share from continuing operations are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions, except per share amounts) 2018 2017 2018 2017 Earnings attributable to United States Steel Corporation stockholders $ 291 $ 147 $ 523 $ 228 Weighted-average shares outstanding (in thousands): Basic 177,250 175,003 176,815 174,684 Effect of stock options, restricted stock units and performance awards 1,876 1,481 1,919 1,652 Adjusted weighted-average shares outstanding, diluted 179,126 176,484 178,734 176,336 Basic earnings per common share $ 1.64 $ 0.84 $ 2.96 $ 1.30 Diluted earnings per common share $ 1.62 $ 0.83 $ 2.92 $ 1.29 The following table summarizes the securities that were antidilutive, and therefore, were not included in the computations of diluted earnings per common share: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 Securities granted under the 2016 Omnibus Incentive Compensation Plan, as amended 1,671 2,679 1,689 1,677 Dividends Paid Per Share The dividend for each of the first three quarters of 2018 and 2017 was five cents per common share. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are carried at the lower of cost or market for last-in, first-out (LIFO) inventories and lower of cost and net realizable value for first-in, first-out (FIFO) method inventories. The LIFO method is the predominant method of inventory costing in the United States. The FIFO method is the predominant inventory costing method in Europe. At September 30, 2018 and December 31, 2017 , the LIFO method accounted for 71 percent and 75 percent of total inventory values, respectively. (In millions) September 30, 2018 December 31, 2017 Raw materials $ 622 $ 527 Semi-finished products 829 796 Finished products 441 356 Supplies and sundry items 58 59 Total $ 1,950 $ 1,738 Current acquisition costs were estimated to exceed the above inventory values by $1,024 million and $802 million at September 30, 2018 and December 31, 2017 , respectively. As a result of the liquidation of LIFO inventories, cost of sales decreased and earnings before interest and income taxes increased by $4 million for the three and nine months ended September 30, 2018 , respectively. The impact from the liquidation of LIFO inventories was immaterial for the three and nine months ended September 30, 2017 . Inventory includes $39 million and $42 million of land held for residential/commercial development as of September 30, 2018 and December 31, 2017 , respectively. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments U. S. Steel is exposed to foreign currency exchange rate risks in our European operations. USSE’s revenues are primarily in euros and costs are primarily in euros and U.S. dollars (USD). U. S. Steel uses foreign exchange forward sales contracts (foreign exchange forwards) with maturities no longer than 12 months to exchange euros for USD to manage our currency requirements and exposure to foreign currency exchange rate fluctuations. Derivative instruments are required to be recognized at fair value in the Consolidated Balance Sheet. U. S. Steel has not elected to designate these contracts as hedges. Therefore, changes in their fair value are recognized immediately in the Consolidated Statements of Operations. We mitigate the risk of concentration of counterparty credit risk by purchasing our forwards from several counterparties. During the three months ended September 30, 2018, U. S. Steel entered into long-term freight contracts in its domestic operations that require payment in Canadian dollars (CAD). We entered into foreign exchange forward sales contracts with maturities up to three years to exchange USD for CAD to mitigate a portion of the related risk of exchange rate fluctuations and to manage our currency requirements. We elected to designate these contracts as cash flow hedges. Accordingly, we record gains and losses on these contracts within accumulated other comprehensive income until the related contract impacts earnings. The impact related to these contracts was not material to our financial results for the three months ended September 30, 2018. From time to time U. S. Steel may use fixed-price forward physical purchase contracts to partially manage our exposure to price risk related to the purchases of natural gas, zinc and tin used in the production process. Generally, forward physical purchase contracts qualify for the normal purchase and normal sales exceptions described in ASC Topic 815 and are not subject to 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 and tin (commodity purchase swaps). Commodity purchase swaps did not have a significant impact on the Company's financial results and were classified as cash flow hedges in prior periods (their impacts are included in our expanded tabular disclosure below). Effective January 1, 2018, U. S. Steel adopted the provisions of ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . The cumulative effect of the adoption of ASU 2017-12 was not material to U. S. Steel's financial results. See Note 3 for additional information on the recently adopted accounting standard. Financial swaps are also used to partially manage the sales price of certain hot-rolled coil and iron ore pellet contract sales (sales swaps). In prior periods, we did not elect hedge accounting for these financial swaps and changes in their fair value were immediately recognized in earnings. Effective January 1, 2018, U. S. Steel elected to designate its hot-rolled coil sales swaps as cash flow hedges. See the tabular disclosure below for further details. In accordance with the guidance in ASC Topic 820 on fair value measurements and disclosures, the fair value of our foreign exchange forwards, commodity purchase swaps and sales swaps was determined using Level 2 inputs, which are defined as "significant other observable" inputs. The inputs used are from market sources that aggregate data based upon market transactions. The table below shows the outstanding swap quantities used to hedge forecasted purchases and sales as of September 30, 2018 and September 30, 2017 : Hedge Contracts Classification September 30, 2018 September 30, 2017 Natural gas (in mmbtus) Commodity purchase swaps 12,345,000 24,142,500 Tin (in metric tons) Commodity purchase swaps 470 320 Zinc (in metric tons) Commodity purchase swaps 13,886 16,716 Hot-rolled coils (in tons) Sales swaps 38,000 122,000 Iron ore pellets (in metric tons) Sales swaps — 225,000 Foreign currency (in millions of euros) Foreign exchange forwards € 275 € 222 Foreign currency (in millions of CAD) Foreign exchange forwards C$ 58 C$ — The following summarizes the fair value amounts included in our Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017 : (In millions) Designated as Hedging Instruments Balance Sheet Location September 30, 2018 December 31, 2017 Sales swaps Accounts payable $ 6 $ — Commodity purchase swaps Accounts receivable 1 4 Commodity purchase swaps Accounts payable 9 2 Commodity purchase swaps Investments and long-term receivables — 1 Commodity purchase swaps Other long-term liabilities — 1 Not Designated as Hedging Instruments Sales swaps Accounts payable — 2 Commodity purchase swaps Accounts payable — 1 Foreign exchange forwards Accounts receivable 12 — Foreign exchange forwards Accounts payable — 11 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, 2018 and 2017 : Gain (Loss) on Derivatives in AOCI Amount of Gain (Loss) Recognized in Income (In millions) Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Location of Reclassification from AOCI (a) Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Sales swaps (b) $ 6 $ — Net sales $ (6 ) $ — Commodity purchase swaps — 8 Cost of sales (c) (4 ) (2 ) (a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items since ineffectiveness is less than $1 million . (b) U. S. Steel has elected hedge accounting for hot-rolled coil sales swaps prospectively on January 1, 2018. Iron ore pellet sales swaps were not classified as hedges. (c) 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, 2018 Nine Months Ended September 30, 2017 Location of Reclassification from AOCI (a) Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Sales swaps (b) $ (6 ) $ — Net sales $ (9 ) $ — Commodity purchase swaps (7 ) 5 Cost of sales (c) (3 ) (5 ) (a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items since ineffectiveness is less than $1 million . (b) U. S. Steel has elected hedge accounting for hot-rolled coil sales swaps prospectively on January 1, 2018. Iron ore pellet sales swaps were not classified as hedges. (c) Costs for commodity purchase swaps are recognized in cost of sales as products are sold. The table below summarizes the impact of derivative activity where hedge accounting has not been elected on our Consolidated Statements of Operations for the three and nine months ended September 30, 2018 and 2017 : Amount of Gain (Loss) Recognized in Income (In millions) Consolidated Statement of Operations Location Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Sales swaps (a) Net sales $ — $ 5 Foreign exchange forwards (b) Other financial costs 5 (7 ) (a) U. S. Steel has elected hedge accounting for hot-rolled coil sales swaps prospectively on January 1, 2018. Iron ore pellet sales swaps were not classified as hedges. (b) U. S. Steel has elected hedge accounting for foreign exchange forwards to exchange USD for CAD. Foreign exchange forwards to exchange euro for USD were not classified as hedges. Amount of Gain (Loss) Recognized in Income (In millions) Consolidated Statement of Operations Location Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Sales swaps (a) Net sales $ — $ 7 Commodity purchase swaps Cost of sales — 3 Foreign exchange forwards (b) Other financial costs 18 (20 ) (a) U. S. Steel has elected hedge accounting for hot-rolled coil sales swaps prospectively on January 1, 2018. Iron ore pellet sales swaps were not classified as hedges. (b) U. S. Steel has elected hedge accounting for foreign exchange forwards to exchange USD for CAD. Foreign exchange forwards to exchange euro for USD were not classified as hedges. At current contract values, $8 million and $6 million currently in AOCI as of September 30, 2018 will be recognized as an increase in cost of sales and a decrease in net sales, respectively, over the next year as related hedged items are recognized in earnings. The maximum derivative contract duration for commodity purchase swaps is 14 months and the maximum duration for sales swaps is 3 months. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt (In millions) Interest Rates % Maturity September 30, 2018 December 31, 2017 2037 Senior Notes 6.650 2037 $ 350 $ 350 2026 Senior Notes 6.250 2026 650 — 2025 Senior Notes 6.875 2025 750 750 2021 Senior Secured Notes 8.375 2021 — 780 2020 Senior Notes 7.375 2020 356 432 Environmental Revenue Bonds 5.750 - 6.875 2019 - 2042 400 400 Fairfield Caster Lease 2022 23 24 Other capital leases and all other obligations 2019 1 1 Fourth Amended and Restated Credit Agreement Variable 2023 — — USSK Credit Agreement Variable 2023 — — USSK credit facilities Variable 2018 — — Total Debt 2,530 2,737 Less unamortized discount and debt issuance costs 28 34 Less short-term debt and long-term debt due within one year 4 3 Long-term debt $ 2,498 $ 2,700 To the extent not otherwise discussed below, information concerning the senior notes and other listed obligations can be found in Note 16 of the audited financial statements in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2017. Senior Note Repurchases Through a series of open market purchases, U. S. Steel repurchased approximately $75 million of its 7.375% Senior Notes due 2020 at a weighted average price of 107.119 percent of par during the nine months ended September 30, 2018. Senior Secured Note Tender and Redemption In March 2018, pursuant to a cash tender offer, U. S. Steel repurchased approximately $499 million aggregate principal amount of its outstanding 8.375% Senior Secured Notes due 2021 (2021 Senior Secured Notes). The aggregate cash outflow from the tender was approximately $538 million , which included $39 million in premiums. The remaining approximately $281 million aggregate principal amount of 2021 Senior Secured Notes was redeemed on April 12, 2018. The aggregate cash flow from the redemption was $302 million , which included $21 million in premiums. Issuance of Senior Notes due 2026 In March 2018, U. S. Steel issued $650 million aggregate principal amount of 6.250% Senior Notes due March 15, 2026 (2026 Senior Notes). U. S. Steel received net proceeds from the offering of approximately $640 million after fees of approximately $10 million related to the underwriting and third-party expenses. The net proceeds from the issuance of the 2026 Senior Notes, together with cash on hand, were used to tender or otherwise redeem all of our 2021 Senior Secured Notes as discussed above. The 2026 Senior Notes are senior and unsecured obligations that rank equally in right of payment with all of our other existing and future senior and unsecured indebtedness. U. S. Steel will pay interest on the notes semi-annually in arrears on March 15th and September 15th of each year, commencing on September 15, 2018. Similar to our other senior notes, the indenture governing the 2026 Senior Notes restricts our ability to create certain liens, to enter into sale leaseback transactions and to consolidate, merge, transfer or sell all, or substantially all of our assets. It also contains provisions requiring the purchase of the 2026 Senior Notes upon a change of control under certain specified circumstances, as well as other customary provisions. U. S. Steel may redeem the 2026 Senior Notes, in whole or in part, at our option at any time, or from time to time, on or after March 15, 2021 at the redemption price for such notes set forth below as a percentage of the principal amount, plus accrued and unpaid interest, if any, to, but excluding the redemption date, if redeemed during the twelve-month period beginning March 15 of the years indicated below: Year Redemption Price 2021 103.125 % 2022 101.563 % 2023 and thereafter 100.000 % At any time prior to March 15, 2021, U. S. Steel may also redeem up to 35% of the original aggregate principal amount of the 2026 Senior Notes at 106.25% , plus accrued and unpaid interest, if any, but excluding the applicable date of redemption, with proceeds from equity offerings. Fourth Amended and Restated Credit Agreement On February 26, 2018, U. S. Steel entered into the Fourth Amended and Restated Credit Agreement (Credit Facility Agreement), replacing the Company's Third Amended and Restated Credit Agreement. The Credit Facility Agreement maintains the facility size of $1.5 billion and extends the maturity date to 2023. As of September 30, 2018 , there were no amounts drawn under the $1.5 billion 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 10 percent of the total aggregate commitments and $150 million . Based on the most recent four quarters as of September 30, 2018 , we would have met this covenant. If we are unable to meet this covenant in future periods, the amount available to the Company under this facility would be reduced by $150 million . The Credit Facility Agreement provides for borrowings at interest rates based on defined, short-term market rates plus a spread based on availability and includes other customary terms and conditions including restrictions on our ability to create certain liens and to consolidate, merge or transfer all, or substantially all, of our assets. The Credit Facility Agreement expires in February 2023. Maturity may be accelerated 91 days prior to the stated maturity of any outstanding senior debt if excess cash and credit facility availability do not meet the liquidity conditions set forth in the Credit Facility Agreement. Borrowings are secured by liens on certain North American inventory and trade accounts receivable. U. S. Steel Košice ( USSK) credit facilities On September 26, 2018, USSK, and one of its wholly owned subsidiaries, as guarantor, entered into a €460 million unsecured revolving credit facility (USSK Credit Agreement), replacing USSK's €200 million revolving credit facility (Prior Facility). The USSK Credit Agreement has a maturity date of September 26, 2023 and contains terms and conditions substantially similar to the Prior Facility. Concurrent with the execution of the USSK Credit Agreement, USSK reduced the size of a separate €40 million unsecured credit facility to €20 million . At September 30, 2018 , USSK had no borrowings under its €460 million (approximately $533 million ) USSK Credit Agreement. The USSK Credit Agreement contains certain USSK financial covenants, including a maximum net debt to EBITDA ratio and a minimum stockholders' equity to assets ratio. The covenants are measured semi-annually for the period covering the last twelve calendar months and calculated as set forth in the USSK Credit Agreement. If USSK does not comply with the USSK Credit Agreement financial covenants, it may not draw on the facility until the next measurement date, outstanding borrowings may be accelerated, or the margin on outstanding borrowings may be increased. At September 30, 2018 , USSK had full availability under the USSK Credit Agreement. On October 15, 2018, USSK drew down €200 million (approximately $232 million ) from its USSK Credit Agreement (See Note 25). At September 30, 2018 , USSK had no borrowings under its €20 million and €10 million unsecured credit facilities (collectively, approximately $35 million ) and the availability was approximately $33 million due to approximately $2 million of customs and other guarantees outstanding. The €20 million credit facility expires in December 2018. Currently, the €10 million credit facility also expires in December 2018, but can be extended one additional year to the final maturity date at the mutual consent of USSK and its lender. Each of these facilities bear interest at the applicable inter-bank offer rate plus a margin and contain customary terms and conditions. Change in control event If there is a change in control of U. S. Steel, the following may occur: (a) debt obligations totaling $2,106 million as of September 30, 2018 may be declared due and payable; (b) the Credit Facility Agreement and the USSK credit facilities may be terminated and any amounts outstanding declared due and payable; and (c) U. S. Steel may be required to either purchase the leased Fairfield Works slab caster for approximately $24 million or provide a letter of credit to secure the remaining obligation. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations U. S. Steel’s asset retirement obligations (AROs) primarily relate to mine, landfill closure and post-closure costs. The following table reflects changes in the carrying values of AROs: (In millions) September 30, 2018 December 31, 2017 Balance at beginning of year $ 69 $ 79 Obligations settled (7 ) (8 ) Change in estimate of obligations — (6 ) Foreign currency translation effects — 2 Accretion expense 2 2 Balance at end of period $ 64 $ 69 Certain AROs related to disposal costs of the majority of fixed assets at our integrated steel facilities have not been recorded because they have an indeterminate settlement date. These AROs will be initially recognized in the period in which sufficient information exists to estimate their fair value. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of cash and cash equivalents, current accounts and notes receivable, accounts payable, bank checks outstanding, and accrued interest included in the 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. The following table summarizes U. S. Steel’s financial liabilities that were not carried at fair value at September 30, 2018 and December 31, 2017 . September 30, 2018 December 31, 2017 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 2,501 $ 2,478 $ 2,851 $ 2,678 (a) Excludes capital lease obligations. The following methods and assumptions were used to estimate the fair value of financial instruments included in the table above: Long-term debt : Fair value was determined using Level 2 inputs which were derived from quoted market prices and is based on the yield on public debt where available or current borrowing rates available for financings with similar terms and maturities. Fair value of the financial liabilities disclosed herein is not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement. Financial guarantees are U. S. Steel’s only unrecognized financial instrument. For details relating to financial guarantees see Note 22. |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Statement of Changes in Stockholders' Equity | Statement of Changes in Stockholders’ Equity The following table reflects the reconciliation of the carrying amount of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests for the nine months ended September 30, 2018 and 2017 : Nine Months Ended September 30, 2018 (In millions) Total Retained Earnings Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 3,321 $ 133 $ (845 ) $ 176 $ (76 ) $ 3,932 $ 1 Comprehensive income (loss): Net earnings 523 523 Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 143 143 Currency translation adjustment (58 ) (58 ) Derivative financial instruments (11 ) (11 ) Employee stock plans 51 1 73 (23 ) Dividends paid on common stock (27 ) (27 ) Balance at September 30, 2018 $ 3,942 $ 629 $ (771 ) $ 177 $ (3 ) $ 3,909 $ 1 Nine Months Ended September 30, 2017 (In millions) Total Accumulated Deficit Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 2,275 $ (250 ) $ (1,497 ) $ 176 $ (182 ) $ 4,027 $ 1 Comprehensive income (loss): Net earnings 228 228 Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 146 146 Currency translation adjustment 149 149 Derivative financial instruments 6 6 Employee stock plans 26 90 (64 ) Dividends paid on common stock (26 ) (26 ) Other 4 4 Balance at September 30, 2017 $ 2,808 $ (18 ) $ (1,196 ) $ 176 $ (92 ) $ 3,937 $ 1 |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | Reclassifications from Accumulated Other Comprehensive Income (AOCI) (In millions) (a) Pension and Foreign Unrealized Gain (Loss) on Derivatives Total Balance at December 31, 2017 $ (1,309 ) $ 463 $ 1 $ (845 ) Other comprehensive income before reclassifications 292 (58 ) 1 235 Amounts reclassified from AOCI (b) (149 ) — (12 ) (161 ) Net current-period other comprehensive income (loss) 143 (58 ) (11 ) 74 Balance at September 30, 2018 $ (1,166 ) $ 405 $ (10 ) $ (771 ) (a) Amounts do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. (b) See table below for further details. Amount reclassified from AOCI Three Months Ended September 30, Nine Months Ended September 30, (In millions) Details about AOCI components 2018 2017 2018 2017 Amortization of pension and other benefit items Prior service costs (a) $ (7 ) $ (8 ) $ (22 ) $ (22 ) Actuarial losses (a) (39 ) (38 ) (117 ) (114 ) Settlement, termination and curtailment losses (a) (10 ) (1 ) (10 ) (5 ) Total pensions and other benefits items (56 ) (47 ) (149 ) (141 ) Derivative reclassifications to Consolidated Statements of Operations (11 ) — (12 ) — Total before tax (67 ) (47 ) (161 ) (141 ) Tax benefit (b) — — — — Net of tax $ (67 ) $ (47 ) $ (161 ) $ (141 ) (a) These AOCI components are included in the computation of net periodic benefit cost (see Note 8 for additional details). (b) Amounts do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | Transactions with Related Parties Net sales to related parties and receivables from related parties primarily reflect sales of raw materials and steel products to equity investees and U. S. Steel Canada Inc. (USSC) after the Canada Companies' Creditor Arrangement Act (CCAA) filing on September 16, 2014, but before the sale to an affiliate of Bedrock Industries Group LLC (Bedrock) on June 30, 2017. Generally, transactions are conducted under long-term contractual arrangements. Related party sales and service transactions were $378 million and $272 million for the three months ended September 30, 2018 and 2017 , respectively and $1,072 million and $941 million for the nine months ended September 30, 2018 and 2017 , respectively. Purchases from related parties for outside processing services provided by equity investees and USSC after the CCAA filing on September 16, 2014, but before the sale to Bedrock, amounted to $8 million and $7 million for the three months ended September 30, 2018 and 2017 , respectively and $23 million and $62 million for the nine months ended September 30, 2018 and 2017 , respectively. Purchases of iron ore pellets from related parties amounted to $23 million and $40 million for the three months ended September 30, 2018 and 2017 , respectively and $66 million and $120 million for the nine months ended September 30, 2018 and 2017 . Accounts payable to related parties include balances due to PRO-TEC Coating Company, LLC (PRO-TEC) of $103 million and $72 million at September 30, 2018 and December 31, 2017 , respectively for invoicing and receivables collection services provided by U. S. Steel on PRO-TEC's behalf. U. S. Steel, as PRO-TEC’s exclusive sales agent, is responsible for credit risk related to those receivables. U. S. Steel also provides PRO-TEC marketing, selling and customer service functions. Payables to other related parties totaled $3 million and $2 million at September 30, 2018 and December 31, 2017 , respectively. |
Restructuring and Other Charges
Restructuring and Other Charges | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges Restructuring charges recorded during the nine months ended September 30, 2018 were immaterial. Cash payments were made related to severance and exit costs of $18 million . During the nine months ended September 30, 2017, the Company recorded a net restructuring charge of $30 million , which consists of charges of $35 million related to the permanent shutdown of the No. 6 Quench & Temper Mill at Lorain Tubular Operations and a favorable adjustment of $5 million primarily associated with a change in estimate for previously recorded environmental costs and Company-wide headcount reductions. Cash payments were made related to severance and exit costs of $24 million . Charges for restructuring and ongoing cost reduction initiatives are recorded in the period U. S. Steel commits to a restructuring or cost reduction plan, or executes specific actions contemplated by the plan and all criteria for liability recognition have been met. Charges related to the restructuring and cost reductions are reported in restructuring and other charges in the Consolidated Statements of Operations. The activity in the accrued balances incurred in relation to restructuring and other cost reduction programs during the nine months ended September 30, 2018 were as follows: Employee Related Exit (in millions) Costs Costs Total Balance at December 31, 2017 $ 4 $ 34 $ 38 Cash payments/utilization (3 ) (15 ) (18 ) Balance at September 30, 2018 $ 1 $ 19 $ 20 Accrued liabilities for restructuring and other cost reduction programs are included in the following balance sheet lines: (in millions) September 30, 2018 December 31, 2017 Accounts payable $ 11 $ 26 Payroll and benefits payable 1 4 Deferred credits and other noncurrent liabilities 8 8 Total $ 20 $ 38 |
Contingencies and Commitments
Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Contingencies and Commitments U. S. Steel is the subject of, or party to, a number of pending or threatened legal actions, contingencies and commitments involving a variety of matters, including laws and regulations relating to the environment. Certain of these matters are discussed below. The ultimate resolution of these contingencies could, individually or in the aggregate, be material to the Consolidated Financial Statements. However, management believes that U. S. Steel will remain a viable and competitive enterprise even though it is possible that these contingencies could be resolved unfavorably. U. S. Steel accrues for estimated costs related to existing lawsuits, claims and proceedings when it is probable that it will incur these costs in the future and the costs are reasonably estimable. Asbestos matters – As of September 30, 2018 , U. S. Steel was a defendant in approximately 750 active cases involving approximately 2,300 plaintiffs. The vast majority of these cases involve multiple defendants. At December 31, 2017, U. S. Steel was a defendant in approximately 820 cases involving approximately 3,315 plaintiffs. As of September 30, 2018 , about 1,540 , or approximately 67 percent , of these plaintiff claims are currently pending in jurisdictions which permit filings with massive numbers of plaintiffs. Based upon U. S. Steel’s experience in such cases, we believe that the actual number of plaintiffs who ultimately assert claims against U. S. Steel will likely be a small fraction of the total number of plaintiffs. The following table shows the number of asbestos claims in the current period and the prior three years: Period ended Opening Claims (a) New Closing December 31, 2015 3,455 415 275 3,315 December 31, 2016 3,315 225 250 3,340 December 31, 2017 3,340 275 250 3,315 September 30, 2018 3,315 1,225 210 2,300 (a) The period ending September 30, 2018 includes approximately 1,000 dismissed cases previously pending in the State of Texas. Historically, asbestos-related claims against U. S. Steel fall into three groups: (1) claims made by persons who allegedly were exposed to asbestos on the premises of U. S. Steel facilities; (2) claims made by persons allegedly exposed to products manufactured by U. S. Steel; and (3) claims made under certain federal and maritime laws by employees of former operations of U. S. Steel. The amount U. S. Steel accrues for pending asbestos claims is not material to U. S. Steel’s financial condition. However, U. S. Steel is unable to estimate the ultimate outcome of asbestos-related claims due to a number of uncertainties, including: (1) the rates at which new claims are filed, (2) the number of and effect of bankruptcies of other companies traditionally defending asbestos claims, (3) uncertainties associated with the variations in the litigation process from jurisdiction to jurisdiction, (4) uncertainties regarding the facts, circumstances and disease process with each claim, and (5) any new legislation enacted to address asbestos-related claims. Despite these uncertainties, management believes that the ultimate resolution of these matters will not have a material adverse effect on U. S. Steel’s financial condition, although the resolution of such matters could significantly impact results of operations for a particular quarter. Environmental matters – U. S. Steel is subject to federal, state, local and foreign laws and regulations relating to the environment. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites. Penalties may be imposed for noncompliance. Changes in accrued liabilities for remediation activities where U. S. Steel is identified as a named party are summarized in the following table: (In millions) Nine Months Ended September 30, 2018 Beginning of period $ 179 Accruals for environmental remediation deemed probable and reasonably estimable 2 Obligations settled (4 ) End of period $ 177 Accrued liabilities for remediation activities are included in the following Consolidated Balance Sheet lines: (In millions) September 30, 2018 December 31, 2017 Accounts payable $ 30 $ 29 Deferred credits and other noncurrent liabilities 147 150 Total $ 177 $ 179 Expenses related to remediation are recorded in cost of sales and were immaterial for both the three and nine -month periods ended September 30, 2018 and September 30, 2017 . It is not currently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed. Due to uncertainties inherent in remediation projects and the associated liabilities, it is reasonably possible that total remediation costs for active matters may exceed the accrued liabilities by as much as 15 to 30 percent . Remediation Projects U. S. Steel is involved in environmental remediation projects at or adjacent to several current and former U. S. Steel facilities and other locations that are in various stages of completion ranging from initial characterization through post-closure monitoring. Based on the anticipated scope and degree of uncertainty of projects, we categorize projects as follows: (1) Projects with Ongoing Study and Scope Development - Projects which are still in the development phase. For these projects, the extent of remediation that may be required is not yet known, the remediation methods and plans are not yet developed, and/or cost estimates cannot be determined. Therefore, significant costs, in addition to the accrued liabilities for these projects, are reasonably possible. There are six environmental remediation projects where additional costs for completion are not currently estimable, but could be material. These projects are at Fairfield Works, Lorain Tubular, USS-POSCO Industries (UPI), the Fairless Plant, Cherryvale Zinc and the former steelmaking plant at Joliet, Illinois. As of September 30, 2018 , accrued liabilities for these projects totaled $1 million for the costs of studies, investigations, interim measures, design and/or remediation. It is reasonably possible that additional liabilities associated with future requirements regarding studies, investigations, design and remediation for these projects could be as much as $30 million to $50 million . (2) Significant Projects with Defined Scope - Projects with significant accrued liabilities with a defined scope. As of September 30, 2018 , there are three significant projects with defined scope greater than or equal to $5 million each, with a total accrued liability of $134 million . These projects are Gary Resource Conservation and Recovery Act (RCRA) (accrued liability of $26 million ), the former Geneva facility (accrued liability of $62 million ), and the former Duluth facility St. Louis River Estuary (accrued liability of $46 million ). (3) Other Projects with a Defined Scope - Projects with relatively small accrued liabilities for which we believe that, while additional costs are possible, they are not likely to be significant, and also include those projects for which we do not yet possess sufficient information to estimate potential costs to U. S. Steel. There are two other environmental remediation projects which each had an accrued liability of between $1 million and $5 million . The total accrued liability for these projects at September 30, 2018 was $4 million . These projects have progressed through a significant portion of the design phase and material additional costs are not expected. The remaining environmental remediation projects each have an accrued liability of less than $1 million each. The total accrued liability for these projects at September 30, 2018 was approximately $6 million . We do not foresee material additional liabilities for any of these sites. Post-Closure Costs – Accrued liabilities for post-closure site monitoring and other costs at various closed landfills totaled $22 million at September 30, 2018 and were based on known scopes of work. Administrative and Legal Costs – As of September 30, 2018 , U. S. Steel had an accrued liability of $8 million for administrative and legal costs related to environmental remediation projects. These accrued liabilities were based on projected administrative and legal costs for the next three years and do not change significantly from year to year. Capital Expenditures – For a number of years, U. S. Steel has made substantial capital expenditures to bring existing facilities into compliance with various laws relating to the environment. In the first nine months of 2018 and 2017 , such capital expenditures totaled $55 million and $39 million , respectively. U. S. Steel anticipates making additional such expenditures in the future; however, the exact amounts and timing of such expenditures are uncertain because of the continuing evolution of specific regulatory requirements. EU Environmental Requirements - Under the Emission Trading Scheme (ETS), USSK's final allocation of free allowances for the Phase III period, which covers the years 2013 through 2020 is 48 million allowances. We estimate a shortfall of approximately 16 million allowances for the Phase III period. Based on projected future production levels, we started to purchase allowances in the third quarter of 2017 to meet the annual compliance submission in the future. As of September 30, 2018 , we have purchased approximately 10 million European Union Allowances totaling €101 million (approximately $117 million ). However, due to a number of variables such as the future market value of allowances, future production levels and future emissions intensity levels, we cannot reliably estimate the full cost of complying with the ETS regulations at this time. The EU’s Industry Emission Directive requires implementation of EU determined best available techniques (BAT) for Iron and Steel production to reduce environmental impacts as well as compliance with BAT associated emission levels. Our most recent broad estimate of future capital expenditures for projects that go beyond BAT requirements is €138 million (approximately $160 million ) over the 2017 to 2020 program period. In order to receive full grant amounts USSK is required to comply with certain financial covenants, which are assessed annually. USSK complied with these covenants as of September 30, 2018. If we are unable to meet these covenants in the future, USSK might be required to provide additional collateral (e.g. bank guarantee) to secure potential claims from the Slovak Government for repayment of a portion of the grant funds received. Due to other EU legislation, BAT for Large Combustion Plants (LCP), we are required to make changes to the boilers at our steam and power generation plant in order to comply with stricter air emission limits for large combustion plants. The requirements for LCP resulted in the construction of a new boiler and certain upgrades to our existing boilers. In January 2014, the operation of USSK's boilers was approved by the European Commission (EC) as part of Slovakia's Transitional National Plan (TNP) for bringing all boilers in Slovakia into compliance by no later than 2020. The TNP establishes emissions ceilings for each category of emissions (total suspended particulate, sulfur dioxide (SO 2 ), and nitrogen oxide (NO x )). The allowable amount of discharged emissions from existing boilers will decrease each year until mid-2020. These projects will result in a reduction in electricity, emissions, and operating, maintenance and waste disposal costs. The construction of both boilers is complete with a total final installed cost of €128 million (approximately $150 million ). Broad legislative changes were enacted by the Slovak Republic to extend the scope of support for renewable sources of energy, that are intended to allow USSK to participate in Slovakia's renewable energy incentive program once the boiler projects are completed. Guarantees – The maximum guarantees of the indebtedness of unconsolidated entities of U. S. Steel totaled $4 million at September 30, 2018 . Other contingencies – Under certain operating lease agreements covering various equipment, U. S. Steel has the option to renew the lease or to purchase the equipment at the end of the lease term. If U. S. Steel does not exercise the purchase option by the end of the lease term, U. S. Steel guarantees a residual value of the equipment as determined at the lease inception date (totaling approximately $16 million at September 30, 2018 ). No liability has been recorded for these guarantees as the potential loss is not probable. Insurance – U . S. Steel maintains insurance for certain property damage, equipment, business interruption and general liability exposures; however, insurance is applicable only after certain deductibles and retainages. U. S. Steel is self-insured for certain other exposures including workers’ compensation (where permitted by law) and auto liability. Liabilities are recorded for workers’ compensation and personal injury obligations. Other costs resulting from losses under deductible or retainage amounts or not otherwise covered by insurance are charged against income upon occurrence. U. S. Steel uses surety bonds, trusts and letters of credit to provide whole or partial financial assurance for certain obligations such as workers’ compensation. The total amount of active surety bonds, trusts and letters of credit being used for financial assurance purposes was approximately $197 million as of September 30, 2018 , which reflects U. S. Steel’s maximum exposure under these financial guarantees, but not its total exposure for the underlying obligations. A significant portion of our trust arrangements and letters of credit are collateralized by the Credit Facility Agreement. The remaining trust arrangements and letters of credit are collateralized by restricted cash. Restricted cash, which is recorded in other current and noncurrent assets, totaled $41 million and $44 million at September 30, 2018 and December 31, 2017 , respectively. Capital Commitments – At September 30, 2018 , U. S. Steel’s contractual commitments to acquire property, plant and equipment totaled $649 million . Contractual Purchase Commitments – U. S. Steel is obligated to make payments under contractual purchase commitments, including unconditional purchase obligations. Payments for contracts with remaining terms in excess of one year are summarized below (in millions): Remainder of 2018 2019 2020 2021 2022 Later Total $195 $581 $482 $309 $304 $1,147 $3,018 The majority of U. S. Steel’s unconditional purchase obligations relates to the supply of industrial gases, and certain energy and utility services with terms ranging from two to 15 years. Unconditional purchase obligations also include coke and steam purchase commitments related to a coke supply agreement with Gateway Energy & Coke Company LLC (Gateway) under which Gateway is obligated to supply a minimum volume of the expected targeted annual production of the heat recovery coke plant, and U. S. Steel is obligated to purchase the coke from Gateway at the contract price. As of September 30, 2018 , if U. S. Steel were to terminate the agreement, it may be obligated to pay in excess of $168 million . Total payments relating to unconditional purchase obligations were $147 million and $132 million for the three months ended September 30, 2018 and 2017 , respectively, and $454 million and $425 million for the nine months ended September 30, 2018 and 2017 , respectively. |
U. S. Steel Canada Inc. Retaine
U. S. Steel Canada Inc. Retained Interest | 9 Months Ended |
Sep. 30, 2018 | |
U. S. Steel Canada Inc. Retained Interest [Abstract] | |
U.S. Steel Canada Inc. Retained Interest | U. S. Steel Canada Inc. Retained Interest On June 30, 2017, U. S. Steel completed the restructuring and disposition of USSC through a sale and transfer of all of the issued and outstanding shares in USSC to an affiliate of Bedrock. In accordance with the Second Amended and Restated Plan of Compromise, Arrangement and Reorganization, approved by the Ontario Superior Court of Justice on June 9, 2017, U. S. Steel received approximately $127 million in satisfaction of its secured claims, including interest, which resulted in a gain of $72 million on the Company's retained interest in USSC. U. S. Steel also agreed to the discharge and cancellation of its unsecured claims for nominal consideration. The terms of the settlement also included mutual releases among key stakeholders, including a release of all claims against the Company regarding environmental, pension and other liabilities. |
Sale of Ownership Interest in E
Sale of Ownership Interest in Equity Investee | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Sale of Ownership Interest in Equity Investee | Equity Investee Transactions On September 29, 2017, a subsidiary of U. S. Steel completed the sale of its 15% ownership interest in Tilden Mining Company L.C. for $105 million . As a result of the transaction, U. S. Steel recognized a gain of approximately $26 million . On May 31, 2018, U. S. Steel assigned its equity ownership interest in Leeds Retail Center, LLC and recognized a gain of approximately $18 million . |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 15, 2018, U. S. Steel and the United Steelworkers (USW) reached a tentative agreement on successor four-year Collective Bargaining Agreements covering approximately 14,000 USW-represented employees at all of the company’s domestic flat-rolled and iron ore mining facilities as well as tubular operations in Fairfield, Alabama, Lorain, Ohio, and Lone Star, Texas. The tentative agreements remain subject to ratification, which is anticipated to be completed by the end of November of 2018. On October 15, 2018, USSK drew down €200 million (approximately $232 million ) from its USSK Credit Agreement and subsequently repatriated most of the funds to its parent, U. S. Steel. U. S. Steel intends to use the funds, together with cash on hand, for the redemption of its 7.375% Senior Notes due in 2020 (2020 Senior Notes) as discussed below. On October 23, 2018, a subsidiary of U. S. Steel completed the sale of its 40% ownership interest in Acero Prime, S. R. L. de CV. As a result of the transaction, U. S. Steel recognized a pretax gain of approximately $20 million in the fourth quarter of 2018. On November 1, 2018, U. S. Steel issued a notice to redeem its 2020 Senior Notes. On December 3, 2018, the next business day after the redemption date, the Company will redeem for cash all of its outstanding 2020 Senior Notes (approximately $356 million aggregate principal amount), at the redemption price of 100% of the principal amount thereof, plus a make-whole premium and accrued and unpaid interest, if any, to, but not including, the redemption date. The redemption will be funded by a combination of cash on hand and borrowings under the USSK Credit Agreement. U. S. Steel will incur a loss on early extinguishment of debt of approximately $20 million associated with this redemption. |
Recently Adopted Accounting S_2
Recently Adopted Accounting Standards (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Changes Related to Net Periodic Benefit Cost | The effect of the retrospective presentation change related to the net periodic benefit cost of our defined benefit pension and other post-employment benefits (OPEB) plans on our consolidated statement of operations was as follows: Three Months Ended September 30, 2017 Statement of Operations (In millions) As Revised Previously Reported Effect of Change Higher/(Lower) Cost of Sales $ 2,828 $ 2,829 $ (1 ) Selling, general and administrative expenses 75 89 (14 ) Net periodic benefit cost (other than service cost) 15 — 15 Nine Months Ended September 30, 2017 Statement of Operations (In millions) As Revised Previously Reported Effect of Change Higher/(Lower) Cost of Sales $ 8,110 $ 8,115 $ (5 ) Selling, general and administrative expenses 223 265 (42 ) Net periodic benefit cost (other than service cost) 47 — 47 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Results of Segment Operations | The results of segment operations for the three months ended September 30, 2018 and 2017 are: (In millions) Three Months Ended September 30, 2018 Customer Intersegment Net Earnings Earnings (loss) before interest and income taxes Flat-Rolled $ 2,632 $ 32 $ 2,664 $ 15 $ 305 USSE 767 4 771 — 72 Tubular 313 2 315 2 7 Total reportable segments 3,712 38 3,750 17 384 Other Businesses 17 31 48 — 16 Reconciling Items and Eliminations — (69 ) (69 ) — (27 ) Total $ 3,729 $ — $ 3,729 $ 17 $ 373 Three Months Ended September 30, 2017 Flat-Rolled $ 2,249 $ 42 $ 2,291 $ 7 $ 161 USSE 710 1 711 — 73 Tubular 276 — 276 2 (7 ) Total reportable segments 3,235 43 3,278 9 227 Other Businesses 13 29 42 — 12 Reconciling Items and Eliminations — (72 ) (72 ) — 21 Total $ 3,248 $ — $ 3,248 $ 9 $ 260 The results of segment operations for the nine months ended September 30, 2018 and 2017 are: (In millions) Nine Months Ended September 30, 2018 Customer Intersegment Net Earnings (Loss) Earnings (loss) before interest and income taxes Flat-Rolled $ 7,114 $ 148 $ 7,262 $ 34 $ 562 USSE 2,438 20 2,458 — 297 Tubular 888 4 892 5 (55 ) Total reportable segments 10,440 172 10,612 39 804 Other Businesses 47 94 141 — 44 Reconciling Items and Eliminations — (266 ) (266 ) — (37 ) Total $ 10,487 $ — $ 10,487 $ 39 $ 811 Nine Months Ended September 30, 2017 Flat-Rolled $ 6,265 $ 154 $ 6,419 $ 24 $ 293 USSE 2,123 25 2,148 — 215 Tubular 682 — 682 6 (93 ) Total reportable segments 9,070 179 9,249 30 415 Other Businesses 47 89 136 (1 ) 34 Reconciling Items and Eliminations — (268 ) (268 ) — 58 Total $ 9,117 $ — $ 9,117 $ 29 $ 507 |
Schedule of reconciling items to EBIT | The following is a schedule of reconciling items to consolidated earnings (loss) before interest and income taxes: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2018 2017 2018 2017 Items not allocated to segments: Gain on equity investee transactions (Note 24) $ — $ 21 $ 18 $ 21 Granite City Works restart costs (27 ) — (63 ) — Granite City Works adjustment to temporary idling charges — — 8 — Loss on shutdown of certain tubular assets (a) — — — (35 ) Gain associated with retained interest in U. S. Steel Canada Inc. (Note 23) — — — 72 Total reconciling items $ (27 ) $ 21 $ (37 ) $ 58 (a) Included in Restructuring and other charges in the Consolidated Statement of Operations. See Note 21 to the Consolidated Financial Statements. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Product | Sales by Product (In millions) Three Months Ended September 30, 2018 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 40 $ 83 $ — $ — $ 123 Hot-rolled sheets 764 267 — — 1,031 Cold-rolled sheets 718 91 — — 809 Coated sheets 829 282 — — 1,111 Tubular products — 12 304 — 316 All Other (a) 281 32 9 17 339 Total $ 2,632 $ 767 $ 313 $ 17 $ 3,729 (a) Consists primarily of sales of raw materials and coke making by-products. (In millions) Three Months Ended September 30, 2017 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 15 $ 51 $ — $ — $ 66 Hot-rolled sheets 525 273 — — 798 Cold-rolled sheets 576 79 — — 655 Coated sheets 787 267 — — 1,054 Tubular products — 11 268 — 279 All Other (a) 346 29 8 13 396 Total $ 2,249 $ 710 $ 276 $ 13 $ 3,248 (a) Consists primarily of sales of raw materials and coke making by-products. (In millions) Nine Months Ended September 30, 2018 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 50 $ 172 $ — $ — $ 222 Hot-rolled sheets 1,976 959 — — 2,935 Cold-rolled sheets 2,092 293 — — 2,385 Coated sheets 2,332 889 — — 3,221 Tubular products — 37 862 — 899 All Other (a) 664 88 26 47 825 Total $ 7,114 $ 2,438 $ 888 $ 47 $ 10,487 (a) Consists primarily of sales of raw materials and coke making by-products. (In millions) Nine Months Ended September 30, 2017 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 16 $ 155 $ — $ — $ 171 Hot-rolled sheets 1,507 862 — — 2,369 Cold-rolled sheets 1,761 235 — — 1,996 Coated sheets 2,291 774 — — 3,065 Tubular products — 30 656 — 686 All Other (a) 690 67 26 47 830 Total $ 6,265 $ 2,123 $ 682 $ 47 $ 9,117 (a) Consists primarily of sales of raw materials and coke making by-products |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within U. S. Steel's Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows: (In millions) September 30, 2018 September 30, 2017 Cash and cash equivalents $ 1,344 $ 1,694 Restricted cash in other current assets 4 — Restricted cash in other noncurrent assets 37 42 Total cash, cash equivalents and restricted cash $ 1,385 $ 1,736 |
Schedule of Restricted Cash and Restricted Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within U. S. Steel's Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows: (In millions) September 30, 2018 September 30, 2017 Cash and cash equivalents $ 1,344 $ 1,694 Restricted cash in other current assets 4 — Restricted cash in other noncurrent assets 37 42 Total cash, cash equivalents and restricted cash $ 1,385 $ 1,736 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets | Intangible assets that are being amortized on a straight-line basis over their estimated useful lives are detailed below: As of September 30, 2018 As of December 31, 2017 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 22 Years $ 132 $ 69 $ 63 $ 132 $ 64 $ 68 Patents 10-15 Years 22 6 16 22 5 17 Other 4-20 Years 14 8 6 15 8 7 Total amortizable intangible assets $ 168 $ 83 $ 85 $ 169 $ 77 $ 92 |
Pensions and Other Benefits (Ta
Pensions and Other Benefits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost | The following table reflects the components of net periodic benefit cost for the three months ended September 30, 2018 and 2017 : Pension Other (In millions) 2018 2017 2018 2017 Service cost $ 12 $ 13 $ 4 $ 4 Interest cost 58 59 23 23 Expected return on plan assets (90 ) (98 ) (20 ) (16 ) Amortization of prior service cost — — 7 8 Amortization of actuarial net loss 38 37 1 1 Net periodic benefit cost, excluding below 18 11 15 20 Multiemployer plans 16 15 — — Settlement, termination and curtailment losses (a) $ 10 $ 1 $ — $ — Net periodic benefit cost $ 44 $ 27 $ 15 $ 20 (a) During the three months ended September 30, 2018 , the non-qualified pension plan incurred settlement charges of approximately $10 million due to lump sum payments for certain individuals. The following table reflects the components of net periodic benefit cost for the nine months ended September 30, 2018 and 2017 : Pension Other (In millions) 2018 2017 2018 2017 Service cost $ 37 $ 37 $ 12 $ 13 Interest cost 174 177 69 70 Expected return on plan assets (270 ) (292 ) (61 ) (49 ) Amortization of prior service cost — — 22 22 Amortization of actuarial net loss 114 111 3 3 Net periodic benefit cost, excluding below 55 33 45 59 Multiemployer plans 45 44 — — Settlement, termination and curtailment losses (a) 10 5 — — Net periodic benefit cost $ 110 $ 82 $ 45 $ 59 (a) During the first nine months of 2018 and 2017 , the non-qualified pension plan incurred settlement charges of approximately $10 million and $5 million , respectively, due to lump sum payments for certain individuals. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Awards Made under Plans | The following table is a general summary of the awards made under the Omnibus Plan during the first nine months of 2018 and 2017 . There were no stock options granted during the first nine months of 2018. 2018 2017 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Stock Options — $ — 647,780 $ 17.28 Restricted Stock Units 742,495 $ 41.44 344,500 $ 36.27 Performance Awards (c) TSR 79,190 $ 61.57 169,850 $ 40.72 ROCE (d) 247,510 $ 43.50 — $ — (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 value of the award. (d) The ROCE awards granted in 2017 are not shown in the table above because they were granted in cash. |
Earnings and Dividends Per Co_2
Earnings and Dividends Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computations for Basic and Diluted Earnings Per Common Share from Continuing Operations | The computations for basic and diluted earnings per common share from continuing operations are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions, except per share amounts) 2018 2017 2018 2017 Earnings attributable to United States Steel Corporation stockholders $ 291 $ 147 $ 523 $ 228 Weighted-average shares outstanding (in thousands): Basic 177,250 175,003 176,815 174,684 Effect of stock options, restricted stock units and performance awards 1,876 1,481 1,919 1,652 Adjusted weighted-average shares outstanding, diluted 179,126 176,484 178,734 176,336 Basic earnings per common share $ 1.64 $ 0.84 $ 2.96 $ 1.30 Diluted earnings per common share $ 1.62 $ 0.83 $ 2.92 $ 1.29 |
Antidilutive Securities that were Not Included in Computations of Diluted Earnings Per Common Share | The following table summarizes the securities that were antidilutive, and therefore, were not included in the computations of diluted earnings per common share: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 Securities granted under the 2016 Omnibus Incentive Compensation Plan, as amended 1,671 2,679 1,689 1,677 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | (In millions) September 30, 2018 December 31, 2017 Raw materials $ 622 $ 527 Semi-finished products 829 796 Finished products 441 356 Supplies and sundry items 58 59 Total $ 1,950 $ 1,738 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The table below shows the outstanding swap quantities used to hedge forecasted purchases and sales as of September 30, 2018 and September 30, 2017 : Hedge Contracts Classification September 30, 2018 September 30, 2017 Natural gas (in mmbtus) Commodity purchase swaps 12,345,000 24,142,500 Tin (in metric tons) Commodity purchase swaps 470 320 Zinc (in metric tons) Commodity purchase swaps 13,886 16,716 Hot-rolled coils (in tons) Sales swaps 38,000 122,000 Iron ore pellets (in metric tons) Sales swaps — 225,000 Foreign currency (in millions of euros) Foreign exchange forwards € 275 € 222 Foreign currency (in millions of CAD) Foreign exchange forwards C$ 58 C$ — |
Location and Amounts of Fair Values Related to Derivatives in Financial Statements | The following summarizes the fair value amounts included in our Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017 : (In millions) Designated as Hedging Instruments Balance Sheet Location September 30, 2018 December 31, 2017 Sales swaps Accounts payable $ 6 $ — Commodity purchase swaps Accounts receivable 1 4 Commodity purchase swaps Accounts payable 9 2 Commodity purchase swaps Investments and long-term receivables — 1 Commodity purchase swaps Other long-term liabilities — 1 Not Designated as Hedging Instruments Sales swaps Accounts payable — 2 Commodity purchase swaps Accounts payable — 1 Foreign exchange forwards Accounts receivable 12 — Foreign exchange forwards Accounts payable — 11 |
Schedule of Effect of Hedge Accounting on Accumulated Other Comprehensive Income | 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, 2018 and 2017 : Gain (Loss) on Derivatives in AOCI Amount of Gain (Loss) Recognized in Income (In millions) Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Location of Reclassification from AOCI (a) Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Sales swaps (b) $ 6 $ — Net sales $ (6 ) $ — Commodity purchase swaps — 8 Cost of sales (c) (4 ) (2 ) (a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items since ineffectiveness is less than $1 million . (b) U. S. Steel has elected hedge accounting for hot-rolled coil sales swaps prospectively on January 1, 2018. Iron ore pellet sales swaps were not classified as hedges. (c) 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, 2018 Nine Months Ended September 30, 2017 Location of Reclassification from AOCI (a) Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Sales swaps (b) $ (6 ) $ — Net sales $ (9 ) $ — Commodity purchase swaps (7 ) 5 Cost of sales (c) (3 ) (5 ) (a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items since ineffectiveness is less than $1 million . (b) U. S. Steel has elected hedge accounting for hot-rolled coil sales swaps prospectively on January 1, 2018. Iron ore pellet sales swaps were not classified as hedges. (c) Costs for commodity purchase swaps are recognized in cost of sales as products are sold. |
Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements | The table below summarizes the impact of derivative activity where hedge accounting has not been elected on our Consolidated Statements of Operations for the three and nine months ended September 30, 2018 and 2017 : Amount of Gain (Loss) Recognized in Income (In millions) Consolidated Statement of Operations Location Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Sales swaps (a) Net sales $ — $ 5 Foreign exchange forwards (b) Other financial costs 5 (7 ) (a) U. S. Steel has elected hedge accounting for hot-rolled coil sales swaps prospectively on January 1, 2018. Iron ore pellet sales swaps were not classified as hedges. (b) U. S. Steel has elected hedge accounting for foreign exchange forwards to exchange USD for CAD. Foreign exchange forwards to exchange euro for USD were not classified as hedges. Amount of Gain (Loss) Recognized in Income (In millions) Consolidated Statement of Operations Location Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Sales swaps (a) Net sales $ — $ 7 Commodity purchase swaps Cost of sales — 3 Foreign exchange forwards (b) Other financial costs 18 (20 ) (a) U. S. Steel has elected hedge accounting for hot-rolled coil sales swaps prospectively on January 1, 2018. Iron ore pellet sales swaps were not classified as hedges. (b) U. S. Steel has elected hedge accounting for foreign exchange forwards to exchange USD for CAD. Foreign exchange forwards to exchange euro for USD were not classified as hedges. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | (In millions) Interest Rates % Maturity September 30, 2018 December 31, 2017 2037 Senior Notes 6.650 2037 $ 350 $ 350 2026 Senior Notes 6.250 2026 650 — 2025 Senior Notes 6.875 2025 750 750 2021 Senior Secured Notes 8.375 2021 — 780 2020 Senior Notes 7.375 2020 356 432 Environmental Revenue Bonds 5.750 - 6.875 2019 - 2042 400 400 Fairfield Caster Lease 2022 23 24 Other capital leases and all other obligations 2019 1 1 Fourth Amended and Restated Credit Agreement Variable 2023 — — USSK Credit Agreement Variable 2023 — — USSK credit facilities Variable 2018 — — Total Debt 2,530 2,737 Less unamortized discount and debt issuance costs 28 34 Less short-term debt and long-term debt due within one year 4 3 Long-term debt $ 2,498 $ 2,700 |
Debt Redemption | U. S. Steel may redeem the 2026 Senior Notes, in whole or in part, at our option at any time, or from time to time, on or after March 15, 2021 at the redemption price for such notes set forth below as a percentage of the principal amount, plus accrued and unpaid interest, if any, to, but excluding the redemption date, if redeemed during the twelve-month period beginning March 15 of the years indicated below: Year Redemption Price 2021 103.125 % 2022 101.563 % 2023 and thereafter 100.000 % |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes in Carrying Values of Asset Retirement Obligations | The following table reflects changes in the carrying values of AROs: (In millions) September 30, 2018 December 31, 2017 Balance at beginning of year $ 69 $ 79 Obligations settled (7 ) (8 ) Change in estimate of obligations — (6 ) Foreign currency translation effects — 2 Accretion expense 2 2 Balance at end of period $ 64 $ 69 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Not Carried at Fair Value | The following table summarizes U. S. Steel’s financial liabilities that were not carried at fair value at September 30, 2018 and December 31, 2017 . September 30, 2018 December 31, 2017 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 2,501 $ 2,478 $ 2,851 $ 2,678 (a) Excludes capital lease obligations. |
Statement of Changes in Stock_2
Statement of Changes in Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Consolidated Statement of Changes in Equity | The following table reflects the reconciliation of the carrying amount of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests for the nine months ended September 30, 2018 and 2017 : Nine Months Ended September 30, 2018 (In millions) Total Retained Earnings Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 3,321 $ 133 $ (845 ) $ 176 $ (76 ) $ 3,932 $ 1 Comprehensive income (loss): Net earnings 523 523 Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 143 143 Currency translation adjustment (58 ) (58 ) Derivative financial instruments (11 ) (11 ) Employee stock plans 51 1 73 (23 ) Dividends paid on common stock (27 ) (27 ) Balance at September 30, 2018 $ 3,942 $ 629 $ (771 ) $ 177 $ (3 ) $ 3,909 $ 1 Nine Months Ended September 30, 2017 (In millions) Total Accumulated Deficit Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 2,275 $ (250 ) $ (1,497 ) $ 176 $ (182 ) $ 4,027 $ 1 Comprehensive income (loss): Net earnings 228 228 Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 146 146 Currency translation adjustment 149 149 Derivative financial instruments 6 6 Employee stock plans 26 90 (64 ) Dividends paid on common stock (26 ) (26 ) Other 4 4 Balance at September 30, 2017 $ 2,808 $ (18 ) $ (1,196 ) $ 176 $ (92 ) $ 3,937 $ 1 |
Reclassifications from Accumu_2
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Other Comprehensive Income Activity Net of Tax | (In millions) (a) Pension and Foreign Unrealized Gain (Loss) on Derivatives Total Balance at December 31, 2017 $ (1,309 ) $ 463 $ 1 $ (845 ) Other comprehensive income before reclassifications 292 (58 ) 1 235 Amounts reclassified from AOCI (b) (149 ) — (12 ) (161 ) Net current-period other comprehensive income (loss) 143 (58 ) (11 ) 74 Balance at September 30, 2018 $ (1,166 ) $ 405 $ (10 ) $ (771 ) (a) Amounts do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. (b) See table below for further details. |
Defined Benefit Plan In other Comprehensive Income | Amount reclassified from AOCI Three Months Ended September 30, Nine Months Ended September 30, (In millions) Details about AOCI components 2018 2017 2018 2017 Amortization of pension and other benefit items Prior service costs (a) $ (7 ) $ (8 ) $ (22 ) $ (22 ) Actuarial losses (a) (39 ) (38 ) (117 ) (114 ) Settlement, termination and curtailment losses (a) (10 ) (1 ) (10 ) (5 ) Total pensions and other benefits items (56 ) (47 ) (149 ) (141 ) Derivative reclassifications to Consolidated Statements of Operations (11 ) — (12 ) — Total before tax (67 ) (47 ) (161 ) (141 ) Tax benefit (b) — — — — Net of tax $ (67 ) $ (47 ) $ (161 ) $ (141 ) (a) These AOCI components are included in the computation of net periodic benefit cost (see Note 8 for additional details). (b) Amounts do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Activity in Accrued Balances for Restructuring and Other Cost Reduction Programs | The activity in the accrued balances incurred in relation to restructuring and other cost reduction programs during the nine months ended September 30, 2018 were as follows: Employee Related Exit (in millions) Costs Costs Total Balance at December 31, 2017 $ 4 $ 34 $ 38 Cash payments/utilization (3 ) (15 ) (18 ) Balance at September 30, 2018 $ 1 $ 19 $ 20 |
Balance Sheet Location of Accrued Liabilities for Restructuring and Other Cost Reduction Programs | Accrued liabilities for restructuring and other cost reduction programs are included in the following balance sheet lines: (in millions) September 30, 2018 December 31, 2017 Accounts payable $ 11 $ 26 Payroll and benefits payable 1 4 Deferred credits and other noncurrent liabilities 8 8 Total $ 20 $ 38 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Asbestos Litigation Activity | The following table shows the number of asbestos claims in the current period and the prior three years: Period ended Opening Claims (a) New Closing December 31, 2015 3,455 415 275 3,315 December 31, 2016 3,315 225 250 3,340 December 31, 2017 3,340 275 250 3,315 September 30, 2018 3,315 1,225 210 2,300 |
Changes in Accrued Liabilities for Remediation Activities | Changes in accrued liabilities for remediation activities where U. S. Steel is identified as a named party are summarized in the following table: (In millions) Nine Months Ended September 30, 2018 Beginning of period $ 179 Accruals for environmental remediation deemed probable and reasonably estimable 2 Obligations settled (4 ) End of period $ 177 |
Accrued Liabilities for Remediation Activities Included in Balance Sheet | Accrued liabilities for remediation activities are included in the following Consolidated Balance Sheet lines: (In millions) September 30, 2018 December 31, 2017 Accounts payable $ 30 $ 29 Deferred credits and other noncurrent liabilities 147 150 Total $ 177 $ 179 |
Payments for Contracts with Remaining Terms in Excess of One Year | Payments for contracts with remaining terms in excess of one year are summarized below (in millions): Remainder of 2018 2019 2020 2021 2022 Later Total $195 $581 $482 $309 $304 $1,147 $3,018 |
New Accounting Standards (Detai
New Accounting Standards (Details) - Accounting Standards Update 2016-02 $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Minimum | |
Significant Accounting Policies [Line Items] | |
Right-of-use asset | $ 200 |
Short-term portion of total lease liability | 45 |
Maximum | |
Significant Accounting Policies [Line Items] | |
Right-of-use asset | 275 |
Short-term portion of total lease liability | $ 75 |
Recently Adopted Accounting S_3
Recently Adopted Accounting Standards - Changes Related to Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cost of Sales | $ 3,172 | $ 2,828 | $ 9,101 | $ 8,110 | |
Selling, general and administrative expenses | 81 | 75 | 251 | 223 | |
Net periodic benefit cost (other than service cost) | [1] | $ 19 | 15 | $ 53 | 47 |
Accounting Standards Update 2017-07 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cost of Sales | 2,828 | 8,110 | |||
Selling, general and administrative expenses | 75 | 223 | |||
Net periodic benefit cost (other than service cost) | 15 | 47 | |||
Accounting Standards Update 2017-07 | Restatement Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cost of Sales | (1) | (5) | |||
Selling, general and administrative expenses | (14) | (42) | |||
Net periodic benefit cost (other than service cost) | 15 | 47 | |||
Accounting Standards Update 2017-07 | Scenario, Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cost of Sales | 2,829 | 8,115 | |||
Selling, general and administrative expenses | 89 | 265 | |||
Net periodic benefit cost (other than service cost) | $ 0 | $ 0 | |||
[1] | Represents postretirement benefit expense as a result of the adoption of Accounting Standards Update 2017-07, Compensation - Retirement Benefits on January 1, 2018. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Number of commercial entities | 3 |
Segment Information - Results o
Segment Information - Results of Segment Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Sales | $ 3,729 | $ 3,248 | $ 10,487 | $ 9,117 |
Earnings from investees | 17 | 9 | 39 | 29 |
Earnings (loss) before interest and income taxes | 373 | 260 | 811 | 507 |
Flat-Rolled | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 2,632 | 2,249 | 7,114 | 6,265 |
Earnings from investees | 15 | 7 | 34 | 24 |
Earnings (loss) before interest and income taxes | 305 | 161 | 562 | 293 |
USSE | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 767 | 710 | 2,438 | 2,123 |
Earnings from investees | 0 | 0 | 0 | 0 |
Earnings (loss) before interest and income taxes | 72 | 73 | 297 | 215 |
Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 313 | 276 | 888 | 682 |
Earnings from investees | 2 | 2 | 5 | 6 |
Earnings (loss) before interest and income taxes | 7 | (7) | (55) | (93) |
Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 3,712 | 3,235 | 10,440 | 9,070 |
Earnings from investees | 17 | 9 | 39 | 30 |
Earnings (loss) before interest and income taxes | 384 | 227 | 804 | 415 |
Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 17 | 13 | 47 | 47 |
Earnings from investees | 0 | 0 | 0 | (1) |
Earnings (loss) before interest and income taxes | 16 | 12 | 44 | 34 |
Reconciling Items and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 0 | 0 | 0 | 0 |
Earnings from investees | 0 | 0 | 0 | 0 |
Earnings (loss) before interest and income taxes | (27) | 21 | (37) | 58 |
Intersegment Sales | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 0 | 0 | 0 | 0 |
Intersegment Sales | Flat-Rolled | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 32 | 42 | 148 | 154 |
Intersegment Sales | USSE | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 4 | 1 | 20 | 25 |
Intersegment Sales | Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 2 | 0 | 4 | 0 |
Intersegment Sales | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 38 | 43 | 172 | 179 |
Intersegment Sales | Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 31 | 29 | 94 | 89 |
Intersegment Sales | Reconciling Items and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Sales | (69) | (72) | (266) | (268) |
Net Sales | Flat-Rolled | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 2,664 | 2,291 | 7,262 | 6,419 |
Net Sales | USSE | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 771 | 711 | 2,458 | 2,148 |
Net Sales | Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 315 | 276 | 892 | 682 |
Net Sales | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 3,750 | 3,278 | 10,612 | 9,249 |
Net Sales | Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Sales | $ 48 | $ 42 | $ 141 | $ 136 |
Segment Information - Schedule
Segment Information - Schedule of Reconciling Items to Income (Loss) from Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Items not allocated to segments: | ||||
Restructuring charges | $ (30) | |||
Gain associated with retained interest in U. S. Steel Canada Inc. (Note 23) | $ 0 | $ 0 | $ 0 | 72 |
Total reconciling items | 373 | 260 | 811 | 507 |
Reconciling Items and Eliminations | ||||
Items not allocated to segments: | ||||
Gain on equity investee transactions | 0 | 21 | 18 | 21 |
Gain associated with retained interest in U. S. Steel Canada Inc. (Note 23) | 0 | 0 | 0 | 72 |
Total reconciling items | (27) | 21 | (37) | 58 |
Reconciling Items and Eliminations | Granite City | ||||
Items not allocated to segments: | ||||
Granite City Works restart costs | 27 | 0 | 63 | 0 |
Restructuring charges | 0 | 0 | 8 | 0 |
Reconciling Items and Eliminations | Tubular | ||||
Items not allocated to segments: | ||||
Restructuring charges | $ 0 | $ 0 | $ 0 | $ (35) |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 3,729 | $ 3,248 | $ 10,487 | $ 9,117 |
Semi-finished | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 123 | 66 | 222 | 171 |
Hot-rolled sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,031 | 798 | 2,935 | 2,369 |
Cold-rolled sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 809 | 655 | 2,385 | 1,996 |
Coated sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,111 | 1,054 | 3,221 | 3,065 |
Tubular products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 316 | 279 | 899 | 686 |
All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 339 | 396 | 825 | 830 |
Flat-Rolled | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,632 | 2,249 | 7,114 | 6,265 |
Flat-Rolled | Semi-finished | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 40 | 15 | 50 | 16 |
Flat-Rolled | Hot-rolled sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 764 | 525 | 1,976 | 1,507 |
Flat-Rolled | Cold-rolled sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 718 | 576 | 2,092 | 1,761 |
Flat-Rolled | Coated sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 829 | 787 | 2,332 | 2,291 |
Flat-Rolled | Tubular products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Flat-Rolled | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 281 | 346 | 664 | 690 |
USSE | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 767 | 710 | 2,438 | 2,123 |
USSE | Semi-finished | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 83 | 51 | 172 | 155 |
USSE | Hot-rolled sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 267 | 273 | 959 | 862 |
USSE | Cold-rolled sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 91 | 79 | 293 | 235 |
USSE | Coated sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 282 | 267 | 889 | 774 |
USSE | Tubular products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 12 | 11 | 37 | 30 |
USSE | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 32 | 29 | 88 | 67 |
Tubular | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 313 | 276 | 888 | 682 |
Tubular | Semi-finished | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Tubular | Hot-rolled sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Tubular | Cold-rolled sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Tubular | Coated sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Tubular | Tubular products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 304 | 268 | 862 | 656 |
Tubular | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 9 | 8 | 26 | 26 |
Other Businesses | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 17 | 13 | 47 | 47 |
Other Businesses | Semi-finished | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Other Businesses | Hot-rolled sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Other Businesses | Cold-rolled sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Other Businesses | Coated sheets | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Other Businesses | Tubular products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Other Businesses | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 17 | $ 13 | $ 47 | $ 47 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2018Segment | |
Revenue from Contract with Customer [Abstract] | |
Number of reportable segments | 3 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 1,344 | $ 1,553 | $ 1,694 | |
Restricted cash in other current assets | 4 | 0 | ||
Restricted cash in other noncurrent assets | 37 | 42 | ||
Total cash, cash equivalents and restricted cash | $ 1,385 | $ 1,597 | $ 1,736 | $ 1,555 |
Intangible Assets - Amortizable
Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 168 | $ 169 |
Accumulated Amortization | 83 | 77 |
Net Amount | $ 85 | 92 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 22 years | |
Gross Carrying Amount | $ 132 | 132 |
Accumulated Amortization | 69 | 64 |
Net Amount | 63 | 68 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22 | 22 |
Accumulated Amortization | 6 | 5 |
Net Amount | $ 16 | 17 |
Patents | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years | |
Patents | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 15 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 14 | 15 |
Accumulated Amortization | 8 | 8 |
Net Amount | $ 6 | $ 7 |
Other | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 4 years | |
Other | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 20 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 2 | $ 2 | $ 6 | $ 6 | |
Expected amortization expense, remainder of current year | 2 | 2 | |||
Use Rights | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Carrying amount of acquired water rights with indefinite lives | $ 75 | $ 75 | $ 75 |
Pensions and Other Benefits - N
Pensions and Other Benefits - Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 12 | $ 13 | $ 37 | $ 37 |
Interest cost | 58 | 59 | 174 | 177 |
Expected return on plan assets | (90) | (98) | (270) | (292) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of actuarial net loss | 38 | 37 | 114 | 111 |
Net periodic benefit cost, excluding below | 18 | 11 | 55 | 33 |
Multiemployer plans | 16 | 15 | 45 | 44 |
Settlement, termination and curtailment losses/(gains) | 10 | 1 | 10 | 5 |
Net periodic benefit cost | 44 | 27 | 110 | 82 |
Other Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 4 | 4 | 12 | 13 |
Interest cost | 23 | 23 | 69 | 70 |
Expected return on plan assets | (20) | (16) | (61) | (49) |
Amortization of prior service cost | 7 | 8 | 22 | 22 |
Amortization of actuarial net loss | 1 | 1 | 3 | 3 |
Net periodic benefit cost, excluding below | 15 | 20 | 45 | 59 |
Multiemployer plans | 0 | 0 | 0 | 0 |
Settlement, termination and curtailment losses/(gains) | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ 15 | $ 20 | $ 45 | $ 59 |
Pensions and Other Benefits - A
Pensions and Other Benefits - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Cash contribution by employer to defined contribution plans | $ 13 | $ 11 | $ 35 | $ 30 |
Steelworkers Pension Trust | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employer contributions, defined benefit plan | 45 | |||
Other Pension Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employer contributions, defined benefit plan | 19 | |||
Unfunded Other Postretirement Benefit Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Cash contribution by employer for other postretirement benefits not funded by trusts | $ 36 |
Net Interest and Other Financ_2
Net Interest and Other Financial Costs - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Debt Disclosure [Abstract] | ||||
Net foreign currency remeasurement gains (losses) (less than for three months ended March 31, 2015) | $ (3) | $ 6 | $ (11) | $ 21 |
Loss on debt extinguishment | $ 3 | $ 31 | $ 77 | $ 32 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Summary of Awards Made under Plans (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - stock options | 0 | 647,780 |
Grant date fair value per share of stock options | $ 0 | $ 17.28 |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, other than stock options | 742,495 | 344,500 |
Grant date fair value per share of awards other than stock options | $ 41.44 | $ 36.27 |
Total Shareholder Return (TSR) Performance Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, other than stock options | 79,190 | 169,850 |
Grant date fair value per share of awards other than stock options | $ 61.57 | $ 40.72 |
Return On Capital Employed (ROCE) Performance Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, other than stock options | 247,510 | 0 |
Grant date fair value per share of awards other than stock options | $ 43.50 | $ 0 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Apr. 25, 2017 | Apr. 26, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for future grants | 10,993,930 | 10,993,930 | ||||
Stock-based compensation expense recognized | $ 9 | $ 6 | $ 26 | $ 21 | ||
Unrecognized compensation costs related to non-vested stocks | $ 29 | $ 29 | ||||
Weighted average period for recognizing non-vested stock-based compensation costs | 1 year | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation plans, award vesting period | 3 years | |||||
Term of stock options | 10 years | |||||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation plans, award vesting period | 3 years | |||||
Total Shareholder Return (TSR) Performance Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation plans, award vesting period | 3 years | |||||
Total Shareholder Return (TSR) Performance Awards | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting of performance awards as percentage to target award | 0.00% | |||||
Total Shareholder Return (TSR) Performance Awards | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting of performance awards as percentage to target award | 200.00% | |||||
Return On Capital Employed (ROCE) Performance Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation plans, award vesting period | 3 years | |||||
Return On Capital Employed (ROCE) Performance Awards | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting of performance awards as percentage to target award | 0.00% | |||||
Return On Capital Employed (ROCE) Performance Awards | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting of performance awards as percentage to target award | 200.00% | |||||
Omnibus Incentive Compensation Plan 2016 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate number of shares to be issued | 7,200,000 | |||||
Additional shares issued under the Omnibus Plan | 6,300,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Income tax provision | $ 23 | $ 0 | $ 36 | $ 3 | |
Earnings (loss) before income taxes | 314 | $ 147 | 559 | 231 | |
Tax Carryback Related to Prior Year Losses | 13 | ||||
Refund of Alternative Minimum Tax Credits | $ 25 | ||||
Unrecognized tax benefits | 40 | 40 | $ 42 | ||
Total amount of unrecognized tax benefits that, if recognized, would affect effective tax rate | 6 | 6 | 6 | ||
Accrued liabilities, interest on unrecognized tax benefits | $ 6 | $ 6 | $ 6 |
Earnings and Dividends Per Co_3
Earnings and Dividends Per Common Share - Computations for Basic and Diluted Income (Loss) Per Common Share from Continuing Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Earnings attributable to United States Steel Corporation stockholders | $ 291 | $ 147 | $ 523 | $ 228 |
Weighted-average shares outstanding: | ||||
Basic | 177,250 | 175,003 | 176,815 | 174,684 |
Effect of stock options, restricted stock units and performance awards | 1,876 | 1,481 | 1,919 | 1,652 |
Adjusted weighted-average shares outstanding, diluted | 179,126 | 176,484 | 178,734 | 176,336 |
Basic earnings per common share | $ 1.64 | $ 0.84 | $ 2.96 | $ 1.30 |
Diluted earnings per common share | $ 1.62 | $ 0.83 | $ 2.92 | $ 1.29 |
Earnings and Dividends Per Co_4
Earnings and Dividends Per Common Share - Antidilutive Securities that were Not Included in Computations of Diluted Income (Loss) Per Common Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Securities granted under the 2005 Stock Incentive Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities granted under the 2016 Omnibus Incentive Compensation Plan, as amended | 1,671 | 2,679 | 1,689 | 1,677 |
Earnings and Dividends Per Co_5
Earnings and Dividends Per Common Share - Additional Information (Details) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||||||
Quarterly dividend per common share | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
Inventories - Inventory Disclos
Inventories - Inventory Disclosure (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 622 | $ 527 |
Semi-finished products | 829 | 796 |
Finished products | 441 | 356 |
Supplies and sundry items | 58 | 59 |
Total | $ 1,950 | $ 1,738 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |||
Percent of Last-in, First-out (LIFO) inventory to total inventory values | 71.00% | 71.00% | 75.00% |
Estimate in excess of current acquisition costs over stated inventory values | $ 1,024 | $ 1,024 | $ 802 |
Cost of sales increase/reduction, liquidations of LIFO inventories | 4 | 4 | |
Land held for residential or commercial development | $ 39 | $ 39 | $ 42 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Detail) € in Thousands, MMBTU in Thousands, $ in Thousands | Sep. 30, 2018CAD ($)MMBTUT | Sep. 30, 2018EUR (€)MMBTUT | Sep. 30, 2017CAD ($)MMBTUT | Sep. 30, 2017EUR (€)MMBTUT |
Foreign exchange forwards | ||||
Derivative [Line Items] | ||||
Notional amount of derivatives | $ 0 | € 275 | $ 0 | € 222 |
Cash flow hedges | Natural gas (in mmbtus) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | MMBTU | 12,345,000 | 12,345,000 | 24,142,500 | 24,142,500 |
Cash flow hedges | Tin (in metric tons) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 470,000 | 470,000 | 320,000 | 320,000 |
Cash flow hedges | Zinc (in metric tons) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 13,886,000 | 13,886,000 | 16,716,000 | 16,716,000 |
Cash flow hedges | Hot-rolled coils (in tons) | Sales swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 38,000,000 | 38,000,000 | 122,000,000 | 122,000,000 |
Cash flow hedges | Iron ore pellets (in metric tons) | Sales swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 0 | 0 | 225,000,000 | 225,000,000 |
Derivative Instruments - Locati
Derivative Instruments - Location and Amounts of Fair Values Related to Derivatives in Financial Statements (Detail) - Cash flow hedges - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts payable | Sales swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, liabilities | $ 6 | $ 0 |
Derivatives not designated as hedging instruments, liabilities | 0 | 2 |
Accounts payable | Commodity purchase swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, liabilities | 9 | 2 |
Derivatives not designated as hedging instruments, liabilities | 0 | 1 |
Accounts payable | Foreign exchange forward contracts | ||
Derivative [Line Items] | ||
Derivatives not designated as hedging instruments, liabilities | 0 | 11 |
Accounts receivable | Commodity purchase swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, assets | 1 | 4 |
Accounts receivable | Foreign exchange forward contracts | ||
Derivative [Line Items] | ||
Derivatives not designated as hedging instruments, liabilities | 12 | 0 |
Investments and long-term receivables | Commodity purchase swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, assets | 0 | 1 |
Other long-term liabilities | Commodity purchase swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, liabilities | $ 0 | $ 1 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Effect of Hedge Accounting on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Sales swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives in AOCI | $ 6 | $ 0 | $ (6) | $ 0 |
Commodity purchase swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives in AOCI | 0 | 8 | (7) | 5 |
Net sales | Sales swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in income | (6) | 0 | (9) | 0 |
Cost of sales | Commodity purchase swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in income | $ (4) | $ (2) | $ (3) | $ (5) |
Derivative Instruments - Loca_2
Derivative Instruments - Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Sales swaps | Net sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) | $ 0 | $ 5 | $ 0 | $ 7 |
Commodity purchase swaps | Cost of sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) | 0 | 3 | ||
Foreign exchange forwards | Net interest and financial costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) | $ 5 | $ (7) | $ 18 | $ (20) |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Derivative [Line Items] | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ 1 | |
Foreign exchange forwards | Maximum | ||
Derivative [Line Items] | ||
Derivatives, term of contract | 12 months | |
Commodity purchase swaps | Maximum | ||
Derivative [Line Items] | ||
Derivatives, term of contract | 14 months | |
Sales swaps | Maximum | ||
Derivative [Line Items] | ||
Derivatives, term of contract | 3 months | |
Cost of sales | ||
Derivative [Line Items] | ||
Derivative in AOCI to be recognized in income within 1 year | $ 8 | |
Net sales | ||
Derivative [Line Items] | ||
Derivative in AOCI to be recognized in income within 1 year | $ 6 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2018 | Apr. 12, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||
Debt and capital lease obligation | $ 2,530 | $ 2,737 | ||
Less unamortized discount and debt issuance costs | 28 | 34 | ||
Less short-term debt and long-term debt due within one year | 4 | 3 | ||
Long-term debt | $ 2,498 | 2,700 | ||
2037 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.65% | |||
Debt instrument, maturity date | 2,037 | |||
Debt and capital lease obligation | $ 350 | 350 | ||
2026 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.25% | |||
Debt instrument, maturity date | 2,026 | |||
Debt and capital lease obligation | $ 650 | $ 650 | 0 | |
2025 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.875% | |||
Debt instrument, maturity date | 2,025 | |||
Debt and capital lease obligation | $ 750 | 750 | ||
2021 Senior Secured Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.375% | |||
Debt instrument, maturity date | 2,021 | |||
Debt and capital lease obligation | $ 0 | $ 281 | 780 | |
2020 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 7.375% | |||
Debt instrument, maturity date | 2,020 | |||
Debt and capital lease obligation | $ 356 | 432 | ||
Environmental Revenue Bonds | ||||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligation | $ 400 | 400 | ||
Environmental Revenue Bonds | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.75% | |||
Debt instrument, maturity date | 2,019 | |||
Environmental Revenue Bonds | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.88% | |||
Debt instrument, maturity date | 2,042 | |||
Fairfield Caster Lease | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, maturity date | 2,022 | |||
Debt and capital lease obligation | $ 23 | 24 | ||
Other capital leases and all other obligations | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, maturity date | 2,019 | |||
Debt and capital lease obligation | $ 1 | 1 | ||
Fourth Amended and Restated Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Interest rate description | Variable | |||
Debt instrument, maturity date | 2,023 | |||
Debt and capital lease obligation | $ 0 | 0 | ||
USSK Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Interest rate description | Variable | |||
Debt instrument, maturity date | 2,023 | |||
Debt and capital lease obligation | $ 0 | 0 | ||
USSK credit facilities | ||||
Debt Instrument [Line Items] | ||||
Interest rate description | Variable | |||
Debt instrument, maturity date | 2,018 | |||
Debt and capital lease obligation | $ 0 | $ 0 |
Debt - Schedule of Debt Redempt
Debt - Schedule of Debt Redemption (Details) - 2026 Senior Notes | 9 Months Ended |
Sep. 30, 2018 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 106.25% |
2,021 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 103.125% |
2,022 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 101.563% |
2023 and thereafter | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 100.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) | Nov. 01, 2018USD ($) | Apr. 12, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Oct. 15, 2018USD ($) | Oct. 15, 2018EUR (€) | Sep. 30, 2018EUR (€) | Sep. 26, 2018EUR (€) | Sep. 25, 2018EUR (€) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of debt | $ 2,530,000,000 | $ 2,737,000,000 | |||||||||
2020 Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 7.375% | 7.375% | |||||||||
Aggregate principal amount of debt | $ 356,000,000 | 432,000,000 | |||||||||
2020 Senior Notes | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of debt repurchased | $ 75,000,000 | ||||||||||
Interest rate | 7.375% | 7.375% | |||||||||
Redemption price percentage | 107.119% | ||||||||||
2020 Senior Notes | Senior Notes | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of debt repurchased | $ 356,000,000 | ||||||||||
Redemption price percentage | 100.00% | ||||||||||
2021 Senior Secured Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of debt repurchased | $ 499,000,000 | $ 499,000,000 | |||||||||
Interest rate | 8.375% | 8.375% | |||||||||
Aggregate cash outflow from redemption | $ 302,000,000 | 538,000,000 | 538,000,000 | ||||||||
Redemption premiums | 21,000,000 | 39,000,000 | |||||||||
Aggregate principal amount of debt | $ 281,000,000 | $ 0 | 780,000,000 | ||||||||
2026 Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 6.25% | 6.25% | |||||||||
Aggregate principal amount of debt | $ 650,000,000 | 650,000,000 | $ 650,000,000 | 0 | |||||||
Net proceeds from debt | 640,000,000 | ||||||||||
Underwriting and third party expenses | $ 10,000,000 | ||||||||||
Percentage of debt we may redeem | 35.00% | ||||||||||
Redemption price percentage | 106.25% | ||||||||||
Fourth Amended and Restated Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of debt | $ 0 | 0 | |||||||||
Maximum borrowing capacity on credit facility | 1,500,000,000 | ||||||||||
Amounts drawn on credit facility | $ 0 | ||||||||||
Length debt maturity could be extended if liquidity conditions are not met | 91 days | ||||||||||
Fourth Amended and Restated Credit Agreement | Covenant Requirement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed charge coverage ratio | 1 | 1 | |||||||||
Percentage of total aggregate commitments, upper range under financial covenant | 10.00% | 10.00% | |||||||||
Credit Agreement, upper range of outstanding debt | $ 150,000,000 | ||||||||||
USSK Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of debt | 0 | 0 | |||||||||
USSK Credit Agreement | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity on credit facility | 533,000,000 | € 460,000,000 | € 460,000,000 | ||||||||
Amounts drawn on credit facility | 0 | ||||||||||
USSK Prior Facility | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity on credit facility | € | € 200,000,000 | ||||||||||
USSK Separate Facility | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity on credit facility | € | € 20,000,000 | € 40,000,000 | |||||||||
USSK credit facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of debt | 0 | $ 0 | |||||||||
USSK credit facilities | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity on credit facility | 35,000,000 | ||||||||||
Amounts drawn on credit facility | 0 | ||||||||||
Available borrowing capacity | 33,000,000 | ||||||||||
Customs and other guarantees outstanding | $ 2,000,000 | ||||||||||
Length of extension | 1 year | ||||||||||
USSK credit facilities | Revolving Credit Facility | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amounts drawn on credit facility | $ 232,000,000 | € 200,000,000 | |||||||||
USSK €40 Million Unsecured Credit Facility | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity on credit facility | € | 20,000,000 | ||||||||||
USSK €10 Million Unsecured Credit Facility | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity on credit facility | € | € 10,000,000 | ||||||||||
Maximum | Change in control event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Obligations under financing arrangements | $ 2,106,000,000 | ||||||||||
Maximum | Fairfield slab caster | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Obligations under financing arrangements | $ 24,000,000 |
Asset Retirement Obligations -
Asset Retirement Obligations - Changes in Carrying Values of Asset Retirement Obligations (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | $ 69 | $ 79 |
Obligations settled | (7) | (8) |
Change in estimate of obligations | 0 | (6) |
Foreign currency translation effects | 0 | 2 |
Accretion expense | 2 | 2 |
Balance at end of period | $ 64 | $ 69 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Assets and Liabilities Not Carried at Fair Value (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value | ||
Financial liabilities: | ||
Long-term debt | $ 2,501 | $ 2,851 |
Carrying Amount | ||
Financial liabilities: | ||
Long-term debt | $ 2,478 | $ 2,678 |
Statement of Changes in Stock_3
Statement of Changes in Stockholders' Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of year | $ 3,321 | $ 2,275 | ||
Comprehensive income (loss): | ||||
Net earnings | $ 291 | $ 147 | 523 | 228 |
Other comprehensive (loss) income, net of tax: | ||||
Pension and other benefit adjustments | 50 | 55 | 143 | 146 |
Currency translation adjustment | (10) | 44 | (58) | 149 |
Derivative financial instruments | 7 | 8 | (11) | 6 |
Employee stock plans | 51 | 26 | ||
Dividends paid on common stock | (27) | (26) | ||
Other | 4 | |||
Ending balance | 3,942 | 2,808 | 3,942 | 2,808 |
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of year | 133 | (250) | ||
Comprehensive income (loss): | ||||
Net earnings | 523 | 228 | ||
Other comprehensive (loss) income, net of tax: | ||||
Dividends paid on common stock | 27 | |||
Other | 4 | |||
Ending balance | 629 | (18) | 629 | (18) |
Accumulated Other Comprehensive (Loss) Income | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of year | (845) | (1,497) | ||
Other comprehensive (loss) income, net of tax: | ||||
Pension and other benefit adjustments | 143 | 146 | ||
Currency translation adjustment | (58) | 149 | ||
Derivative financial instruments | (11) | 6 | ||
Ending balance | (771) | (1,196) | (771) | (1,196) |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of year | 176 | 176 | ||
Other comprehensive (loss) income, net of tax: | ||||
Employee stock plans | 1 | |||
Ending balance | 177 | 176 | 177 | 176 |
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of year | (76) | (182) | ||
Other comprehensive (loss) income, net of tax: | ||||
Employee stock plans | 73 | 90 | ||
Ending balance | (3) | (92) | (3) | (92) |
Paid-in Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of year | 3,932 | 4,027 | ||
Other comprehensive (loss) income, net of tax: | ||||
Employee stock plans | (23) | (64) | ||
Dividends paid on common stock | (26) | |||
Ending balance | 3,909 | 3,937 | 3,909 | 3,937 |
Non- Controlling Interest | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance at beginning of year | 1 | 1 | ||
Other comprehensive (loss) income, net of tax: | ||||
Ending balance | $ 1 | $ 1 | $ 1 | $ 1 |
Reclassifications from Accumu_3
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Other Comprehensive Income Activity Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ (845) | |||
Other comprehensive income before reclassifications | 235 | |||
Amounts reclassified from AOCI | 161 | |||
Total other comprehensive income, net of tax | $ 47 | $ 107 | 74 | $ 301 |
Ending Balance | (771) | (771) | ||
Pension and Other Benefit Items | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (1,309) | |||
Other comprehensive income before reclassifications | 292 | |||
Amounts reclassified from AOCI | 149 | |||
Total other comprehensive income, net of tax | 143 | |||
Ending Balance | (1,166) | (1,166) | ||
Foreign Currency Items | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 463 | |||
Other comprehensive income before reclassifications | (58) | |||
Amounts reclassified from AOCI | 0 | |||
Total other comprehensive income, net of tax | (58) | |||
Ending Balance | 405 | 405 | ||
Unrealized Gain (Loss) on Derivatives | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 1 | |||
Other comprehensive income before reclassifications | 1 | |||
Amounts reclassified from AOCI | 12 | |||
Total other comprehensive income, net of tax | (11) | |||
Ending Balance | $ (10) | $ (10) |
Reclassifications from Accumu_4
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Defined Benefit Plan In Other Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Amortization of pension and other benefit items | ||||
Total before tax | $ 314 | $ 147 | $ 559 | $ 231 |
Tax benefit | (23) | 0 | (36) | (3) |
Net earnings | 291 | 147 | 523 | 228 |
Amount reclassified from AOCI | ||||
Amortization of pension and other benefit items | ||||
Total before tax | (67) | (47) | (161) | (141) |
Tax benefit | 0 | 0 | 0 | 0 |
Net earnings | (67) | (47) | (161) | (141) |
Pension and Other Benefit Items | Amount reclassified from AOCI | ||||
Amortization of pension and other benefit items | ||||
Prior service costs | (7) | (8) | (22) | (22) |
Actuarial losses | (39) | (38) | (117) | (114) |
Settlement, termination and curtailment gains | (10) | (1) | (10) | (5) |
Total pensions and other benefits items | (56) | (47) | (149) | (141) |
Unrealized Gain (Loss) on Derivatives | Amount reclassified from AOCI | ||||
Amortization of pension and other benefit items | ||||
Derivative reclassifications to Consolidated Statements of Operations | $ 11 | $ 0 | $ 12 | $ 0 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||||
Net sales to related parties | $ 378 | $ 272 | $ 1,072 | $ 941 | |
Accounts payable to related parties | 106 | 106 | $ 74 | ||
Outside processing services | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 8 | 7 | 23 | 62 | |
Taconite pellets | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 23 | $ 40 | 66 | $ 120 | |
PRO-TEC Coating Company | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | 103 | 103 | 72 | ||
Other equity investees | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | $ 3 | $ 3 | $ 2 |
Restructuring and Other Charg_3
Restructuring and Other Charges - Activity in Accrued Balances for Restructuring and Other Cost Reduction Programs (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance at beginning of period | $ 38 |
Cash payments/utilization | (18) |
Balance at end of period | 20 |
Employee Related Costs | |
Restructuring Reserve [Roll Forward] | |
Balance at beginning of period | 4 |
Cash payments/utilization | (3) |
Balance at end of period | 1 |
Exit Costs | |
Restructuring Reserve [Roll Forward] | |
Balance at beginning of period | 34 |
Cash payments/utilization | (15) |
Balance at end of period | $ 19 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Balance Sheet Location of Accrued Liabilities for Restructuring and Other Cost Reduction Programs (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 20 | $ 38 |
Accounts payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, current | 11 | 26 |
Payroll and benefits payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, current | 1 | 4 |
Deferred credits and other noncurrent liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, noncurrent | $ 8 | $ 8 |
Restructuring and Other Charg_5
Restructuring and Other Charges - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 30 | |
Payments for restructuring | $ 18 | 24 |
Tubular | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 35 | |
Exit Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Adjustments to restructuring reserves | $ 5 |
Contingencies and Commitments -
Contingencies and Commitments - Asbestos Litigation Activity (Details) - Asbestos Matters | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018Claim_Group | Sep. 30, 2018LegalMatter | Dec. 31, 2017Claim_Group | Dec. 31, 2016Claim_Group | Dec. 31, 2015Claim_Group | |
Loss Contingency Accrual [Roll Forward] | |||||
Opening Number of Claims | 3,315 | 3,340 | 3,315 | 3,455 | |
Claims Dismissed, Settled and Resolved (a) | 1,225 | 275 | 225 | 415 | |
New Claims | 210 | 250 | 250 | 275 | |
Closing Number of Claims | 2,300 | 1,540 | 3,315 | 3,340 | 3,315 |
Number of claims dismissed | 1,000 |
Contingencies and Commitments_2
Contingencies and Commitments - Changes in Accrued Liabilities for Remediation Activities (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Change in Accrued Liabilities for Remediation Activities [Roll Forward] | |
Beginning of period | $ 179 |
Accruals for environmental remediation deemed probable and reasonably estimable | 2 |
Obligations settled | (4) |
End of period | $ 177 |
Contingencies and Commitments_3
Contingencies and Commitments - Accrued Liabilities for Remediation Activities Included in Balance Sheet (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | ||
Total | $ 177 | $ 179 |
Accounts payable | ||
Loss Contingencies [Line Items] | ||
Total | 30 | 29 |
Deferred credits and other noncurrent liabilities | ||
Loss Contingencies [Line Items] | ||
Total | $ 147 | $ 150 |
Contingencies and Commitments_4
Contingencies and Commitments - Payments for Contracts with Remaining Terms in Excess of One Year (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2018 | $ 195 |
2,019 | 581 |
2,020 | 482 |
2,021 | 309 |
2,022 | 304 |
Later Years | 1,147 |
Total | $ 3,018 |
Contingencies and Commitments_5
Contingencies and Commitments - Additional Information (Detail) € in Millions, Allowances in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)PlaintiffClaim_GroupAllowances | Sep. 30, 2018EUR (€)PlaintiffClaim_GroupAllowances | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)PlaintiffClaim_GroupLegalMatter | Sep. 30, 2018USD ($) | Sep. 30, 2018Project | Sep. 30, 2018Claim_Group | Sep. 30, 2018LegalMatter | Sep. 30, 2018Allowances | Dec. 31, 2016Claim_Group | Dec. 31, 2015Claim_Group | Dec. 31, 2014Claim_Group | |
Loss Contingencies [Line Items] | ||||||||||||||
Accrued liabilities for remediation activities | $ 179,000,000 | $ 177,000,000 | ||||||||||||
Accrued liabilities for post-closure site monitoring and other costs | 22,000,000 | |||||||||||||
Accrued liability for administrative and legal costs | 8,000,000 | |||||||||||||
Number of years of projected administrative and legal costs included in accrual | 3 years | 3 years | ||||||||||||
Capital expenditures | $ 55,000,000 | $ 39,000,000 | ||||||||||||
Final allocation for emissions allowances | Allowances | 48 | 48 | ||||||||||||
Estimated Shortfall in Emissions Allowances | Allowances | 16 | 16 | ||||||||||||
Emissions allowances purchased | Allowances | 10 | |||||||||||||
Cost of emissions allowances purchased | $ 117,000,000 | € 101 | ||||||||||||
Estimated capital expenditures of complying with BAT over 2017 to 2020 period | 160,000,000 | € 138 | ||||||||||||
Financial assurance guarantees, maximum | 4,000,000 | |||||||||||||
Residual value of equipment | 16,000,000 | |||||||||||||
Residual value liability | 0 | |||||||||||||
Restricted cash | $ 44,000,000 | 41,000,000 | ||||||||||||
Contract commitments to acquire property, plant and equipment | 649,000,000 | |||||||||||||
Maximum default payment on termination of agreement | 168,000,000 | |||||||||||||
Total payment under take-or-pay contracts | $ 147,000,000 | $ 132,000,000 | $ 454,000,000 | $ 425,000,000 | ||||||||||
Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 15.00% | 15.00% | ||||||||||||
Unconditional purchase obligation term | 2 years | 2 years | ||||||||||||
Maximum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 30.00% | 30.00% | ||||||||||||
Unconditional purchase obligation term | 15 years | 15 years | ||||||||||||
Asbestos Matters | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss Contingency, Claims Dismissed, Number | Claim_Group | 1,000 | 1,000 | ||||||||||||
Active cases brought against U.S. Steel | LegalMatter | 820 | 750 | ||||||||||||
Number of plaintiffs involved | Plaintiff | 2,300 | 2,300 | 3,315 | |||||||||||
Number of claims pending in jurisdictions | 3,315 | 2,300 | 1,540 | 3,340 | 3,315 | 3,455 | ||||||||
Percentage of claims pending in jurisdictions | 67.00% | 67.00% | 67.00% | |||||||||||
Number of major groups | Claim_Group | 3 | 3 | ||||||||||||
Projects with Ongoing Study and Scope Development | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrued liabilities for remediation activities | 1,000,000 | |||||||||||||
Projects with Ongoing Study and Scope Development | Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Environment exit costs, possible additional loss | $ 30,000,000 | |||||||||||||
Projects with Ongoing Study and Scope Development | Maximum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Environment exit costs, possible additional loss | 50,000,000 | |||||||||||||
Significant Projects with Defined Scope | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrued liabilities for remediation activities | 134,000,000 | |||||||||||||
Environmental remediation projects | Project | 3 | |||||||||||||
Significant Projects with Defined Scope | Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrued liabilities for remediation activities | 5,000,000 | |||||||||||||
Gary Works, Project with Defined Scope | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrued liabilities for remediation activities | 26,000,000 | |||||||||||||
Geneva Project | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrued liabilities for remediation activities | 62,000,000 | |||||||||||||
St Louis Estuary Project | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrued liabilities for remediation activities | 46,000,000 | |||||||||||||
Environmental Remediation Other Projects | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrued liabilities for remediation activities | 4,000,000 | |||||||||||||
Environmental remediation projects | Project | 2 | |||||||||||||
Environmental Remediation Other Projects | Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrued liabilities for remediation activities | 1,000,000 | |||||||||||||
Environmental Remediation Other Projects | Maximum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrued liabilities for remediation activities | 5,000,000 | |||||||||||||
Environmental Remediation Projects Less Than One Million | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrued liabilities for remediation activities | 6,000,000 | |||||||||||||
Environmental Remediation Projects Less Than One Million | Maximum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrued liabilities for remediation activities | 1,000,000 | |||||||||||||
New boiler | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Estimated capital expenditures for boiler project | $ 150,000,000 | € 128 | ||||||||||||
Surety Bonds | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Financial assurance guarantees, maximum | $ 197,000,000 |
U. S. Steel Canada Inc. Retai_2
U. S. Steel Canada Inc. Retained Interest Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Entity Information [Line Items] | ||||
Gain associated with retained interest in U. S. Steel Canada Inc. (Note 23) | $ 0 | $ 0 | $ 0 | $ 72 |
U. S. Steel Canada Inc. | ||||
Entity Information [Line Items] | ||||
Proceeds in satisfaction of secured claims | 127 | |||
Gain associated with retained interest in U. S. Steel Canada Inc. (Note 23) | $ 72 |
Sale of Ownership Interest in_2
Sale of Ownership Interest in Equity Investee (Details) - USD ($) $ in Millions | May 31, 2018 | Sep. 29, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from sale of ownership interest in equity investee | $ 0 | $ 105 | ||
Tilden Mining Company, L.C. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage ownership interest in equity investee | 15.00% | |||
Proceeds from sale of ownership interest in equity investee | $ 105 | |||
Gain on sale of equity investee | $ 26 | |||
Leeds Retail Center Limited Liability Company [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain on sale of equity investee | $ 18 |
Subsequent Events (Details)
Subsequent Events (Details) | Nov. 01, 2018USD ($) | Oct. 23, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Oct. 15, 2018USD ($)Employee | Oct. 15, 2018EUR (€)Employee |
Subsequent Event [Line Items] | ||||||||
Proceeds from sale of ownership interest in equity investee | $ 0 | $ 105,000,000 | ||||||
Loss on debt extinguishment | $ 3,000,000 | $ 31,000,000 | $ 77,000,000 | $ 32,000,000 | ||||
2020 Senior Notes | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate | 7.375% | 7.375% | ||||||
2020 Senior Notes | Senior Notes | ||||||||
Subsequent Event [Line Items] | ||||||||
Redemption price percentage | 107.119% | |||||||
Aggregate principal amount of debt repurchased | $ 75,000,000 | $ 75,000,000 | ||||||
Interest rate | 7.375% | 7.375% | ||||||
Revolving Credit Facility | USSK credit facilities | ||||||||
Subsequent Event [Line Items] | ||||||||
Amounts drawn on credit facility | $ 0 | $ 0 | ||||||
Subsequent Event | 2020 Senior Notes | Senior Notes | ||||||||
Subsequent Event [Line Items] | ||||||||
Redemption price percentage | 100.00% | |||||||
Aggregate principal amount of debt repurchased | $ 356,000,000 | |||||||
Loss on debt extinguishment | $ 20,000,000 | |||||||
Subsequent Event | Revolving Credit Facility | USSK credit facilities | ||||||||
Subsequent Event [Line Items] | ||||||||
Amounts drawn on credit facility | $ 232,000,000 | € 200,000,000 | ||||||
Subsequent Event | Acero Prime, S.R.L. de CV | ||||||||
Subsequent Event [Line Items] | ||||||||
Percentage ownership interest in equity investee | 40.00% | |||||||
Gain on sale of equity investee | $ 20,000,000 | |||||||
Subsequent Event | United Steelworkers | Workforce Subject to Collective Bargaining Arrangements | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of employees | Employee | 14,000 | 14,000 |