Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 27, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity Registrant Name | United States Steel Corp | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 1-16811 | |
Entity Tax Identification Number | 25-1897152 | |
Entity Address, Address Line One | 600 Grant Street | |
Entity Address, City or Town | Pittsburgh | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15219-2800 | |
City Area Code | 412 | |
Local Phone Number | 433-1121 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 170,375,833 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001163302 | |
Current Fiscal Year End Date | --12-31 | |
New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | United States Steel Corporation Common Stock | |
Trading Symbol | X | |
Security Exchange Name | NYSE | |
Chicago Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | United States Steel Corporation Common Stock | |
Trading Symbol | X | |
Security Exchange Name | CHX |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net sales: | ||
Net sales | $ 2,397 | $ 3,124 |
Net sales to related parties (Note 20) | 351 | 375 |
Total (Note 6) | 2,748 | 3,499 |
Operating expenses (income): | ||
Cost of sales (excludes items shown below) | 2,605 | 3,172 |
Selling, general and administrative expenses | 72 | 78 |
Depreciation, depletion and amortization | 160 | 143 |
Loss (earnings) from investees | 8 | (9) |
Tubular asset impairment charges (Notes 1 and 10) | 263 | 0 |
Gain on equity investee transactions | (31) | 0 |
Restructuring and other charges (Note 21) | 41 | 0 |
Net loss on sale of assets | 0 | 4 |
Other losses, net | 5 | 0 |
Total | 3,123 | 3,388 |
(Loss) earnings before interest and income taxes | (375) | 111 |
Interest expense | 50 | 34 |
Interest income | (4) | (5) |
Other financial benefits | (3) | (3) |
Net periodic benefit (income) cost (other than service cost) | 8 | (23) |
Net interest and other financial costs | 35 | 49 |
(Loss) earnings before income taxes | (410) | 62 |
Income tax (benefit) provision (Note 13) | (19) | 8 |
Net (loss) earnings | (391) | 54 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 |
Net (loss) earnings attributable to United States Steel Corporation | $ (391) | $ 54 |
(Loss) earnings per share attributable to United States Steel Corporation stockholders: | ||
-Basic | $ (2.30) | $ 0.31 |
-Diluted | $ (2.30) | $ 0.31 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
(Loss) earnings attributable to United States Steel Corporation stockholders | $ (391) | $ 54 |
Other comprehensive income (loss), net of tax: | ||
Changes in foreign currency translation adjustments | (23) | (17) |
Changes in pension and other employee benefit accounts | 52 | 32 |
Changes in derivative financial instruments | (5) | 15 |
Total other comprehensive income, net of tax | 24 | 30 |
Comprehensive (loss) income including noncontrolling interest | (367) | 84 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 |
Comprehensive (loss) income attributable to United States Steel Corporation | $ (367) | $ 84 |
CONSOLIDATED BALANCE SHEET (Una
CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents (Note 7) | $ 1,350 | $ 749 |
Receivables, less allowance of $33 and $28 | 1,085 | 956 |
Receivables from related parties (Note 20) | 87 | 221 |
Inventories (Note 8) | 2,075 | 1,785 |
Other current assets | 89 | 102 |
Total current assets | 4,686 | 3,813 |
Long-term restricted cash (Note 7) | 143 | 188 |
Operating lease assets (Note 9) | 246 | 230 |
Property, plant and equipment | 17,131 | 17,077 |
Less accumulated depreciation and depletion | 11,724 | 11,630 |
Total property, plant and equipment, net | 5,407 | 5,447 |
Investments and long-term receivables, less allowance of $8 and $5 | 1,421 | 1,466 |
Intangibles – net (Note 10) | 134 | 150 |
Deferred income tax benefits (Note 13) | 5 | 19 |
Other noncurrent assets | 324 | 295 |
Total assets | 12,366 | 11,608 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 2,033 | 1,970 |
Accounts payable to related parties (Note 20) | 100 | 84 |
Payroll and benefits payable | 325 | 336 |
Accrued taxes | 118 | 116 |
Accrued interest | 42 | 45 |
Current operating lease liabilities (Note 9) | 60 | 60 |
Current portion of long-term debt (Note 16) | 99 | 14 |
Total current liabilities | 2,777 | 2,625 |
Noncurrent operating lease liabilities (Note 9) | 193 | 177 |
Long-term debt, less unamortized discount and debt issuance costs (Note 16) | 4,616 | 3,627 |
Employee benefits | 584 | 532 |
Deferred income tax liabilities (Note 13) | 6 | 4 |
Deferred credits and other noncurrent liabilities | 464 | 550 |
Total liabilities | 8,640 | 7,515 |
Contingencies and commitments (Note 22) | ||
Stockholders’ Equity (Note 18): | ||
Common stock (179,027,981 and 178,555,206 shares issued) (Note 14) | 179 | 179 |
Treasury stock, at cost (8,653,246 and 8,509,337 shares) | (175) | (173) |
Additional paid-in capital | 4,024 | 4,020 |
Retained earnings | 151 | 544 |
Accumulated other comprehensive loss (Note 19) | (454) | (478) |
Total United States Steel Corporation stockholders’ equity | 3,725 | 4,092 |
Noncontrolling interests | 1 | 1 |
Total liabilities and stockholders’ equity | $ 12,366 | $ 11,608 |
CONSOLIDATED BALANCE SHEET (U_2
CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance | $ 33 | $ 28 |
Investments and long-term receivables, allowance | $ 8 | $ 5 |
Common stock, shares issued (in shares) | 179,027,981 | 178,555,206 |
Treasury stock, shares (in shares) | 8,653,246 | 8,509,337 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities: | ||
Net (loss) earnings | $ (391) | $ 54 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 160 | 143 |
Tubular asset impairment charges (Notes 1 and 10) | 263 | 0 |
Gain on equity investee transactions | (31) | 0 |
Restructuring and other charges (Note 21) | 41 | 0 |
Pensions and other postretirement benefits | (1) | 30 |
Deferred income taxes (Note 13) | 6 | 6 |
Net loss on sale of assets | 0 | 4 |
Equity investee earnings, net of distributions received | 8 | (9) |
Changes in: | ||
Current receivables | (97) | (124) |
Inventories | (204) | (50) |
Current accounts payable and accrued expenses | 139 | (73) |
Income taxes receivable/payable | 3 | 41 |
All other, net | (38) | 7 |
Net cash (used in) provided by operating activities | (142) | 29 |
Investing activities: | ||
Capital expenditures | (282) | (302) |
Proceeds from sale of assets | 1 | 0 |
Proceeds from sale of ownership interests in equity investees | 8 | 0 |
Investments, net | (4) | 0 |
Net cash used in investing activities | (277) | (302) |
Financing activities: | ||
Revolving credit facilities - borrowings, net of financing costs (Note 16) | 1,202 | 0 |
Revolving credit facilities - repayments (Note 16) | (281) | 0 |
Issuance of long-term debt, net of financing costs (Note 16) | 67 | 0 |
Repayment of long-term debt (Note 16) | (2) | 0 |
Common stock repurchased (Note 24) | 0 | (42) |
Dividends paid | (2) | (9) |
Taxes paid for equity compensation plans (Note 12) | (1) | (5) |
Net cash provided by (used in) financing activities | 983 | (56) |
Effect of exchange rate changes on cash | (6) | (2) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 558 | (331) |
Cash, cash equivalents and restricted cash at beginning of year (Note 7) | 939 | 1,040 |
Cash, cash equivalents and restricted cash at end of period (Note 7) | 1,497 | 709 |
Non-cash investing and financing activities: | ||
Change in accrued capital expenditures | (66) | (32) |
U. S. Steel common stock issued for employee/non-employee director stock plans | 17 | 15 |
Capital expenditures funded by finance lease borrowings | 29 | 16 |
Export Credit Agreement (ECA) financing | $ 34 | $ 0 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 1. 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 Condensed Consolidated Balance Sheet data was derived from audited statements but does not include all disclosures required for complete financial statements by accounting principles generally accepted in the United States of America (U.S. GAAP). The other information in these condensed financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair statement of the results for the periods covered. All such adjustments are of a normal recurring nature unless disclosed otherwise. These condensed financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. Additional information is contained in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2019 , which should be read in conjunction with these condensed financial statements. Property, plant and equipment U. S. Steel evaluates impairment of its property, plant and equipment whenever circumstances indicate that the carrying value may not be recoverable. We evaluate impairment of long-lived assets at the asset group level. Our asset groups are Flat-Rolled, welded tubular, seamless tubular and U. S. Steel Europe (USSE). Asset impairments are recognized when the carrying value of an asset group exceeds its recoverable amount as determined by the asset group's aggregate projected discounted cash flows. During 2019, the challenging steel market environment in the U.S. and Europe and recent losses in the welded tubular asset group were considered triggering events for the Flat-Rolled, USSE and welded tubular asset groups. U. S. Steel completed a quantitative analysis of its long-lived assets for these asset groups and determined that the assets were not impaired. There were no triggering events for seamless tubular in 2019. For the period ended March 31, 2020, the steep decline in oil prices that resulted from market oversupply and declining demand was considered a triggering event for the welded tubular and seamless tubular asset groups. A quantitative analysis was completed for both asset groups and a $263 million impairment, consisting of an impairment of $196 million for property, plant and equipment and $67 million for intangible assets (See Note 10) was recorded for the welded tubular asset group while no |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | 2. New Accounting Standards In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , (ASU 2020-04). ASU 2020-04 provides optional exceptions for applying generally accepted accounting principles to modifications of contracts, hedging relationships, and other transactions that reference LIBOR or another rate that will be discontinued by reference rate reform if certain criteria are met. U. S. Steel is currently assessing the impact of the ASU but does not believe it will have a material impact on its Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies accounting for income taxes by removing certain exceptions from the general principles in Topic 740 including elimination of the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items such as other comprehensive income. ASU 2019-12 also clarifies and amends certain guidance in Topic 740. ASU 2019-12 is effective for public companies for fiscal years beginning after December 15, 2020, including interim periods, with early adoption of all amendments in the same period permitted. U. S. Steel is currently assessing the impact of the ASU, but does not believe it will have a significant impact on its Consolidated Financial Statements. |
Recently Adopted Accounting Sta
Recently Adopted Accounting Standards | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | 3. Recently Adopted Accounting Standard 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 was effective for public companies for fiscal years beginning after December 15, 2019 including interim reporting periods. U. S. Steel adopted this standard effective January 1, 2020. The impact of adoption was not material to the Condensed Consolidated Financial Statements. U. S. Steel's significant financial instruments which are valued at cost are trade receivables (receivables). U. S. Steel's receivables carry standard industry terms and are categorized in two receivable pools, U.S. and U. S. Steel Europe (USSE). Both pools use customer specific risk ratings based on customer financial metrics, past payment experience and other factors and qualitatively consider economic conditions to assess the level of allowance for doubtful accounts. USSE mitigates credit risk for over 70 percent of its receivables balance using credit insurance, letters of credit, bank guarantees, prepayments or other collateral. Below is a summary of the allowance for doubtful accounts for the segments. Additional reserve recorded in the period ended March 31, 2020 primarily reflects uncertainty over near-term anticipated market conditions. (in millions) U.S. USSE Total Allowance Balance at December 31, 2019 $ 12 $ 16 $ 28 Additional reserve 5 — 5 Balance at March 31, 2020 $ 17 $ 16 $ 33 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 4. Segment Information U. S. Steel has three reportable segments: North American Flat-Rolled (Flat-Rolled), U. S. Steel Europe (USSE); and Tubular Products (Tubular). U. S. Steel's investment in Big River Steel and 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 March 31, 2020 and 2019 are: (In millions) Three Months Ended March 31, 2020 Customer Intersegment Net Earnings (loss) Earnings (loss) before interest and income taxes Flat-Rolled $ 1,974 $ 62 $ 2,036 $ 4 $ (35 ) USSE 505 1 506 — (14 ) Tubular 255 3 258 1 (48 ) Total reportable segments 2,734 66 2,800 5 (97 ) Other Businesses 14 28 42 (13 ) 1 Reconciling Items and Eliminations — (94 ) (94 ) — (279 ) Total $ 2,748 $ — $ 2,748 $ (8 ) $ (375 ) Three Months Ended March 31, 2019 Flat-Rolled $ 2,405 $ 69 $ 2,474 $ 7 $ 95 USSE 737 3 740 — 29 Tubular 343 2 345 2 10 Total reportable segments 3,485 74 3,559 9 134 Other Businesses 14 30 44 — 8 Reconciling Items and Eliminations — (104 ) (104 ) — (31 ) Total $ 3,499 $ — $ 3,499 $ 9 $ 111 The following is a schedule of reconciling items to consolidated earnings before interest and income taxes: Three Months Ended March 31, (In millions) 2020 2019 Items not allocated to segments: Tubular asset impairment charges (Notes 1 and 10) $ (263 ) $ — Restructuring and other charges (Note 21) (41 ) $ — Gain on previously held investment in UPI 25 — December 24, 2018 Clairton coke making facility fire — (31 ) Total reconciling items $ (279 ) $ (31 ) |
Acquisition (Notes)
Acquisition (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On February 29, 2020, U. S. Steel purchased the remaining 50% ownership interest in USS-POSCO Industries (UPI) for $3 million , net of cash received of $2 million . There was an assumption of accounts payable owed to U. S. Steel for prior sales of steel substrate of $135 million associated with the purchase that is reflected as a reduction in receivables from related parties on the Company's Condensed Consolidated Balance Sheet. UPI is located in Pittsburg, California and markets sheet and tin mill products, principally in the western United States. UPI produces hot rolled pickled and oiled, cold-rolled sheets, galvanized sheets and tin mill products made from hot bands principally provided by U. S. Steel. UPI’s annual production capability is approximately 1.5 million tons. The remaining interest in UPI was purchased by the Company to obtain more control over the future of this investment. The Company had a liability that resulted from historical losses recorded due to our continuing involvement in the previously held equity investment in UPI. Using step acquisition accounting we increased the value of our previously held equity investment to its fair value of $5 million which resulted in a gain of approximately $25 million . The gain was recorded in gain on equity investee transactions in the Condensed Consolidated Statement of Operations. There was a step-up to fair value for property, plant and equipment of $47 million and an intangible asset of $54 million that was recorded. The intangible asset arises from a land lease contract, under which a certain portion of payment owed to UPI is realized in the form of deductions from electricity costs. The intangible asset will be amortized over a ten year period. Transaction costs associated with the acquisition and the amount of revenue recognized in the Condensed Consolidated Statement of Operations as a result of the acquisition were not significant. The following table presents the allocation of the aggregate purchase price based on estimated fair values. (in millions) Assets Acquired: Receivables $ 44 Inventories 96 Other current assets 3 Property, plant and equipment 97 Intangibles 54 Other noncurrent assets 1 Total Assets Acquired $ 295 Liabilities Assumed: UPI accounts payable for substrate purchased from U. S. Steel (a) $ 135 Accounts payable and accrued liabilities 19 Payroll and benefits payable 15 Current portion of long-term debt 55 Employee benefits 63 Total Liabilities Assumed $ 287 Fair value of previously held investment in UPI $ 5 Purchase price - net of cash acquired 3 Difference in assets acquired and liabilities assumed $ 8 (a) The transaction to purchase UPI included the assumption of $135 million of accounts payable owed to U. S. Steel for prior sales of steel substrate to UPI. This amount is reflected as a reduction in receivables from related parties in the Company's Condensed Consolidated Balance Sheet as both the corresponding receivable and payable amounts between U. S. Steel and UPI are eliminated in consolidation upon acquisition. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
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, raw materials sales such as iron ore pellets and coke by-products and railroad services and real estate sales. Generally, U. S. Steel’s performance obligations are satisfied and revenue is recognized at a point in time, when title transfers to our customer for product shipped or services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and are expensed when incurred. Because customers are invoiced at the time title transfers and U. S. Steel’s right to consideration is unconditional at that time, U. S. Steel does not maintain contract asset balances. Additionally, U. S. Steel does not maintain contract liability balances, as performance obligations are satisfied prior to customer payment for product. U. S. Steel offers industry standard payment terms. 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 slabs, 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 months ended March 31, 2020 and 2019 , respectively: Net Sales by Product (In millions): Three Months Ended March 31, 2020 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 27 $ 1 $ — $ — $ 28 Hot-rolled sheets 502 205 — — 707 Cold-rolled sheets 598 45 — — 643 Coated sheets 711 229 — — 940 Tubular products — 9 251 — 260 All Other (a) 136 16 4 14 170 Total $ 1,974 $ 505 $ 255 $ 14 $ 2,748 (a) Consists primarily of sales of raw materials and coke making by-products. Three Months Ended March 31, 2019 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 88 $ 4 $ — $ — $ 92 Hot-rolled sheets 763 332 — — 1,095 Cold-rolled sheets 661 88 — — 749 Coated sheets 728 279 — — 1,007 Tubular products — 9 335 — 344 All Other (a) 165 25 8 14 212 Total $ 2,405 $ 737 $ 343 $ 14 $ 3,499 (a) Consists primarily of sales of raw materials and coke making by-products. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2020 | |
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 Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statement of Cash Flows: (In millions) March 31, 2020 March 31, 2019 Cash and cash equivalents $ 1,350 $ 676 Restricted cash in other current assets 4 2 Long-term restricted cash 143 31 Total cash, cash equivalents and restricted cash $ 1,497 $ 709 In order to preserve cash and enhance our liquidity during the COVID-19 outbreak and disruptions in the oil and gas industry, we borrowed an additional $800 million under the Fifth Amended and Restated Credit Agreement which was held as cash on our Condensed Consolidated Balance Sheet at March 31, 2020. Amounts included in restricted cash represent cash balances which are legally or contractually restricted, primarily for electric arc furnace construction, environmental capital expenditure projects and insurance purposes. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and December 31, 2019 , the LIFO method accounted for 65 percent and 75 percent of total inventory values, respectively. (In millions) March 31, 2020 December 31, 2019 Raw materials $ 633 $ 628 Semi-finished products 954 720 Finished products 428 376 Supplies and sundry items 60 61 Total $ 2,075 $ 1,785 Current acquisition costs were estimated to exceed the above inventory values by $762 million and $735 million at March 31, 2020 and December 31, 2019 , respectively. As a result of the liquidation of LIFO inventories, cost of sales increased and earnings before interest and income taxes decreased by $5 million and $1 million for the three months ended March 31, 2020 and March 31, 2019 , respectively. Inventory includes $40 million of land held for residential/commercial development as of both March 31, 2020 and December 31, 2019 . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | . Leases Effective January 1, 2019, U. S. Steel adopted ASU 2016-02 using the modified retrospective transition method outlined in ASU 2018-11 which permitted application of ASU 2016-02 on January 1, 2019 using a cumulative effect adjustment to the opening balance of retained earnings. Operating lease assets consist primarily of office space, aircraft, heavy mobile equipment used in our mining operations and facilities and equipment under operating service agreements for electricity generation and scrap processing. Significant finance leases include the Fairfield slab caster lease and heavy mobile equipment used in our mining operations (see Note 16 for further details). Variable lease payments are primarily related to operating service agreements where payment is solely dependent on consumption of certain services, such as raw material and by-product processing. Generally, we are not reasonably certain that renewal options or purchase options will be exercised. There is no impact to our leased assets for residual value guarantees as the potential loss is not probable (see “Other Contingencies” in Note 22 for further details). We do not have material restrictive covenants associated with our leases or material amounts of sublease income. From time to time, U. S. Steel may enter into arrangements for the construction or purchase of an asset and then enter into a financing arrangement to lease the asset. U. S. Steel recognizes leased assets and liabilities under these arrangements when it obtains control of the asset. The following table summarizes the lease amounts included in our Condensed Consolidated Balance Sheet as of March 31, 2020 and December 31, 2019 . (In millions) Balance Sheet Location March 31, 2020 December 31, 2019 Assets Operating Operating lease assets (a) $ 246 $ 230 Finance Property, plant and equipment (b) 82 56 Total Lease Assets $ 328 $ 286 Liabilities Current Operating Current operating lease liabilities $ 60 $ 60 Finance Current portion of long-term debt 15 11 Non-Current Operating Noncurrent operating lease liabilities 193 177 Finance Long-term debt less unamortized discount and issue costs 74 51 Total Lease Liabilities $ 342 $ 299 (a) Operating lease assets are recorded net of accumulated amortization of $57 million and $50 million as of March 31, 2020 and December 31, 2019 , respectively. (b) Finance lease assets are recorded net of accumulated depreciation of $29 million and $27 million as of March 31, 2020 and December 31, 2019 , respectively. The following table summarizes lease costs included in our Condensed Consolidated Statement of Operations for the three month periods ended March 31, 2020 and March 31, 2019 . (In millions) Classification Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Operating Lease Cost (a) Cost of sales $ 18 $ 21 Operating Lease Cost Selling, general and administrative expenses 3 3 Finance Lease Cost Amortization Depreciation, depletion and amortization 3 1 Interest Interest expense 1 — Total Lease Cost $ 25 $ 25 (a) Operating lease cost recorded in cost of sales includes $3 million and $5 million of variable lease cost for the three months ended March 31, 2020 and March 31, 2019 , respectively. An immaterial amount of variable lease cost is included in selling, general and administrative expenses and immaterial amounts of short-term lease cost are included in cost of sales and selling, general and administrative expenses. Lease liability maturities as of March 31, 2020 are shown below. (In millions) Operating Finance Total 2020 $ 59 $ 16 $ 75 2021 64 19 83 2022 51 23 74 2023 39 12 51 2024 31 9 40 After 2024 61 23 84 Total Lease Payments $ 305 $ 102 $ 407 Less: Interest 52 13 65 Present value of lease liabilities $ 253 $ 89 $ 342 Lease terms and discount rates are shown below. As of March 31, 2020 Weighted average lease term Finance 5 years Operating 5 years Weighted average discount rate Finance 5.07 % Operating 7.40 % Supplemental cash flow information related to leases follows. (In millions) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18 $ 18 Operating cash flows from finance leases 1 — Financing cash flows from finance leases 2 — Right-of-use assets exchanged for lease liabilities: Operating leases 32 8 Finance leases 29 16 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 As of December 31, 2019 (In millions) Useful Gross Accumulated Impairment Accumulated Net Gross Accumulated Net Customer relationships 22 Years $ 132 $ 55 $ 77 $ — $ 132 $ 76 $ 56 Patents 10-15 Years 22 7 9 6 22 8 14 Energy Contract 10 Years 54 — 1 53 — — — Other Intangibles 4-20 Years 14 5 9 — 14 9 5 Total amortizable intangible assets $ 222 $ 67 $ 96 $ 59 $ 168 $ 93 $ 75 Identifiable intangible assets with finite lives are reviewed for impairment whenever events or circumstances indicate that the carrying values may not be recoverable. For the period ended March 31, 2020, the steep decline in oil prices that resulted from market oversupply and declining demand was considered a triggering event for the welded tubular asset group. A quantitative analysis was completed and resulted in a $67 million impairment of the welded tubular asset group's intangible assets. See Note 1 for further details. Amortization expense was $3 million and $2 million for the three months ended March 31, 2020 and March 31, 2019 , respectively. The estimated amortization expense for the remainder of 2020 is $5 million . We expect approximately $6 million in annual amortization expense through 2024 . As part of the purchase of UPI, we acquired an intangible asset with a fair value of approximately $54 million that will be amortized over ten years . This asset arises from a land lease contract, under which a certain portion of payment owed to UPI is realized in the form of deductions from electricity costs. See Note 5 to the Condensed Consolidated Financial Statements for further details. The carrying amount of acquired water rights with indefinite lives as of March 31, 2020 and December 31, 2019 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 quantitative impairment evaluation of its acquired water rights during the third quarter of 2019. Based on the results of the evaluation, the water rights were not impaired. |
Pensions and Other Benefits
Pensions and Other Benefits | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pensions and Other Benefits | 11. Pensions and Other Benefits The following table reflects the components of net periodic benefit cost for the three months ended March 31, 2020 and 2019 : Pension Other (In millions) 2020 2019 2020 2019 Service cost $ 12 $ 11 $ 3 $ 3 Interest cost 48 60 16 23 Expected return on plan assets (81 ) (81 ) (20 ) (20 ) Amortization of prior service cost — — (2 ) 7 Amortization of actuarial net loss (gain) 36 33 (4 ) 1 Net periodic benefit cost, excluding below 15 23 (7 ) 14 Multiemployer plans 21 18 — — Settlement, termination and curtailment losses (a) 6 — — — Net periodic benefit cost (income) $ 42 $ 41 $ (7 ) $ 14 (a) During the three months ended March 31, 2020 the pension plan incurred special termination charges of approximately $6 million due to workforce restructuring. Employer Contributions During the first three months of 2020 , U. S. Steel made cash payments of $ 20 million to the Steelworkers’ Pension Trust, $ 1 million of pension payments not funded by trusts and $ 10 million for other postretirement benefit payments not funded by trusts. Company contributions to defined contribution plans totaled $10 million for both the three months ended March 31, 2020 and 2019 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | 12. 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). 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 the awards that were previously granted under the 2005 Plan remain outstanding, all future awards will be granted under the Omnibus Plan. As of March 31, 2020 , there were 926,361 shares available for future grants under the Omnibus Plan. On April 28, 2020, our stockholders approved an additional 4,700,000 shares to be available for grant under the Omnibus Plan. Recent grants of stock-based compensation consist of restricted stock units, total stockholder return (TSR) performance awards and return on capital employed (ROCE) performance awards. Shares of common stock under the Omnibus Plan are issued from authorized, but unissued stock. The following table is a summary of the awards made under the Omnibus Plan during the first three months of 2020 and 2019 . 2020 2019 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Restricted Stock Units 2,624,470 $ 8.83 975,750 $ 23.91 Performance Awards (c) TSR 659,620 $ 8.20 210,520 $ 29.22 ROCE (d) — $ — 526,140 $ 23.92 (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 2020 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 $4 million and $8 million in the three-month periods ended March 31, 2020 and 2019 , respectively. As of March 31, 2020 , total future compensation expense related to nonvested stock-based compensation arrangements was $30 million , and the weighted average period over which this expense is expected to be recognized is approximately 21 months . 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 varying levels at the end of a three -year performance period if U. S. Steel's total stockholder return compared to the total stockholder return of a peer group of companies meets specified performance criteria with each year in the three -year performance period weighted at 20 percent and the full three -year performance period weighted at 40 percent . TSR performance awards can vest at between zero and 200 percent of the target award. The fair value of the TSR performance awards is calculated using a Monte-Carlo simulation. ROCE performance awards may vest at the end of a three -year performance period contingent upon meeting the specified ROCE goal. 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. The 2020 ROCE performance awards were granted in cash. For further details about our stock-based compensation incentive plans and stock awards see Note 15 of the United States Steel Corporation Annual Report on Form 10-K for the fiscal year-ended December 31, 2019 . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes Tax provision For the three months ended March 31, 2020 and 2019 , we recorded a tax benefit of $19 million on our pretax loss of $410 million and a tax provision of $8 million on our pretax earnings of $62 million , respectively. In general, the amount of tax expense or benefit from continuing operations is determined without regard to the tax effect of other categories of income or loss, such as other comprehensive income. However, an exception to this rule applies when there is a loss from continuing operations and income from other categories. In 2020, the tax benefit includes a discrete benefit of $10 million related to this accounting exception. Due to the full valuation allowance on our domestic deferred tax assets, the tax benefit in 2020 does not reflect any additional tax benefit for domestic pretax losses. In 2019, the tax provision reflects a benefit for percentage depletion in excess of cost depletion from iron ore that we produce and consume or sell. The tax provision for the first three months of 2020 is based on an estimated annual effective rate, which requires management to make its best estimate of annual pretax earnings 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 2020 pretax results for U.S. and foreign income or loss vary from estimates applied herein, the actual tax provision or benefit recognized in 2020 could be materially different from the forecasted amount used to estimate the tax provision for the three months ended March 31, 2020. 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 March 31, 2020 , 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 Accounting Standards Codification (ASC) Topic 740 on income taxes. The total amount of gross unrecognized tax benefits was $3 million as of both March 31, 2020 and December 31, 2019 . The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $2 million as of both March 31, 2020 and December 31, 2019 . U. S. Steel records interest related to uncertain tax positions as a part of net interest and other financial costs in the Condensed Consolidated Statement of Operations. Any penalties are recognized as part of selling, general and administrative expenses. As of both March 31, 2020 and December 31, 2019 , U. S. Steel had accrued liabilities of $2 million for interest and penalties related to uncertain tax positions, respectively. |
Earnings and Dividends Per Comm
Earnings and Dividends Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings and Dividends Per Common Share | 14. Earnings and Dividends Per Common Share (Loss) Earnings Per Share Attributable to United States Steel Corporation Stockholders Basic (loss) earnings per common share is based on the weighted average number of common shares outstanding during the period. Diluted (loss) earnings per common share assumes the exercise of stock options and the vesting of restricted stock units and performance awards, provided in each case the effect is dilutive. The "treasury stock" method is used to calculate the dilutive effect of the Senior Convertible Notes due in 2026 (due to our current intent and policy, among other factors, to settle the principal amount of the 2026 Senior Convertible Notes in cash upon conversion). The computations for basic and diluted (loss) earnings per common share from continuing operations are as follows: Three Months Ended March 31, (Dollars in millions, except per share amounts) 2020 2019 (Loss) earnings attributable to United States Steel Corporation stockholders $ (391 ) $ 54 Weighted-average shares outstanding (in thousands): Basic 170,224 173,241 Effect of convertible notes — — Effect of stock options, restricted stock units and performance awards — 1,304 Adjusted weighted-average shares outstanding, diluted 170,224 174,545 Basic (loss) earnings per common share $ (2.30 ) $ 0.31 Diluted (loss) earnings per common share $ (2.30 ) $ 0.31 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 March 31, (In thousands) 2020 2019 Securities granted under the 2016 Omnibus Incentive Compensation Plan, as amended 4,942 3,179 Securities convertible under the Senior Convertible Notes — — Total 4,942 3,179 Dividends Paid Per Share The dividend for the first quarter of 2020 and 2019 was one cent and five cents per common share, respectively. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 15. 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. U. S. Steel uses foreign exchange forward sales contracts (foreign exchange forwards) with maturities no longer than 12 months to exchange euros for U.S. dollars 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 Condensed Consolidated Balance Sheet. U. S. Steel did not designate euro foreign exchange forwards entered into prior to July 1, 2019, as hedges; therefore, changes in their fair value were recognized immediately in the Condensed Consolidated Statements of Operations (mark-to-market accounting). For those contracts, U. S. Steel will continue to recognize changes in fair value immediately through earnings until the contracts mature. U. S. Steel elected cash flow hedge accounting for euro foreign exchange forwards prospectively effective July 1, 2019. Accordingly, future gains and losses for euro foreign exchange forwards entered into after July 1, 2019 will be recorded within accumulated other comprehensive income (AOCI) until the related contract impacts earnings. We mitigate the risk of concentration of counterparty credit risk by purchasing our forwards from several counterparties. In 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 contracts with remaining maturities up to 9 months 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. 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). In January 2020, the Company began purchasing commodity purchase swaps to mitigate variable purchase price risk for electricity at our Gary Works location. We elected cash flow hedge accounting for our U.S. commodity purchase swaps for natural gas, zinc and tin and use mark-to-market accounting for commodity purchase swaps used in our European operations and for electricity commodity purchase swaps. 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 March 31, 2020 and March 31, 2019 : Hedge Contracts Classification March 31, 2020 March 31, 2019 Natural gas (in mmbtus) Commodity purchase swaps 52,464,000 56,894,000 Tin (in metric tons) Commodity purchase swaps 870 1,475 Zinc (in metric tons) Commodity purchase swaps 21,044 13,651 Electricity (in megawatt hours) Commodity purchase swaps 1,024,000 — Foreign currency (in millions of euros) Foreign exchange forwards € 259 € 296 Foreign currency (in millions of CAD) Foreign exchange forwards C$ 23 C$ 48 The following summarizes the fair value amounts included in our Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 : (In millions) Designated as Hedging Instruments Balance Sheet Location March 31, 2020 December 31, 2019 Commodity purchase swaps Accounts receivable 2 1 Commodity purchase swaps Accounts payable 27 17 Commodity purchase swaps Investments and long-term receivables — 1 Commodity purchase swaps Other long-term liabilities 5 7 Foreign exchange forwards Accounts receivable 6 — Foreign exchange forwards Accounts payable 2 1 Not Designated as Hedging Instruments Commodity purchase swaps Accounts payable 1 — Commodity purchase swaps Other long-term liabilities 1 — Foreign exchange forwards Accounts receivable 3 4 The table below summarizes the effect of hedge accounting on AOCI and amounts reclassified from AOCI into earnings for the three months ended March 31, 2020 and 2019 : Gain (Loss) on Derivatives in AOCI Amount of Gain (Loss) Recognized in Income (In millions) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Location of Reclassification from AOCI (a) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Commodity purchase swaps (8 ) 18 Cost of sales (b) (8 ) (4 ) Foreign exchange forwards 5 1 Cost of sales — — (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) 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 Condensed Consolidated Statement of Operations for the three months ended March 31, 2020 and 2019: Amount of Gain (Loss) Recognized in Income (In millions) Statement of Operations Location Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Commodity purchase swaps (a) Cost of sales (2 ) — Foreign exchange forwards Other financial costs 4 9 (a) In January 2020, we began utilizing commodity purchase swaps to mitigate variable electricity price risk at our Gary Works location. At current contract values, $21 million currently in AOCI as of March 31, 2020 will be recognized as an increase in cost of sales over the next year as related hedged items are recognized in earnings. The maximum derivative contract duration for commodity purchase swaps where hedge accounting was elected is 21 months . The maximum contract duration for commodity purchase swaps where hedge accounting was not elected is 34 months . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 16. Debt (In millions) Interest Rates % Maturity March 31, 2020 December 31, 2019 2037 Senior Notes 6.650 2037 $ 350 $ 350 2026 Senior Notes 6.250 2026 650 650 2026 Senior Convertible Notes 5.000 2026 350 350 2025 Senior Notes 6.875 2025 750 750 Environmental Revenue Bonds 4.875 - 6.750 2024 - 2049 620 620 Fairfield Caster Lease 2022 18 18 Other finance leases and all other obligations 2021 - 2029 75 48 ECA Credit Agreement Variable 2031 104 — Amended Credit Facility, $2.0 billion Variable 2024 1,500 600 UPI Amended Credit Facility Variable 2020 79 — USSK Credit Agreement Variable 2023 384 393 USSK Credit Facilities Variable 2021 — — Total Debt 4,880 3,779 Less unamortized discount and debt issuance costs 165 138 Less short-term debt and long-term debt due within one year 99 14 Long-term debt $ 4,616 $ 3,627 To the extent not otherwise discussed below, information concerning the senior notes, the Senior Convertible Notes and other listed obligations can be found in Note 17 of the audited financial statements in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2019 . Export Credit Agreement Funding of U. S. Steel’s vendor supported Export Credit Agreement (ECA) occurred on February 19, 2020. U. S. Steel borrowed $104 million under the ECA as of March 31, 2020. Loan repayments start six months after the starting point of credit as defined in the loan agreement with a total repayment term up to eight years . Loan availability and repayment terms are subject to certain customary covenants and events of default. The purpose of the ECA is to finance equipment purchased for the endless casting and rolling facility under construction at our Mon Valley Works facility in Braddock, Pennsylvania. In response to the decline in demand for our products resulting from the COVID-19 outbreak, we have delayed construction of our endless casting and rolling line at Mon Valley Works. We have also paused our borrowing under the ECA pending an update to the agreement or resumption of construction. Amended and Restated Credit Agreement As of March 31, 2020 , there was $1.5 billion drawn under the $2.0 billion Fifth Credit Facility Agreement (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 $200 million . Based on the most recent four quarters as of March 31, 2020 , we would not have met the fixed charge coverage ratio test; therefore, the amount available to the Company under this facility is effectively reduced by $200 million . The availability under the Credit Facility Agreement was $300 million as of March 31, 2020 . 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 October 2024. 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. The value of our inventory and trade accounts receivable less specified reserves calculated with the Amended and Restated Credit Agreement supported the full amount of the facility at March 31, 2020 . The Credit Facility Agreement has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in our business or financial condition that is not disclosed in our last published financial results. The facility also has customary defaults, including a cross-default to material indebtedness of U. S. Steel and our subsidiaries. U. S. Steel Košice ( USSK) Credit Facilities At March 31, 2020 , USSK had borrowings of €350 million (approximately $384 million ) under its €460 million (approximately $504 million ) revolving credit facility (USSK Credit Agreement). The USSK Credit Agreement contains certain USSK specific financial covenants including a minimum stockholders' equity to assets ratio and net debt to EBITDA ratio. The covenants are measured semi-annually at June and December each year for the period covering the last twelve calendar months, with the first net debt to EBITDA measurement occurring at June 2021. USSK must maintain a net debt to EBITDA ratio of less than 6.5 as of June 30, 2021 and 3.5 for semi-annual measurements starting December 31, 2021. If the challenging market conditions in Europe due to COVID-19 persisted for a long period and negatively impacted USSK's projected EBITDA, and if covenant compliance requirements are not amended or waived, it may result in an event of default, under which USSK may not draw upon the facility, and the majority lenders, as defined in the USSK Credit Agreement, may cancel any and all commitments, and/or accelerate full repayment of any or all amounts outstanding under the USSK Credit Agreement. On December 23, 2019, USSK entered into a supplemental agreement that amended the USSK Credit Agreement leverage covenant and pledged certain USSK trade receivables and inventory as collateral in support of USSK's obligations. At March 31, 2020 , USSK had availability of €110 million (approximately $120 million ) under the USSK Credit Agreement. The USSK Credit Agreement expires in September 2023. The USSK Credit Agreement contains customary representations and warranties including, as a condition to borrowing, that it met certain financial covenants since the last measurement date, and that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, and representations as to no material adverse change in our business or financial condition since December 31, 2017. The facility also has customary defaults, including a cross-default upon acceleration of material indebtedness of USSK and its subsidiaries. At March 31, 2020 , USSK had no borrowings under its €20 million and €10 million credit facilities (collectively, approximately $33 million ) and the availability was approximately $32 million due to approximately $1 million of customs and other guarantees outstanding. Each of these facilities bear interest at the applicable inter-bank offer rate plus a margin and contain customary terms and conditions. USS-POSCO Industries Credit Facility At March 31, 2020 , USS-POSCO Industries (UPI) had borrowings of $79 million under its $110 million revolving credit facility (UPI Amended Credit Facility). Borrowings are secured by liens on certain UPI inventory and trade accounts receivable. The UPI Amended Credit Facility 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. At March 31, 2020 , UPI had availability of $13 million under the UPI Amended Credit Facility. The agreement expires in August 2020. Change in control event If there is a change in control of U. S. Steel, the following may occur: (a) debt obligations totaling $4,166 million as of March 31, 2020 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 $19 million |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 17. 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 Condensed Consolidated Balance Sheet approximate fair value. See Note 15 for disclosure of U. S. Steel’s derivative instruments, which are accounted for at fair value on a recurring basis. On October 31, 2019, a wholly owned subsidiary of U. S. Steel purchased a 49.9% ownership interest in Big River Steel. The transaction included a call option (U. S. Steel Call Option) to acquire the remaining 50.1% within the next four years at an agreed-upon price formula, which in years three and four is based on Big River Steel’s achievement of certain metrics that include: free cash flow, product development, safety and the completion of a proposed expansion of Big River Steel's existing manufacturing line. The transaction also included options where the other Big River Steel equity owners can require U. S. Steel to purchase their 50.1% ownership interest (Class B Common Put Option) or require U. S. Steel to sell its ownership interest (Class B Common Call Option) after the U. S. Steel Call Option expires. All of the options are marked to fair value each period using a Monte Carlo simulation which is considered a Level 3 valuation technique. Level 3 valuation techniques include inputs to the valuation methodology that are considered unobservable and significant to the fair value measurement. The net change in fair value of the options during the three months ended March 31, 2020 resulted in an $11 million decrease to net interest and other financial costs. The financial impact was due to an increase in U. S. Steel’s credit spread partially offset by a lower risk free interest rate and a lower Big River Steel equity value. The following table shows the change in fair value by option. (In millions) Balance Sheet Location Fair Value asset/(liability) Fair Value Fair Value asset/(liability) U. S. Steel Call Option Investments and Long-Term Receivables $ 166 $ (28 ) $ 138 Class B Common Deferred credits and other noncurrent liabilities $ (192 ) $ 39 $ (153 ) Class B Common Deferred credits and other noncurrent liabilities $ (2 ) $ — $ (2 ) Net Mark to Market Impact $ 11 The fair value of the U. S. Steel Call Option and Class B Common Put Option are most significantly impacted by certain unobservable inputs including: Big River Steel’s equity value (Equity Value); and Volatility, which is calculated from the market price movements of certain peer companies. Increases in Equity Value increase the fair value of the U. S. Steel Call Option and decrease the fair value of the Class B Common Put Option. For the period ended March 31, 2020, the equity value was adjusted downward to reflect uncertainty in the market related to COVID-19 impacts. Increases in Volatility increase both the fair value of the U. S. Steel Call Option and the Class B Common Put Option. The Class B Common Put Option is also significantly impacted by U. S. Steel’s credit spread (Credit Spread) which is the estimated premium to borrow money in excess of the risk-free rate considering the subordinated nature of the Class B Common Put Option. Increases in the Credit Spread reduce the fair value of the Class B Common Put Option. See Note 20 of the audited financial statements in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2019 for further details. The following table summarizes U. S. Steel’s financial liabilities that were not carried at fair value at March 31, 2020 and December 31, 2019 . March 31, 2020 December 31, 2019 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 4,009 $ 4,621 $ 3,576 $ 3,575 (a) Excludes finance lease obligations. The fair value of long-term debt 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 | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Statement of Changes in Stockholders' Equity | . Statement of Changes in Stockholders’ Equity The following table reflects the first three months of 2020 and 2019 reconciliation of the carrying amount of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests: Three Months Ended Total Retained Earnings Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 4,093 $ 544 $ (478 ) $ 179 $ (173 ) $ 4,020 $ 1 Comprehensive income (loss): Net loss (391 ) (391 ) Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 52 52 Currency translation adjustment (23 ) (23 ) Derivative financial instruments (5 ) (5 ) Employee stock plans 2 (2 ) 4 Dividends paid on common stock (2 ) (2 ) Balance at March 31, 2020 3,726 151 (454 ) 179 (175 ) 4,024 1 Three Months Ended Total Retained Earnings Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 4,203 $ 1,212 $ (1,026 ) $ 177 $ (78 ) $ 3,917 $ 1 Comprehensive income (loss): Net earnings 54 54 Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 32 32 Currency translation adjustment (17 ) (17 ) Derivative financial instruments 15 15 Employee stock plans 2 1 (6 ) 7 Common stock repurchased (42 ) (42 ) Dividends paid on common stock (9 ) (9 ) Cumulative effect upon adoption of lease accounting standard (2 ) (2 ) Balance at March 31, 2019 4,236 1,255 (996 ) 178 (126 ) 3,924 1 |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | 19. Reclassifications from Accumulated Other Comprehensive Income (AOCI) (In millions) Pension and Foreign Unrealized Gain (Loss) on Derivatives Total Balance at December 31, 2019 $ (843 ) $ 381 $ (16 ) $ (478 ) Other comprehensive income (loss) before reclassifications 7 (23 ) (17 ) (33 ) Amounts reclassified from AOCI (a) 45 — 12 57 Net current-period other comprehensive income (loss) 52 (23 ) (5 ) 24 Balance at March 31, 2020 $ (791 ) $ 358 $ (21 ) $ (454 ) Balance at December 31, 2018 $ (1,416 ) $ 403 $ (13 ) $ (1,026 ) Other comprehensive (loss) income before reclassifications (b) — (17 ) 25 8 Amounts reclassified from AOCI (a)(b) 32 — (10 ) 22 Net current-period other comprehensive income (loss) 32 (17 ) 15 30 Balance at March 31, 2019 $ (1,384 ) $ 386 $ 2 $ (996 ) (a) See table below for further details. (b) The Company previously disclosed in Note 20 to the Condensed Consolidated Financial Statements in its Quarterly Report on Form 10-Q for the period ended March 31, 2019, an increase to AOCI of $63 million in the Other comprehensive income before reclassifications line item and a decrease to AOCI of $31 million in the Amounts reclassified from AOCI line item for the three months ended March 31, 2019 amounts for Pension and Other Benefit Items. These amounts should have been disclosed as an increase to AOCI of $0 million and an increase to AOCI of $32 million , respectively, which have been corrected in the table above. The Company concluded that the errors were not material to the financial statements of any prior annual or interim period and therefore, amendments of previously filed reports are not required. The revision had no impact on the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Cash Flows or the Condensed Consolidated Statements of Comprehensive Income (Loss). Quarterly periods not presented herein will be revised, as applicable, in future filings. Amount reclassified from AOCI (b) (In millions) Three Months Ended March 31, Details about AOCI components 2020 2019 Amortization of pension and other benefit items Prior service costs (a) $ (2 ) $ 7 Actuarial losses (a) 32 34 UPI Purchase Accounting Adjustment 23 — Total pensions and other benefits items 53 41 Derivative reclassifications to Condensed Consolidated Statements of Operations 12 (13 ) Total before tax 65 28 Tax provision (8 ) (6 ) Net of tax $ 57 $ 22 (a) These AOCI components are included in the computation of net periodic benefit cost (see Note 11 for additional details). (b) The corrections noted in footnote (b) to the table above are consistently reflected in this table. |
Transactions with Related Parti
Transactions with Related Parties | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 20. 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. Generally, transactions are conducted under long-term contractual arrangements. Related party sales and service transactions were $351 million and $375 million for the three months ended March 31, 2020 and 2019 , respectively. The transaction to purchase UPI included the assumption of $135 million of accounts payable owed to U. S. Steel for prior sales of steel substrate to UPI. This amount is reflected as a reduction in receivables from related parties on the Company's Condensed Consolidated Balance Sheet as both the corresponding receivable and payable amounts between U. S. Steel and UPI are eliminated in consolidation upon acquisition. See Note 5 to the Condensed Consolidated Financial Statements for further details. Purchases from related parties for outside processing services provided by equity investees amounted to $28 million and $9 million for the three months ended March 31, 2020 and 2019 , respectively. Purchases of iron ore pellets from related parties amounted to $18 million and $20 million for the three months ended March 31, 2020 and 2019 , respectively. Accounts payable to related parties include balances due to PRO-TEC Coating Company, LLC (PRO-TEC) of $91 million and $82 million at March 31, 2020 and December 31, 2019 , 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 $9 million and $2 million at March 31, 2020 and December 31, 2019 , respectively. |
Restructuring and Other Charges
Restructuring and Other Charges | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges During the three months ended March 31, 2020 , the Company recorded restructuring and other charges of $41 million , which consists of charges of $22 million for the indefinite idling of a significant portion of the Great Lakes Works, $13 million for the indefinite idling of Lorain Tubular Operations and a significant portion of Lone Star Tubular Operations and $6 million for special pension termination charges related to the Company-wide headcount reductions. Cash payments were made related to severance and exit costs of $8 million . Charges for restructuring initiatives are recorded in the period U. S. Steel commits to a restructuring plan, or executes specific actions contemplated by the plan and all criteria for liability recognition have been met. Charges for restructuring are reported in restructuring and other charges in the Condensed Consolidated Statements of Operations. The activity in the accrued balances incurred in relation to restructuring programs during the three months ended March 31, 2020 were as follows: (In millions) Employee Related Costs Exit Costs Total Balance at December 31, 2019 $ 87 $ 125 $ 212 Additional charges 18 23 41 Cash payments/utilization (4 ) (4 ) (8 ) Balance at March 31, 2020 $ 101 $ 144 $ 245 Accrued liabilities for restructuring programs are included in the following balance sheet lines: (In millions) March 31, 2020 December 31, 2019 Accounts payable $ 66 $ 46 Payroll and benefits payable 73 64 Employee benefits 28 23 Deferred credits and other noncurrent liabilities 78 79 Total $ 245 $ 212 |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | 22. 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 Condensed 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 March 31, 2020 , U. S. Steel was a defendant in approximately 808 active cases involving approximately 2,400 plaintiffs. The vast majority of these cases involve multiple defendants. About 1,540 , or approximately 64 percent , of these plaintiff claims are currently pending in jurisdictions which permit filings with massive numbers of plaintiffs. At December 31, 2019 , U. S. Steel was a defendant in approximately 800 cases involving approximately 2,390 plaintiffs. Based upon U. S. Steel’s experience in such cases, it believes 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 Claims Closing December 31, 2017 3,340 275 250 3,315 December 31, 2018 3,315 1,285 290 2,320 December 31, 2019 2,320 195 265 2,390 March 31, 2020 2,390 90 100 2,400 (a) The period ending December 31, 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. Further, U. S. Steel does not believe that an accrual for unasserted claims is required. At any given reporting date, it is probable that there are unasserted claims that will be filed against the Company in the future. In 2019, the Company engaged an outside valuation consultant to assist in assessing its ability to estimate an accrual for unasserted claims. This assessment was based on the Company's settlement experience, including recent claims trends. The analysis focused on settlements made over the last several years as these claims are likely to best represent future claim characteristics. After review by the valuation consultant and U. S. Steel management, it was determined that the Company could not estimate an accrual for unasserted 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. 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) Three Months Ended March 31, 2020 Beginning of period $ 186 Accruals for environmental remediation deemed probable and reasonably estimable 1 Obligations settled (9 ) End of period $ 178 Accrued liabilities for remediation activities are included in the following Condensed Consolidated Balance Sheet lines: (In millions) March 31, 2020 December 31, 2019 Accounts payable $ 55 $ 53 Deferred credits and other noncurrent liabilities 123 133 Total $ 178 $ 186 Expenses related to remediation are recorded in cost of sales and were immaterial for both three month periods ended March 31, 2020 and March 31, 2019 . 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 20 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, Gary Works and the former steelmaking plant at Joliet, Illinois. As of March 31, 2020 , accrued liabilities for these projects totaled $2 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 $45 million . (2) Significant Projects with Defined Scope - Projects with significant accrued liabilities with a defined scope. As of March 31, 2020 , there are four significant projects with defined scope greater than or equal to $5 million each, with a total accrued liability of $118 million . These projects are Gary Resource Conservation and Recovery Act (RCRA) (accrued liability of $24 million ), the former Geneva facility (accrued liability of $41 million ), the Cherryvale zinc site (accrued liability of $9 million ) and the former Duluth facility St. Louis River Estuary (accrued liability of $44 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 March 31, 2020 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 March 31, 2020 was approximately $3 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 $23 million at March 31, 2020 and were based on known scopes of work. Administrative and Legal Costs – As of March 31, 2020 , U. S. Steel had an accrued liability of $11 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 comply with various regulations, laws and other requirements relating to the environment. In the first three months of 2020 and 2019 , such capital expenditures totaled $4 million and $16 million , respectively. U. S. Steel anticipates making additional such expenditures in the future, which may be material; 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 Emissions Trading Scheme (ETS), USSK's final allocation of allowances for the Phase III period, which covers the years 2013 through 2020 is 48 million allowances. Based on projected total production levels, we started to purchase allowances in the third quarter of 2017 to meet the annual compliance submission in the future. As of March 31, 2020 , we have purchased approximately 12.2 million European Union Allowances (EUA) totaling €141.1 million (approximately $154.6 million ) to cover the estimated shortfall of emission allowances. We estimate that the total shortfall will be approximately 12.5 million allowances for the Phase III period. The full cost of complying with the ETS regulations will depend on future production levels and future emissions intensity levels. The EU’s Industrial Emissions 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 estimate of total capital expenditures for projects to comply with or go beyond BAT requirements is €138 million (approximately $151 million ) over the actual program period. These costs may be mitigated if USSK complies with certain financial covenants, which are assessed annually. USSK complied with these covenants as of March 31, 2020 . 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 the full value of estimated expenditures. There could be increased operating costs associated with these projects, such as increased energy and maintenance costs. We are currently unable to reliably estimate what the increase in operating costs will be as many projects are in the development stage. Environmental indemnifications – Throughout its history, U. S. Steel has sold numerous properties and businesses and many of these sales included indemnifications and cost sharing agreements related to the assets that were divested. These indemnifications and cost sharing agreements have included provisions related to the condition of the property, the approved use, certain representations and warranties, matters of title, and environmental matters. While most of these provisions have not specifically dealt with environmental issues, there have been transactions in which U. S. Steel indemnified the buyer for clean-up or remediation costs relating to the business sold or its then existing conditions or past practices related to non-compliance with environmental laws. Most of the recent indemnification and cost sharing agreements are of a limited nature, only applying to non-compliance with past and/or current laws. Some indemnifications and cost sharing agreements only run for a specified period of time after the transactions close and others run indefinitely. In addition, current owners or operators of property formerly owned or operated by U. S. Steel may have common law claims and cost recovery and contribution rights against U. S. Steel related to environmental matters. The amount of potential environmental liability associated with these transactions and properties is not estimable due to the nature and extent of the unknown conditions related to the properties divested and deconsolidated. Aside from the environmental liabilities already recorded as a result of these transactions due to specific environmental remediation activities and cases (included in the $ 178 million of accrued liabilities for remediation discussed above), there are no other known probable and estimable environmental liabilities related to these transactions. Guarantees – The maximum guarantees of the indebtedness of unconsolidated entities of U. S. Steel totaled $4 million at March 31, 2020 . 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 $26 million at March 31, 2020 ). 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 $170 million as of March 31, 2020 , 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 our 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 $147 million and $190 million at March 31, 2020 and December 31, 2019 , respectively. Capital Commitments – At March 31, 2020 , U. S. Steel’s contractual commitments to acquire property, plant and equipment totaled $895 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 2020 2021 2022 2023 2024 Later Total $568 $675 $568 $335 $108 $612 $2,866 The majority of U. S. Steel’s unconditional purchase obligations relate to the supply of industrial gases, and certain energy and utility services with terms ranging from two to 16 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 March 31, 2020 , if U. S. Steel were to terminate the agreement, it may be obligated to pay in excess of $131 million . Total payments relating to unconditional purchase obligations were $168 million and $158 million for the three months ended March 31, 2020 and 2019 , respectively. |
Significant Equity Investments
Significant Equity Investments | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Significant Equity Investments | 23. Significant Equity Investments Summarized unaudited income statement information for our significant equity investments for the three months ended March 31, 2020 and 2019 is reported below (amounts represent 100% of investee financial information): (In millions) 2020 2019 Net sales $ 317 $ 299 Cost of sales 287 259 Operating income 17 28 Net earnings 10 25 Net earnings attributable to significant equity investments 10 25 U. S. Steel's portion of the equity in net earnings of the significant equity investments above was $6 million and $14 million for the three months ended March 31, 2020 and 2019 , respectively, which is included in the earnings from investees line on the Condensed Consolidated Statement of Operations. |
Common Stock Repurchase Program
Common Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2020 | |
Common Stock Repurchase Program [Abstract] | |
Common Stock Repurchase Program | 24. Common Stock Repurchase Program In November 2018, U. S. Steel announced a two year common stock repurchase program that allowed for the repurchase of up to $300 million of its outstanding common stock from time to time in the open market or privately negotiated transactions at the discretion of management. During the three months ended March 31, 2019 , U. S. Steel repurchased 2,115,875 shares of common stock for approximately $42 million |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Flat-Rolled Operating Configuration In April of 2020, U. S. Steel announced operational adjustments across its North American footprint, including idling its Keetac Iron Ore Operations, Blast Furnaces #6 and #8 at Gary Works and Blast Furnace #1 at Mon Valley Works, reductions to coke production at its Clairton Plant, and reduced operating levels in the Tubular business and other production facilities, for an indefinite period of time. Additionally, U. S. Steel will adjust production at its Minntac operations in line with the blast furnace idlings. These actions will be taken to further enhance U. S. Steel’s ability to preserve cash and liquidity given the continued uncertainty from the coronavirus (COVID-19) and the continued headwinds in global oil and gas markets. As a result, we expect to record one-time restructuring charges of approximately $40 million to $50 million in the second quarter of 2020. Operating configurations are continuously being evaluated to properly respond to ever changing conditions. If further operational adjustments are made, additional one-time restructuring charges will be incurred. USSK Labor Productivity Strategy In April of 2020, USSK amended its labor agreement to include a Voluntary Early Retirement Program (VERP) that will be offered to certain employees of USSK. Employees can elect early retirement under the VERP between May 4, 2020 and May 22, 2020 with a termination date of June 30, 2020 for most employees. Special termination benefit charges of $25 million to $35 million are expected to be recorded in the second quarter of 2020 related to this VERP. Minntac Mine Option Agreement On April 30, 2020 (the Effective Date), the Company entered into an Option Agreement (Option Agreement) with Stelco Inc., a corporation governed under the laws of Canada (Stelco), pursuant to which, among other things, the Company granted Stelco the option (Option) to acquire an undivided 25% interest (the Option Interest) in a to-be-formed entity (the Joint Venture) that will own the Company’s current iron ore mine located in Mt. Iron, Minnesota (the Minntac Mine). As consideration for the Option, Stelco will pay the Company an aggregate amount of $100 million in five $20 million installments, which began on the Effective Date and will end on or before December 31, 2020 (the date upon which the final installment is paid, the Final Payment Date). In the event Stelco exercises the Option, Stelco will contribute an additional $500 million to the Joint Venture, and the parties will engage in good faith negotiations to finalize the master agreement (pursuant to which Stelco will acquire the Option Interest) and the limited liability company agreement of the Joint Venture. Concurrently with, and subject to, the execution and delivery of the Option Agreement, the Company and Stelco also entered into an Amended and Restated Pellet Sale and Purchase Contract. |
Recently Adopted Accounting S_2
Recently Adopted Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | 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 was effective for public companies for fiscal years beginning after December 15, 2019 including interim reporting periods. U. S. Steel adopted this standard effective January 1, 2020. The impact of adoption was not material to the Condensed Consolidated Financial Statements. U. S. Steel's significant financial instruments which are valued at cost are trade receivables (receivables). U. S. Steel's receivables carry standard industry terms and are categorized in two receivable pools, U.S. and U. S. Steel Europe (USSE). Both pools use customer specific risk ratings based on customer financial metrics, past payment experience and other factors and qualitatively consider economic conditions to assess the level of allowance for doubtful accounts. USSE mitigates credit risk for over 70 percent of its receivables balance using credit insurance, letters of credit, bank guarantees, prepayments or other collateral. Below is a summary of the allowance for doubtful accounts for the segments. Additional reserve recorded in the period ended March 31, 2020 primarily reflects uncertainty over near-term anticipated market conditions. (in millions) U.S. USSE Total Allowance Balance at December 31, 2019 $ 12 $ 16 $ 28 Additional reserve 5 — 5 Balance at March 31, 2020 $ 17 $ 16 $ 33 |
Recently Adopted Accounting S_3
Recently Adopted Accounting Standards (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of the Allowance for Doubtful Accounts | Below is a summary of the allowance for doubtful accounts for the segments. Additional reserve recorded in the period ended March 31, 2020 primarily reflects uncertainty over near-term anticipated market conditions. (in millions) U.S. USSE Total Allowance Balance at December 31, 2019 $ 12 $ 16 $ 28 Additional reserve 5 — 5 Balance at March 31, 2020 $ 17 $ 16 $ 33 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Results of Segment Operations | The results of segment operations for the three months ended March 31, 2020 and 2019 are: (In millions) Three Months Ended March 31, 2020 Customer Intersegment Net Earnings (loss) Earnings (loss) before interest and income taxes Flat-Rolled $ 1,974 $ 62 $ 2,036 $ 4 $ (35 ) USSE 505 1 506 — (14 ) Tubular 255 3 258 1 (48 ) Total reportable segments 2,734 66 2,800 5 (97 ) Other Businesses 14 28 42 (13 ) 1 Reconciling Items and Eliminations — (94 ) (94 ) — (279 ) Total $ 2,748 $ — $ 2,748 $ (8 ) $ (375 ) Three Months Ended March 31, 2019 Flat-Rolled $ 2,405 $ 69 $ 2,474 $ 7 $ 95 USSE 737 3 740 — 29 Tubular 343 2 345 2 10 Total reportable segments 3,485 74 3,559 9 134 Other Businesses 14 30 44 — 8 Reconciling Items and Eliminations — (104 ) (104 ) — (31 ) Total $ 3,499 $ — $ 3,499 $ 9 $ 111 |
Schedule of reconciling items to EBIT | The following is a schedule of reconciling items to consolidated earnings before interest and income taxes: Three Months Ended March 31, (In millions) 2020 2019 Items not allocated to segments: Tubular asset impairment charges (Notes 1 and 10) $ (263 ) $ — Restructuring and other charges (Note 21) (41 ) $ — Gain on previously held investment in UPI 25 — December 24, 2018 Clairton coke making facility fire — (31 ) Total reconciling items $ (279 ) $ (31 ) |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Allocation of the Aggregate Purchase Price Based on Estimated Fair Values | The following table presents the allocation of the aggregate purchase price based on estimated fair values. (in millions) Assets Acquired: Receivables $ 44 Inventories 96 Other current assets 3 Property, plant and equipment 97 Intangibles 54 Other noncurrent assets 1 Total Assets Acquired $ 295 Liabilities Assumed: UPI accounts payable for substrate purchased from U. S. Steel (a) $ 135 Accounts payable and accrued liabilities 19 Payroll and benefits payable 15 Current portion of long-term debt 55 Employee benefits 63 Total Liabilities Assumed $ 287 Fair value of previously held investment in UPI $ 5 Purchase price - net of cash acquired 3 Difference in assets acquired and liabilities assumed $ 8 (a) The transaction to purchase UPI included the assumption of $135 million of accounts payable owed to U. S. Steel for prior sales of steel substrate to UPI. This amount is reflected as a reduction in receivables from related parties in the Company's Condensed Consolidated Balance Sheet as both the corresponding receivable and payable amounts between U. S. Steel and UPI are eliminated in consolidation upon acquisition. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Product | Net Sales by Product (In millions): Three Months Ended March 31, 2020 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 27 $ 1 $ — $ — $ 28 Hot-rolled sheets 502 205 — — 707 Cold-rolled sheets 598 45 — — 643 Coated sheets 711 229 — — 940 Tubular products — 9 251 — 260 All Other (a) 136 16 4 14 170 Total $ 1,974 $ 505 $ 255 $ 14 $ 2,748 (a) Consists primarily of sales of raw materials and coke making by-products. Three Months Ended March 31, 2019 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 88 $ 4 $ — $ — $ 92 Hot-rolled sheets 763 332 — — 1,095 Cold-rolled sheets 661 88 — — 749 Coated sheets 728 279 — — 1,007 Tubular products — 9 335 — 344 All Other (a) 165 25 8 14 212 Total $ 2,405 $ 737 $ 343 $ 14 $ 3,499 (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) | 3 Months Ended |
Mar. 31, 2020 | |
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 Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statement of Cash Flows: (In millions) March 31, 2020 March 31, 2019 Cash and cash equivalents $ 1,350 $ 676 Restricted cash in other current assets 4 2 Long-term restricted cash 143 31 Total cash, cash equivalents and restricted cash $ 1,497 $ 709 |
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 Condensed Consolidated Balance Sheets that sum to the total of the same amounts shown in the Condensed Consolidated Statement of Cash Flows: (In millions) March 31, 2020 March 31, 2019 Cash and cash equivalents $ 1,350 $ 676 Restricted cash in other current assets 4 2 Long-term restricted cash 143 31 Total cash, cash equivalents and restricted cash $ 1,497 $ 709 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | (In millions) March 31, 2020 December 31, 2019 Raw materials $ 633 $ 628 Semi-finished products 954 720 Finished products 428 376 Supplies and sundry items 60 61 Total $ 2,075 $ 1,785 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Operating and Finance Leases by Balance Sheet Location | The following table summarizes the lease amounts included in our Condensed Consolidated Balance Sheet as of March 31, 2020 and December 31, 2019 . (In millions) Balance Sheet Location March 31, 2020 December 31, 2019 Assets Operating Operating lease assets (a) $ 246 $ 230 Finance Property, plant and equipment (b) 82 56 Total Lease Assets $ 328 $ 286 Liabilities Current Operating Current operating lease liabilities $ 60 $ 60 Finance Current portion of long-term debt 15 11 Non-Current Operating Noncurrent operating lease liabilities 193 177 Finance Long-term debt less unamortized discount and issue costs 74 51 Total Lease Liabilities $ 342 $ 299 (a) Operating lease assets are recorded net of accumulated amortization of $57 million and $50 million as of March 31, 2020 and December 31, 2019 , respectively. (b) Finance lease assets are recorded net of accumulated depreciation of $29 million and $27 million as of March 31, 2020 and December 31, 2019 , respectively. |
Schedule of Operating and Finance Lease Costs by Income Statement Location | The following table summarizes lease costs included in our Condensed Consolidated Statement of Operations for the three month periods ended March 31, 2020 and March 31, 2019 . (In millions) Classification Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Operating Lease Cost (a) Cost of sales $ 18 $ 21 Operating Lease Cost Selling, general and administrative expenses 3 3 Finance Lease Cost Amortization Depreciation, depletion and amortization 3 1 Interest Interest expense 1 — Total Lease Cost $ 25 $ 25 (a) Operating lease cost recorded in cost of sales includes $3 million and $5 million of variable lease cost for the three months ended March 31, 2020 and March 31, 2019 , respectively. An immaterial amount of variable lease cost is included in selling, general and administrative expenses and immaterial amounts of short-term lease cost are included in cost of sales and selling, general and administrative expenses. |
Schedule of Operating Lease Maturities | Lease liability maturities as of March 31, 2020 are shown below. (In millions) Operating Finance Total 2020 $ 59 $ 16 $ 75 2021 64 19 83 2022 51 23 74 2023 39 12 51 2024 31 9 40 After 2024 61 23 84 Total Lease Payments $ 305 $ 102 $ 407 Less: Interest 52 13 65 Present value of lease liabilities $ 253 $ 89 $ 342 |
Schedule of Financing Lease Maturities | Lease liability maturities as of March 31, 2020 are shown below. (In millions) Operating Finance Total 2020 $ 59 $ 16 $ 75 2021 64 19 83 2022 51 23 74 2023 39 12 51 2024 31 9 40 After 2024 61 23 84 Total Lease Payments $ 305 $ 102 $ 407 Less: Interest 52 13 65 Present value of lease liabilities $ 253 $ 89 $ 342 |
Schedule of Lease Terms and Discount Rates | Lease terms and discount rates are shown below. As of March 31, 2020 Weighted average lease term Finance 5 years Operating 5 years Weighted average discount rate Finance 5.07 % Operating 7.40 % |
Schedule of Cash Amounts Paid for Lease Liabilities | Supplemental cash flow information related to leases follows. (In millions) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18 $ 18 Operating cash flows from finance leases 1 — Financing cash flows from finance leases 2 — Right-of-use assets exchanged for lease liabilities: Operating leases 32 8 Finance leases 29 16 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 As of December 31, 2019 (In millions) Useful Gross Accumulated Impairment Accumulated Net Gross Accumulated Net Customer relationships 22 Years $ 132 $ 55 $ 77 $ — $ 132 $ 76 $ 56 Patents 10-15 Years 22 7 9 6 22 8 14 Energy Contract 10 Years 54 — 1 53 — — — Other Intangibles 4-20 Years 14 5 9 — 14 9 5 Total amortizable intangible assets $ 222 $ 67 $ 96 $ 59 $ 168 $ 93 $ 75 |
Pensions and Other Benefits (Ta
Pensions and Other Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost | The following table reflects the components of net periodic benefit cost for the three months ended March 31, 2020 and 2019 : Pension Other (In millions) 2020 2019 2020 2019 Service cost $ 12 $ 11 $ 3 $ 3 Interest cost 48 60 16 23 Expected return on plan assets (81 ) (81 ) (20 ) (20 ) Amortization of prior service cost — — (2 ) 7 Amortization of actuarial net loss (gain) 36 33 (4 ) 1 Net periodic benefit cost, excluding below 15 23 (7 ) 14 Multiemployer plans 21 18 — — Settlement, termination and curtailment losses (a) 6 — — — Net periodic benefit cost (income) $ 42 $ 41 $ (7 ) $ 14 (a) During the three months ended March 31, 2020 the pension plan incurred special termination charges of approximately $6 million due to workforce restructuring. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Awards Made under Plans | The following table is a summary of the awards made under the Omnibus Plan during the first three months of 2020 and 2019 . 2020 2019 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Restricted Stock Units 2,624,470 $ 8.83 975,750 $ 23.91 Performance Awards (c) TSR 659,620 $ 8.20 210,520 $ 29.22 ROCE (d) — $ — 526,140 $ 23.92 (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 2020 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) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computations for Basic and Diluted Earnings Per Common Share from Continuing Operations | The computations for basic and diluted (loss) earnings per common share from continuing operations are as follows: Three Months Ended March 31, (Dollars in millions, except per share amounts) 2020 2019 (Loss) earnings attributable to United States Steel Corporation stockholders $ (391 ) $ 54 Weighted-average shares outstanding (in thousands): Basic 170,224 173,241 Effect of convertible notes — — Effect of stock options, restricted stock units and performance awards — 1,304 Adjusted weighted-average shares outstanding, diluted 170,224 174,545 Basic (loss) earnings per common share $ (2.30 ) $ 0.31 Diluted (loss) earnings per common share $ (2.30 ) $ 0.31 |
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 March 31, (In thousands) 2020 2019 Securities granted under the 2016 Omnibus Incentive Compensation Plan, as amended 4,942 3,179 Securities convertible under the Senior Convertible Notes — — Total 4,942 3,179 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and March 31, 2019 : Hedge Contracts Classification March 31, 2020 March 31, 2019 Natural gas (in mmbtus) Commodity purchase swaps 52,464,000 56,894,000 Tin (in metric tons) Commodity purchase swaps 870 1,475 Zinc (in metric tons) Commodity purchase swaps 21,044 13,651 Electricity (in megawatt hours) Commodity purchase swaps 1,024,000 — Foreign currency (in millions of euros) Foreign exchange forwards € 259 € 296 Foreign currency (in millions of CAD) Foreign exchange forwards C$ 23 C$ 48 |
Location and Amounts of Fair Values Related to Derivatives in Financial Statements | The following summarizes the fair value amounts included in our Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 : (In millions) Designated as Hedging Instruments Balance Sheet Location March 31, 2020 December 31, 2019 Commodity purchase swaps Accounts receivable 2 1 Commodity purchase swaps Accounts payable 27 17 Commodity purchase swaps Investments and long-term receivables — 1 Commodity purchase swaps Other long-term liabilities 5 7 Foreign exchange forwards Accounts receivable 6 — Foreign exchange forwards Accounts payable 2 1 Not Designated as Hedging Instruments Commodity purchase swaps Accounts payable 1 — Commodity purchase swaps Other long-term liabilities 1 — Foreign exchange forwards Accounts receivable 3 4 |
Schedule of Effect of Hedge Accounting on Accumulated Other Comprehensive Income | The table below summarizes the effect of hedge accounting on AOCI and amounts reclassified from AOCI into earnings for the three months ended March 31, 2020 and 2019 : Gain (Loss) on Derivatives in AOCI Amount of Gain (Loss) Recognized in Income (In millions) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Location of Reclassification from AOCI (a) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Commodity purchase swaps (8 ) 18 Cost of sales (b) (8 ) (4 ) Foreign exchange forwards 5 1 Cost of sales — — (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) 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 Condensed Consolidated Statement of Operations for the three months ended March 31, 2020 and 2019: Amount of Gain (Loss) Recognized in Income (In millions) Statement of Operations Location Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Commodity purchase swaps (a) Cost of sales (2 ) — Foreign exchange forwards Other financial costs 4 9 (a) In January 2020, we began utilizing commodity purchase swaps to mitigate variable electricity price risk at our Gary Works location. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | (In millions) Interest Rates % Maturity March 31, 2020 December 31, 2019 2037 Senior Notes 6.650 2037 $ 350 $ 350 2026 Senior Notes 6.250 2026 650 650 2026 Senior Convertible Notes 5.000 2026 350 350 2025 Senior Notes 6.875 2025 750 750 Environmental Revenue Bonds 4.875 - 6.750 2024 - 2049 620 620 Fairfield Caster Lease 2022 18 18 Other finance leases and all other obligations 2021 - 2029 75 48 ECA Credit Agreement Variable 2031 104 — Amended Credit Facility, $2.0 billion Variable 2024 1,500 600 UPI Amended Credit Facility Variable 2020 79 — USSK Credit Agreement Variable 2023 384 393 USSK Credit Facilities Variable 2021 — — Total Debt 4,880 3,779 Less unamortized discount and debt issuance costs 165 138 Less short-term debt and long-term debt due within one year 99 14 Long-term debt $ 4,616 $ 3,627 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of the Change in Fair Value by Option | The following table shows the change in fair value by option. (In millions) Balance Sheet Location Fair Value asset/(liability) Fair Value Fair Value asset/(liability) U. S. Steel Call Option Investments and Long-Term Receivables $ 166 $ (28 ) $ 138 Class B Common Deferred credits and other noncurrent liabilities $ (192 ) $ 39 $ (153 ) Class B Common Deferred credits and other noncurrent liabilities $ (2 ) $ — $ (2 ) Net Mark to Market Impact $ 11 |
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 March 31, 2020 and December 31, 2019 . March 31, 2020 December 31, 2019 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 4,009 $ 4,621 $ 3,576 $ 3,575 (a) Excludes finance lease obligations. |
Statement of Changes in Stock_2
Statement of Changes in Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Consolidated Statement of Changes in Equity | The following table reflects the first three months of 2020 and 2019 reconciliation of the carrying amount of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests: Three Months Ended Total Retained Earnings Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 4,093 $ 544 $ (478 ) $ 179 $ (173 ) $ 4,020 $ 1 Comprehensive income (loss): Net loss (391 ) (391 ) Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 52 52 Currency translation adjustment (23 ) (23 ) Derivative financial instruments (5 ) (5 ) Employee stock plans 2 (2 ) 4 Dividends paid on common stock (2 ) (2 ) Balance at March 31, 2020 3,726 151 (454 ) 179 (175 ) 4,024 1 Three Months Ended Total Retained Earnings Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 4,203 $ 1,212 $ (1,026 ) $ 177 $ (78 ) $ 3,917 $ 1 Comprehensive income (loss): Net earnings 54 54 Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 32 32 Currency translation adjustment (17 ) (17 ) Derivative financial instruments 15 15 Employee stock plans 2 1 (6 ) 7 Common stock repurchased (42 ) (42 ) Dividends paid on common stock (9 ) (9 ) Cumulative effect upon adoption of lease accounting standard (2 ) (2 ) Balance at March 31, 2019 4,236 1,255 (996 ) 178 (126 ) 3,924 1 |
Reclassifications from Accumu_2
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Other Comprehensive Income Activity Net of Tax | (In millions) Pension and Foreign Unrealized Gain (Loss) on Derivatives Total Balance at December 31, 2019 $ (843 ) $ 381 $ (16 ) $ (478 ) Other comprehensive income (loss) before reclassifications 7 (23 ) (17 ) (33 ) Amounts reclassified from AOCI (a) 45 — 12 57 Net current-period other comprehensive income (loss) 52 (23 ) (5 ) 24 Balance at March 31, 2020 $ (791 ) $ 358 $ (21 ) $ (454 ) Balance at December 31, 2018 $ (1,416 ) $ 403 $ (13 ) $ (1,026 ) Other comprehensive (loss) income before reclassifications (b) — (17 ) 25 8 Amounts reclassified from AOCI (a)(b) 32 — (10 ) 22 Net current-period other comprehensive income (loss) 32 (17 ) 15 30 Balance at March 31, 2019 $ (1,384 ) $ 386 $ 2 $ (996 ) (a) See table below for further details. (b) The Company previously disclosed in Note 20 to the Condensed Consolidated Financial Statements in its Quarterly Report on Form 10-Q for the period ended March 31, 2019, an increase to AOCI of $63 million in the Other comprehensive income before reclassifications line item and a decrease to AOCI of $31 million in the Amounts reclassified from AOCI line item for the three months ended March 31, 2019 amounts for Pension and Other Benefit Items. These amounts should have been disclosed as an increase to AOCI of $0 million and an increase to AOCI of $32 million , respectively, which have been corrected in the table above. The Company concluded that the errors were not material to the financial statements of any prior annual or interim period and therefore, amendments of previously filed reports are not required. The revision had no impact on the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Cash Flows or the Condensed Consolidated Statements of Comprehensive Income (Loss). Quarterly periods not presented herein will be revised, as applicable, in future filings. |
Defined Benefit Plan In other Comprehensive Income | Amount reclassified from AOCI (b) (In millions) Three Months Ended March 31, Details about AOCI components 2020 2019 Amortization of pension and other benefit items Prior service costs (a) $ (2 ) $ 7 Actuarial losses (a) 32 34 UPI Purchase Accounting Adjustment 23 — Total pensions and other benefits items 53 41 Derivative reclassifications to Condensed Consolidated Statements of Operations 12 (13 ) Total before tax 65 28 Tax provision (8 ) (6 ) Net of tax $ 57 $ 22 (a) These AOCI components are included in the computation of net periodic benefit cost (see Note 11 for additional details). (b) |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Accrued Balances From Restructuring and Other Charges | The activity in the accrued balances incurred in relation to restructuring programs during the three months ended March 31, 2020 were as follows: (In millions) Employee Related Costs Exit Costs Total Balance at December 31, 2019 $ 87 $ 125 $ 212 Additional charges 18 23 41 Cash payments/utilization (4 ) (4 ) (8 ) Balance at March 31, 2020 $ 101 $ 144 $ 245 |
Schedule of Accrued Liabilities for Restructuring on Balance Sheet | Accrued liabilities for restructuring programs are included in the following balance sheet lines: (In millions) March 31, 2020 December 31, 2019 Accounts payable $ 66 $ 46 Payroll and benefits payable 73 64 Employee benefits 28 23 Deferred credits and other noncurrent liabilities 78 79 Total $ 245 $ 212 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 Claims Closing December 31, 2017 3,340 275 250 3,315 December 31, 2018 3,315 1,285 290 2,320 December 31, 2019 2,320 195 265 2,390 March 31, 2020 2,390 90 100 2,400 |
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) Three Months Ended March 31, 2020 Beginning of period $ 186 Accruals for environmental remediation deemed probable and reasonably estimable 1 Obligations settled (9 ) End of period $ 178 |
Accrued Liabilities for Remediation Activities Included in Balance Sheet | Accrued liabilities for remediation activities are included in the following Condensed Consolidated Balance Sheet lines: (In millions) March 31, 2020 December 31, 2019 Accounts payable $ 55 $ 53 Deferred credits and other noncurrent liabilities 123 133 Total $ 178 $ 186 |
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 2020 2021 2022 2023 2024 Later Total $568 $675 $568 $335 $108 $612 $2,866 |
Significant Equity Investments
Significant Equity Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Unaudited Income Statement Information for Significant Equity Investments | Summarized unaudited income statement information for our significant equity investments for the three months ended March 31, 2020 and 2019 is reported below (amounts represent 100% of investee financial information): (In millions) 2020 2019 Net sales $ 317 $ 299 Cost of sales 287 259 Operating income 17 28 Net earnings 10 25 Net earnings attributable to significant equity investments 10 25 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Impairment | $ 263,000,000 | $ 0 |
Welded Tubular Asset Group | ||
Property, Plant and Equipment [Line Items] | ||
Impairment | 263,000,000 | |
Impairment of property, plant and equipmentt | 196,000,000 | |
Impairment of intangible assets | 67,000,000 | |
Seamless Tubular Asset Group | ||
Property, Plant and Equipment [Line Items] | ||
Impairment | $ 0 |
Recently Adopted Accounting S_4
Recently Adopted Accounting Standards - Narrative (Details) | Mar. 31, 2020 |
USSE | |
Segment Reporting Information [Line Items] | |
Credit risk threshold at which mitigation practices take effect | 70.00% |
Recently Adopted Accounting S_5
Recently Adopted Accounting Standards - Summary of the Allowance for Doubtful Accounts (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balance at December 31, 2019 | $ 28 |
Additional reserve | 5 |
Balance at March 31, 2020 | 33 |
U.S. | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balance at December 31, 2019 | 12 |
Additional reserve | 5 |
Balance at March 31, 2020 | 17 |
USSE | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balance at December 31, 2019 | 16 |
Additional reserve | 0 |
Balance at March 31, 2020 | $ 16 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - Results o
Segment Information - Results of Segment Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 2,748 | $ 3,499 |
Earnings (loss) from investees | (8) | 9 |
Earnings (loss) before interest and income taxes | (375) | 111 |
Flat-Rolled | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,974 | 2,405 |
Earnings (loss) from investees | 4 | 7 |
Earnings (loss) before interest and income taxes | (35) | 95 |
USSE | ||
Segment Reporting Information [Line Items] | ||
Net sales | 505 | 737 |
Earnings (loss) from investees | 0 | 0 |
Earnings (loss) before interest and income taxes | (14) | 29 |
Tubular | ||
Segment Reporting Information [Line Items] | ||
Net sales | 255 | 343 |
Earnings (loss) from investees | 1 | 2 |
Earnings (loss) before interest and income taxes | (48) | 10 |
Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,734 | 3,485 |
Earnings (loss) from investees | 5 | 9 |
Earnings (loss) before interest and income taxes | (97) | 134 |
Other Businesses | ||
Segment Reporting Information [Line Items] | ||
Net sales | 14 | 14 |
Earnings (loss) from investees | (13) | 0 |
Earnings (loss) before interest and income taxes | 1 | 8 |
Reconciling Items and Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Earnings (loss) from investees | 0 | 0 |
Earnings (loss) before interest and income taxes | (279) | (31) |
Net Sales | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,748 | 3,499 |
Net Sales | Flat-Rolled | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,036 | 2,474 |
Net Sales | USSE | ||
Segment Reporting Information [Line Items] | ||
Net sales | 506 | 740 |
Net Sales | Tubular | ||
Segment Reporting Information [Line Items] | ||
Net sales | 258 | 345 |
Net Sales | Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,800 | 3,559 |
Net Sales | Other Businesses | ||
Segment Reporting Information [Line Items] | ||
Net sales | 42 | 44 |
Net Sales | Reconciling Items and Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net sales | (94) | (104) |
Intersegment Sales | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Intersegment Sales | Flat-Rolled | ||
Segment Reporting Information [Line Items] | ||
Net sales | 62 | 69 |
Intersegment Sales | USSE | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1 | 3 |
Intersegment Sales | Tubular | ||
Segment Reporting Information [Line Items] | ||
Net sales | 3 | 2 |
Intersegment Sales | Total reportable segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 66 | 74 |
Intersegment Sales | Other Businesses | ||
Segment Reporting Information [Line Items] | ||
Net sales | 28 | 30 |
Intersegment Sales | Reconciling Items and Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ (94) | $ (104) |
Segment Information - Schedule
Segment Information - Schedule of Reconciling Items to EBIT (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other items not allocated to segments | ||
Total reconciling items | $ (375) | $ 111 |
Reconciling Items and Eliminations | ||
Other items not allocated to segments | ||
Total reconciling items | (279) | (31) |
Reconciling Items and Eliminations | Restructuring and other charges (Note 21) | ||
Other items not allocated to segments | ||
Total reconciling items | (41) | 0 |
Reconciling Items and Eliminations | Tubular | Tubular asset impairment charges (Notes 1 and 10) | ||
Other items not allocated to segments | ||
Total reconciling items | (263) | 0 |
Reconciling Items and Eliminations | UPI | Gain on previously held investment in UPI | ||
Other items not allocated to segments | ||
Total reconciling items | 25 | 0 |
Reconciling Items and Eliminations | Clairton | December 24, 2018 Clairton coke making facility fire | ||
Other items not allocated to segments | ||
Total reconciling items | $ 0 | $ (31) |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) - USS-POSCO Industries (UPI) T in Millions, $ in Millions | Feb. 29, 2020USD ($)T | Mar. 31, 2020 |
Business Acquisition [Line Items] | ||
Ownership interest acquired | 50.00% | |
Purchase price, net of cash acquired | $ 3 | |
Cash received in acquisition | 2 | |
UPI accounts payable for substrate purchased from U. S. Steel (a) | $ 135 | |
Annual production capability | T | 1.5 | |
Fair value of investment | $ 5 | |
Remeasurement gain | 25 | |
Step-up to fair value for property, plant and equipment | 47 | |
Step-up to fair value for intangible asset for a beneficial energy contract | $ 54 | |
Useful Lives | 10 years |
Acquisition - Allocation of the
Acquisition - Allocation of the Aggregate Purchase Price Based on Estimated Fair Values (Details) - USS-POSCO Industries (UPI) $ in Millions | Feb. 29, 2020USD ($) |
Assets Acquired: | |
Receivables | $ 44 |
Inventories | 96 |
Other current assets | 3 |
Property, plant and equipment | 97 |
Intangibles | 54 |
Other noncurrent assets | 1 |
Total Assets Acquired | 295 |
Liabilities Assumed: | |
UPI accounts payable for substrate purchased from U. S. Steel (a) | 135 |
Accounts payable and accrued liabilities | 19 |
Payroll and benefits payable | 15 |
Current portion of long-term debt | 55 |
Employee benefits | 63 |
Total Liabilities Assumed | 287 |
Fair value of previously held investment in UPI | 5 |
Purchase price - net of cash acquired | 3 |
Difference in assets acquired and liabilities assumed | $ 8 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 2,748 | $ 3,499 |
Semi-finished | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 28 | 92 |
Hot-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 707 | 1,095 |
Cold-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 643 | 749 |
Coated sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 940 | 1,007 |
Tubular products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 260 | 344 |
All Other (a) | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 170 | 212 |
Flat-Rolled | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,974 | 2,405 |
Flat-Rolled | Semi-finished | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 27 | 88 |
Flat-Rolled | Hot-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 502 | 763 |
Flat-Rolled | Cold-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 598 | 661 |
Flat-Rolled | Coated sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 711 | 728 |
Flat-Rolled | Tubular products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Flat-Rolled | All Other (a) | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 136 | 165 |
USSE | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 505 | 737 |
USSE | Semi-finished | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1 | 4 |
USSE | Hot-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 205 | 332 |
USSE | Cold-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 45 | 88 |
USSE | Coated sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 229 | 279 |
USSE | Tubular products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 9 | 9 |
USSE | All Other (a) | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 16 | 25 |
Tubular | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 255 | 343 |
Tubular | Semi-finished | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Tubular | Hot-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Tubular | Cold-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Tubular | Coated sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Tubular | Tubular products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 251 | 335 |
Tubular | All Other (a) | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 4 | 8 |
Other Businesses | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 14 | 14 |
Other Businesses | Semi-finished | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Other Businesses | Hot-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Other Businesses | Cold-rolled sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Other Businesses | Coated sheets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Other Businesses | Tubular products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Other Businesses | All Other (a) | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 14 | $ 14 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2020Segment | |
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 | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Cash and cash equivalents | $ 1,350 | $ 749 | $ 676 | |
Restricted cash in other current assets | 4 | 2 | ||
Long-term restricted cash | 143 | 188 | 31 | |
Total cash, cash equivalents and restricted cash | 1,497 | $ 939 | $ 709 | $ 1,040 |
Fifth Amended and Restated Credit Agreement | ||||
Cash borrowings received | $ 800 |
Inventories - Inventory Disclos
Inventories - Inventory Disclosure (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 633 | $ 628 |
Semi-finished products | 954 | 720 |
Finished products | 428 | 376 |
Supplies and sundry items | 60 | 61 |
Total | $ 2,075 | $ 1,785 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |||
Percent of Last-in, First-out (LIFO) inventory to total inventory values | 65.00% | 75.00% | |
Estimate in excess of current acquisition costs over stated inventory values | $ 762 | $ 735 | |
Increase in cost of sales and decrease in earnings before interest and income taxes as a result of liquidation of LIFO inventories | 5 | $ 1 | |
Land held for residential or commercial development | $ 40 | $ 40 |
Leases - Schedule of Leases by
Leases - Schedule of Leases by Balance Sheet Location (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 246 | $ 230 |
Finance Lease, Right-of-Use Asset | 82 | 56 |
Total Lease Assets | 328 | 286 |
Operating Lease, Liability, Current | 60 | 60 |
Finance Lease, Liability, Current | 15 | 11 |
Operating Lease, Liability, Noncurrent | 193 | 177 |
Finance Lease, Liability, Noncurrent | 74 | 51 |
Total Lease Liabilities | 342 | 299 |
Operating Lease, Right-of-Use Asset, Accumulated Amortization | 57 | 50 |
Finance lease, Accumulated Depreciation | $ 29 | $ 27 |
Leases Leases - Schedule of Ope
Leases Leases - Schedule of Operating and Finance Lease Costs by Income Statement Location (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Right-Of-Use Asset, Depreciation, Depletion And Amortization | $ 3 | $ 1 |
Finance Lease, Right-Of-Use Asset, Interest | 1 | 0 |
Total Lease Cost | 25 | 25 |
Variable Lease, Cost | 3 | 5 |
Cost of sales | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Cost | 18 | 21 |
Selling, general and administrative expenses | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Cost | $ 3 | $ 3 |
Leases - Schedule of Operating
Leases - Schedule of Operating and Finance Lease Maturities (Details) $ in Millions | Mar. 31, 2020USD ($) |
Operating | |
2020 | $ 59 |
2021 | 64 |
2022 | 51 |
2023 | 39 |
2024 | 31 |
After 2024 | 61 |
Total Lease Payments | 305 |
Less: Interest | 52 |
Present value of lease liabilities | 253 |
Finance | |
2020 | 16 |
2021 | 19 |
2022 | 23 |
2023 | 12 |
2024 | 9 |
After 2024 | 23 |
Total Lease Payments | 102 |
Less: Interest | 13 |
Present value of lease liabilities | 89 |
Total | |
2020 | 75 |
2021 | 83 |
2022 | 74 |
2023 | 51 |
2024 | 40 |
After 2024 | 84 |
Total Lease Payments | 407 |
Less: Interest | 65 |
Present value of lease liabilities | $ 342 |
Leases - Schedule of Lease Term
Leases - Schedule of Lease Terms and Discount Rates (Details) | Mar. 31, 2020 |
Weighted Average Lease Term [Abstract] | |
Finance | 5 years |
Operating | 5 years |
Weighted Average Discount Rate [Abstract] | |
Finance | 5.07% |
Operating | 7.40% |
Leases - Schedule of Cash Amoun
Leases - Schedule of Cash Amounts Paid for Lease Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 18 | $ 18 |
Operating cash flows from finance leases | 1 | 0 |
Financing cash flows from finance leases | 2 | 0 |
Right-of-use asset obtained in exchange for operating lease liabilities | 32 | 8 |
Capital expenditures funded by finance lease borrowings | $ 29 | $ 16 |
Intangible Assets - Amortizable
Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 222 | $ 168 |
Accumulated Impairment | 67 | |
Accumulated Amortization | 96 | 93 |
Net Amount | $ 59 | 75 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 22 years | |
Gross Carrying Amount | $ 132 | 132 |
Accumulated Impairment | 55 | |
Accumulated Amortization | 77 | 76 |
Net Amount | 0 | 56 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22 | 22 |
Accumulated Impairment | 7 | |
Accumulated Amortization | 9 | 8 |
Net Amount | $ 6 | 14 |
Patents | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years | |
Patents | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 15 years | |
Energy Contract | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years | |
Gross Carrying Amount | $ 54 | 0 |
Accumulated Impairment | 0 | |
Accumulated Amortization | 1 | 0 |
Net Amount | 53 | 0 |
Other Intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14 | 14 |
Accumulated Impairment | 5 | |
Accumulated Amortization | 9 | 9 |
Net Amount | $ 0 | $ 5 |
Other Intangibles | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 4 years | |
Other Intangibles | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 20 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | Feb. 29, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Indefinite-lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 3 | $ 2 | ||
Estimated amortization expense, remainder of the year | 5 | |||
Estimated amortization expense, year two | 6 | |||
Estimated amortization expense, year three | 6 | |||
Estimated amortization expense, year four | 6 | |||
Estimated amortization expense, year five | $ 6 | |||
USS-POSCO Industries (UPI) | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Fair value of intangible asset acquired | $ 54 | |||
Useful Lives | 10 years | |||
Use Rights | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Carrying amount of acquired water rights with indefinite lives | $ 75 | $ 75 | ||
Energy Contract | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Useful Lives | 10 years | |||
Welded Tubular Asset Group | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets | $ 67 |
Pensions and Other Benefits - N
Pensions and Other Benefits - Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Settlement, termination and curtailment losses (a) | $ 6 | |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 12 | $ 11 |
Interest cost | 48 | 60 |
Expected return on plan assets | (81) | (81) |
Amortization of prior service cost | 0 | 0 |
Amortization of actuarial net loss (gain) | 36 | 33 |
Net periodic benefit cost, excluding below | 15 | 23 |
Multiemployer plans | 21 | 18 |
Settlement, termination and curtailment losses (a) | 6 | 0 |
Net periodic benefit cost (income) | 42 | 41 |
Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 3 | 3 |
Interest cost | 16 | 23 |
Expected return on plan assets | (20) | (20) |
Amortization of prior service cost | (2) | 7 |
Amortization of actuarial net loss (gain) | (4) | 1 |
Net periodic benefit cost, excluding below | (7) | 14 |
Multiemployer plans | 0 | 0 |
Settlement, termination and curtailment losses (a) | 0 | 0 |
Net periodic benefit cost (income) | $ (7) | $ 14 |
Pensions and Other Benefits - A
Pensions and Other Benefits - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cash contribution by employer to defined contribution plans | $ 10 | $ 10 |
Steelworkers Pension Trust | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions, defined benefit plan and other post retirement benefits | 20 | |
Other Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions, defined benefit plan and other post retirement benefits | 1 | |
Unfunded Other Postretirement Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions, defined benefit plan and other post retirement benefits | $ 10 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Summary of Awards Made under Plans (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, other than stock options | 2,624,470 | 975,750 |
Grant date fair value per share of awards other than stock options | $ 8.83 | $ 23.91 |
Total Shareholder Return (TSR) Performance Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, other than stock options | 659,620 | 210,520 |
Grant date fair value per share of awards other than stock options | $ 8.20 | $ 29.22 |
Return On Capital Employed (ROCE) Performance Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, other than stock options | 0 | 526,140 |
Grant date fair value per share of awards other than stock options | $ 0 | $ 23.92 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | Apr. 28, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Apr. 25, 2017 | Apr. 26, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense recognized | $ 4 | $ 8 | |||
Unrecognized compensation costs related to non-vested stocks | $ 30 | ||||
Weighted average period for recognizing non-vested stock-based compensation costs | 21 months | ||||
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 | ||||
Performance Period Weighting Year One, Year Two, Year Three (Individually) | 20.00% | ||||
Performance Period Weighting All Three Years | 40.00% | ||||
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 | ||||
Number of shares available for future grants | 926,361 | ||||
Omnibus Incentive Compensation Plan 2016 | Subsequent Event | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Additional number of shares approved to be available for grant (in shares) | 4,700,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Tax (benefit) provision | $ (19) | $ 8 | |
Earnings (loss) before income taxes | (410) | $ 62 | |
Discrete tax benefit related to accounting exception | 10 | ||
Unrecognized tax benefits | 3 | $ 3 | |
Total amount of unrecognized tax benefits that, if recognized, would affect effective tax rate | 2 | 2 | |
Accrued liabilities, interest on unrecognized tax benefits | $ 2 | $ 2 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
(Loss) earnings attributable to United States Steel Corporation stockholders | $ (391) | $ 54 |
Weighted-average shares outstanding (in thousands): | ||
Basic | 170,224 | 173,241 |
Effect of convertible notes | 0 | 0 |
Effect of stock options, restricted stock units and performance awards | 0 | 1,304 |
Adjusted weighted-average shares outstanding, diluted | 170,224 | 174,545 |
Basic (loss) earnings per common share | $ (2.30) | $ 0.31 |
Diluted (loss) earnings per common share | $ (2.30) | $ 0.31 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 4,942 | 3,179 |
Securities granted under the 2016 Omnibus Incentive Compensation Plan, as amended | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 4,942 | 3,179 |
Securities convertible under the Senior Convertible Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 |
Earnings and Dividends Per Co_5
Earnings and Dividends Per Common Share - Additional Information (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Quarterly dividend per common share | $ 0.01 | $ 0.05 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Detail) - Cash flow hedges € in Millions, $ in Millions | Mar. 31, 2020CAD ($)MMBTUT | Mar. 31, 2020EUR (€)MMBTUT | Mar. 31, 2019CAD ($)MMBTUT | Mar. 31, 2019EUR (€)MMBTUT |
Foreign exchange forwards | ||||
Derivative [Line Items] | ||||
Notional amount of derivatives | $ 23 | € 259 | $ 48 | € 296 |
Natural gas (in mmbtus) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | MMBTU | 52,464,000 | 52,464,000 | 56,894,000 | 56,894,000 |
Tin (in metric tons) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 870 | 870 | 1,475 | 1,475 |
Zinc (in metric tons) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 21,044 | 21,044 | 13,651 | 13,651 |
Electricity (in megawatt hours) | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 1,024,000 | 1,024,000 | 0 | 0 |
Derivative Instruments - Locati
Derivative Instruments - Location and Amounts of Fair Values Related to Derivatives in Financial Statements (Detail) - Cash flow hedges - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts receivable | Commodity purchase swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, assets | $ 2 | $ 1 |
Accounts receivable | Foreign exchange forward contracts | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, assets | 6 | 0 |
Derivatives not designated as hedging instruments, assets | 3 | 4 |
Accounts payable | Commodity purchase swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, liabilities | 27 | 17 |
Derivatives not designated as hedging instruments, liabilities | 1 | 0 |
Accounts payable | Foreign exchange forward contracts | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, liabilities | 2 | 1 |
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 | 5 | 7 |
Derivatives not designated as hedging instruments, liabilities | $ 1 | $ 0 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Effect of Hedge Accounting on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedge ineffectiveness | $ 1 | $ 1 |
Commodity purchase swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives in AOCI | (8) | 18 |
Foreign exchange forwards | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivatives in AOCI | 5 | 1 |
Cost of sales | Commodity purchase swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in income | (8) | (4) |
Cost of sales | Foreign exchange forwards | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in income | $ 0 | $ 0 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Commodity purchase swaps | Cost of sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in income | $ (2) | $ 0 |
Foreign exchange forwards | Other financial costs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in income | $ 4 | $ 9 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2018 | |
Foreign exchange forwards | ||
Derivative [Line Items] | ||
Derivative, remaining maturity | 9 months | |
Foreign exchange forwards | Maximum | ||
Derivative [Line Items] | ||
Derivatives, term of contract (up to) | 12 months | |
Commodity purchase swaps | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivatives, term of contract (up to) | 21 months | |
Commodity purchase swaps | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivatives, term of contract (up to) | 34 months | |
Cost of sales | ||
Derivative [Line Items] | ||
Derivative in AOCI to be recognized in income within 1 year | $ 21 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Debt and finance lease obligation | $ 4,880,000,000 | $ 3,779,000,000 |
Less unamortized discount and debt issuance costs | 165,000,000 | 138,000,000 |
Less short-term debt and long-term debt due within one year | 99,000,000 | 14,000,000 |
Long-term debt | $ 4,616,000,000 | 3,627,000,000 |
2037 Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.65% | |
Debt and finance lease obligation | $ 350,000,000 | 350,000,000 |
2026 Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.25% | |
Debt and finance lease obligation | $ 650,000,000 | 650,000,000 |
2026 Senior Convertible Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.00% | |
Debt and finance lease obligation | $ 350,000,000 | 350,000,000 |
2025 Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.875% | |
Debt and finance lease obligation | $ 750,000,000 | 750,000,000 |
Environmental Revenue Bonds | ||
Debt Instrument [Line Items] | ||
Debt and finance lease obligation | $ 620,000,000 | 620,000,000 |
Environmental Revenue Bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.88% | |
Environmental Revenue Bonds | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.75% | |
Fairfield Caster Lease | ||
Debt Instrument [Line Items] | ||
Debt and finance lease obligation | $ 18,000,000 | 18,000,000 |
Other finance leases and all other obligations | ||
Debt Instrument [Line Items] | ||
Debt and finance lease obligation | $ 75,000,000 | 48,000,000 |
ECA Credit Agreement | ||
Debt Instrument [Line Items] | ||
Interest rate description | Variable | |
Debt and finance lease obligation | $ 104,000,000 | 0 |
Amended Credit Facility, $2.0 billion | ||
Debt Instrument [Line Items] | ||
Interest rate description | Variable | |
Debt and finance lease obligation | $ 1,500,000,000 | 600,000,000 |
Maximum borrowing capacity | $ 2,000,000,000 | |
UPI Amended Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest rate description | Variable | |
Debt and finance lease obligation | $ 79,000,000 | 0 |
Maximum borrowing capacity | $ 110,000,000 | |
USSK Credit Agreement | ||
Debt Instrument [Line Items] | ||
Interest rate description | Variable | |
Debt and finance lease obligation | $ 384,000,000 | 393,000,000 |
USSK Credit Facilities | ||
Debt Instrument [Line Items] | ||
Interest rate description | Variable | |
Debt and finance lease obligation | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) € in Millions | Dec. 10, 2019 | Mar. 31, 2020USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2020EUR (€) | Mar. 31, 2020USD ($) |
ECA Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Amounts drawn on credit facility | $ 104,000,000 | |||||
Loan terms | 6 months | |||||
Amended Credit Facility, $2.0 billion | ||||||
Debt Instrument [Line Items] | ||||||
Amounts drawn on credit facility | 1,500,000,000 | |||||
Maximum borrowing capacity | 2,000,000,000 | |||||
Increase (decrease) in the amount available under the facility | $ (200,000,000) | |||||
Available borrowing capacity | $ 300,000,000 | |||||
Length debt maturity could be extended if liquidity conditions are not met | 91 days | |||||
Amended Credit Facility, $2.0 billion | Covenant Requirement | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio, minimum | 1 | 1 | ||||
Fixed charge coverage ratio, maximum | 1 | 1 | ||||
Percentage of total aggregate commitments, upper range under financial covenant | 10.00% | 10.00% | ||||
Credit Agreement, upper range of outstanding debt | $ 200,000,000 | |||||
UPI Amended Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Amounts drawn on credit facility | 79,000,000 | |||||
Maximum borrowing capacity | 110,000,000 | |||||
Available borrowing capacity | 13,000,000 | |||||
Minimum | ECA Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Loan terms | 5 years | |||||
Maximum | ECA Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Loan terms | 8 years | |||||
Maximum | Change in control event | ||||||
Debt Instrument [Line Items] | ||||||
Obligations under financing arrangements | 4,166,000,000 | |||||
Maximum | Fairfield slab caster | ||||||
Debt Instrument [Line Items] | ||||||
Obligations under financing arrangements | 19,000,000 | |||||
Revolving Credit Facility | USSK Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Amounts drawn on credit facility | € 350 | 384,000,000 | ||||
Maximum borrowing capacity | 460 | 504,000,000 | ||||
Available borrowing capacity | 110 | 120,000,000 | ||||
Revolving Credit Facility | USSK Credit Facilities | ||||||
Debt Instrument [Line Items] | ||||||
Amounts drawn on credit facility | 0 | |||||
Maximum borrowing capacity | 33,000,000 | |||||
Available borrowing capacity | 32,000,000 | |||||
Customs and other guarantees outstanding | $ 1,000,000 | |||||
Revolving Credit Facility | USSK €20 Million Unsecured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | € | 20 | |||||
Revolving Credit Facility | USSK €10 Million Unsecured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | € | € 10 | |||||
Subsequent Event | Revolving Credit Facility | USSK Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Net Debt to EBIDTA Ratio Maximum | 3.5 | 6.5 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of the Change in Fair Value by Option (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Fair Value Mark to Market gain/(loss) | $ 11 |
Call Option | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Fair Value asset/(liability) at December 31, 2019 | 166 |
Fair Value Mark to Market gain/(loss) | (28) |
Fair Value asset/(liability) at March 31, 2020 | 138 |
Class B Common | Call Option | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Fair Value asset/(liability) at December 31, 2019 | (2) |
Fair Value Mark to Market gain/(loss) | 0 |
Fair Value asset/(liability) at March 31, 2020 | (2) |
Class B Common | Put Option | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Fair Value asset/(liability) at December 31, 2019 | (192) |
Fair Value Mark to Market gain/(loss) | 39 |
Fair Value asset/(liability) at March 31, 2020 | $ (153) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Assets and Liabilities Not Carried at Fair Value (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value | ||
Financial liabilities: | ||
Long-term debt | $ 4,009 | $ 3,576 |
Carrying Amount | ||
Financial liabilities: | ||
Long-term debt | $ 4,621 | $ 3,575 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | Oct. 31, 2019 | Mar. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net change in fair value of options | $ 11 | |
Big River Steel | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Ownership interest acquired | 49.90% | |
Voting interests yet to be acquired | 50.10% | |
Opition term over which remaining voting interests may be acquired | 4 years |
Statement of Changes in Stock_3
Statement of Changes in Stockholders' Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2019 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | $ 4,093 | $ 4,203 | |
Comprehensive income (loss): | |||
Net (loss) earnings | (391) | 54 | |
Other comprehensive income (loss), net of tax: | |||
Pension and other benefit adjustments | 52 | 32 | |
Currency translation adjustment | (23) | (17) | |
Derivative financial instruments | (5) | 15 | |
Employee stock plans | 2 | 2 | |
Common stock repurchased | (42) | ||
Dividends paid on common stock | (2) | (9) | |
Ending balance | 3,726 | 4,236 | |
Retained Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 544 | 1,212 | |
Comprehensive income (loss): | |||
Net (loss) earnings | (391) | 54 | |
Other comprehensive income (loss), net of tax: | |||
Dividends paid on common stock | (2) | (9) | |
Ending balance | 151 | 1,255 | |
Accumulated Other Comprehensive (Loss) Income | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (478) | (1,026) | |
Other comprehensive income (loss), net of tax: | |||
Pension and other benefit adjustments | 52 | 32 | |
Currency translation adjustment | (23) | (17) | |
Derivative financial instruments | (5) | 15 | |
Ending balance | (454) | (996) | |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 179 | 177 | |
Other comprehensive income (loss), net of tax: | |||
Employee stock plans | 1 | ||
Ending balance | 179 | 178 | |
Treasury Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (173) | (78) | |
Other comprehensive income (loss), net of tax: | |||
Employee stock plans | (2) | (6) | |
Common stock repurchased | (42) | ||
Ending balance | (175) | (126) | |
Paid-in Capital | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 4,020 | 3,917 | |
Other comprehensive income (loss), net of tax: | |||
Employee stock plans | 4 | 7 | |
Ending balance | 4,024 | 3,924 | |
Non- Controlling Interest | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 1 | 1 | |
Other comprehensive income (loss), net of tax: | |||
Ending balance | $ 1 | $ 1 | |
Cumulative effect upon adoption of lease accounting standard | |||
Other comprehensive income (loss), net of tax: | |||
Cumulative effect upon adoption of lease accounting standard | $ (2) | ||
Cumulative effect upon adoption of lease accounting standard | Retained Earnings | |||
Other comprehensive income (loss), net of tax: | |||
Cumulative effect upon adoption of lease accounting standard | $ (2) |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | $ (478) | $ (1,026) |
Other comprehensive income (loss) before reclassifications | (33) | 8 |
Amounts reclassified from AOCI (a) | 57 | 22 |
Total other comprehensive income, net of tax | 24 | 30 |
Ending Balance | (454) | (996) |
Pension and Other Benefit Items | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (843) | (1,416) |
Other comprehensive income (loss) before reclassifications | 7 | 0 |
Amounts reclassified from AOCI (a) | 45 | 32 |
Total other comprehensive income, net of tax | 52 | 32 |
Ending Balance | (791) | (1,384) |
Foreign Currency Items | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | 381 | 403 |
Other comprehensive income (loss) before reclassifications | (23) | (17) |
Amounts reclassified from AOCI (a) | 0 | 0 |
Total other comprehensive income, net of tax | (23) | (17) |
Ending Balance | 358 | 386 |
Unrealized Gain (Loss) on Derivatives | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (16) | (13) |
Other comprehensive income (loss) before reclassifications | (17) | 25 |
Amounts reclassified from AOCI (a) | 12 | (10) |
Total other comprehensive income, net of tax | (5) | 15 |
Ending Balance | $ (21) | $ 2 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amortization of pension and other benefit items | ||
Total before tax | $ (410) | $ 62 |
Tax provision | 19 | (8) |
Net of tax | (391) | 54 |
Amount reclassified from AOCI (b) | ||
Amortization of pension and other benefit items | ||
Total before tax | 65 | 28 |
Tax provision | (8) | (6) |
Net of tax | 57 | 22 |
Pension and Other Benefit Items | Amount reclassified from AOCI (b) | ||
Amortization of pension and other benefit items | ||
Prior service costs (a) | (2) | 7 |
Actuarial losses (a) | 32 | 34 |
UPI Purchase Accounting Adjustment | 23 | 0 |
Total pensions and other benefits items | 53 | 41 |
Unrealized Gain (Loss) on Derivatives | Amount reclassified from AOCI (b) | ||
Amortization of pension and other benefit items | ||
Derivative reclassifications to Condensed Consolidated Statements of Operations | $ 12 | $ (13) |
Reclassifications from Accumu_5
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income before reclassifications | $ 33 | $ (8) |
(Decrease) increase in amounts reclassified to AOCI | (57) | (22) |
Pension and Other Benefit Items | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income before reclassifications | (7) | 0 |
(Decrease) increase in amounts reclassified to AOCI | $ (45) | (32) |
Previously Reported | Pension and Other Benefit Items | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income before reclassifications | (63) | |
(Decrease) increase in amounts reclassified to AOCI | (31) | |
Restatement Adjustment | Pension and Other Benefit Items | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income before reclassifications | 0 | |
(Decrease) increase in amounts reclassified to AOCI | $ 32 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Feb. 29, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||||
Net sales to related parties | $ 351 | $ 375 | ||
Accounts payable to related parties | 100 | $ 84 | ||
Outside processing services | ||||
Related Party Transaction [Line Items] | ||||
Purchases from related parties | 28 | 9 | ||
Taconite pellets | ||||
Related Party Transaction [Line Items] | ||||
Purchases from related parties | 18 | $ 20 | ||
PRO-TEC Coating Company | ||||
Related Party Transaction [Line Items] | ||||
Accounts payable to related parties | 91 | 82 | ||
Other equity investees | ||||
Related Party Transaction [Line Items] | ||||
Accounts payable to related parties | $ 9 | $ 2 | ||
USS-POSCO Industries (UPI) | ||||
Related Party Transaction [Line Items] | ||||
UPI accounts payable for substrate purchased from U. S. Steel (a) | $ 135 |
Restructuring and Other Charg_3
Restructuring and Other Charges - Schedule of Accrued Balances From Restructuring and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2019 | $ 212 | |
Additional charges | 41 | $ 0 |
Cash payments/utilization | (8) | |
Balance at March 31, 2020 | 245 | |
Employee Related Costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2019 | 87 | |
Additional charges | 18 | |
Cash payments/utilization | (4) | |
Balance at March 31, 2020 | 101 | |
Exit Costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2019 | 125 | |
Additional charges | 23 | |
Cash payments/utilization | (4) | |
Balance at March 31, 2020 | $ 144 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Schedule of Accrued Liabilities for Restructuring on Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Restructuring Cost and Reserve [Line Items] | ||
Accrued liabilities for restructuring and other reduction programs | $ 245 | $ 212 |
Accounts payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued liabilities for restructuring and other reduction programs | 66 | 46 |
Payroll and benefits payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued liabilities for restructuring and other reduction programs | 73 | 64 |
Employee benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued liabilities for restructuring and other reduction programs | 28 | 23 |
Deferred credits and other noncurrent liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued liabilities for restructuring and other reduction programs | $ 78 | $ 79 |
Restructuring and Other Charg_5
Restructuring and Other Charges - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges (Note 21) | $ 41 | $ 0 |
Severance and business exit costs | 8 | |
Great Lakes Restructuring | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges (Note 21) | 22 | |
Lorain Tubular Restructuring | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges (Note 21) | 13 | |
Special Termination Benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges (Note 21) | $ 6 |
Contingencies and Commitments -
Contingencies and Commitments - Asbestos Litigation Activity (Details) - Asbestos Matters | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020Plaintiff | Mar. 31, 2020Claim_Group | Dec. 31, 2019Claim_Group | Dec. 31, 2018Claim_Group | Dec. 31, 2017Claim_Group | |
Loss Contingency Accrual [Roll Forward] | |||||
Opening Number of Claims | 2,390 | 2,320 | 3,315 | 3,340 | |
Claims Dismissed, Settled and Resolved (a) | 90 | 195 | 1,285 | 275 | |
New Claims | 100 | 265 | 290 | 250 | |
Closing Number of Claims | 1,540 | 2,400 | 2,390 | 2,320 | 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 | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Change in Accrued Liabilities for Remediation Activities [Roll Forward] | |
Beginning of period | $ 186 |
Accruals for environmental remediation deemed probable and reasonably estimable | 1 |
Obligations settled | (9) |
End of period | $ 178 |
Contingencies and Commitments_3
Contingencies and Commitments - Accrued Liabilities for Remediation Activities Included in Balance Sheet (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Total | $ 178 | $ 186 |
Accounts payable | ||
Loss Contingencies [Line Items] | ||
Total | 55 | 53 |
Deferred credits and other noncurrent liabilities | ||
Loss Contingencies [Line Items] | ||
Total | $ 123 | $ 133 |
Contingencies and Commitments_4
Contingencies and Commitments - Payments for Contracts with Remaining Terms in Excess of One Year (Detail) $ in Millions | Mar. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2020 | $ 568 |
2021 | 675 |
2022 | 568 |
2023 | 335 |
2024 | 108 |
Later Years | 612 |
Total | $ 2,866 |
Contingencies and Commitments_5
Contingencies and Commitments - Additional Information (Detail) € in Millions, Allowances in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2020EUR (€)PlaintiffAllowancesClaim_Group | Mar. 31, 2020USD ($)PlaintiffAllowancesClaim_Group | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)PlaintiffLegalMatterClaim_Group | Mar. 31, 2020USD ($) | Mar. 31, 2020Plaintiff | Mar. 31, 2020LegalMatter | Mar. 31, 2020Allowances | Mar. 31, 2020Claim_Group | Mar. 31, 2020Project | Dec. 31, 2018Claim_Group | Dec. 31, 2017Claim_Group | Dec. 31, 2016Claim_Group | |
Loss Contingencies [Line Items] | |||||||||||||
Accrued liabilities for remediation activities | $ 186,000,000 | $ 178,000,000 | |||||||||||
Accrued liabilities for post-closure site monitoring and other costs | 23,000,000 | ||||||||||||
Accrued liability for administrative and legal costs | 11,000,000 | ||||||||||||
Number of years of projected administrative and legal costs included in accrual | 3 years | 3 years | |||||||||||
Capital expenditures | $ 4,000,000 | $ 16,000,000 | |||||||||||
Final allocation for emissions allowances | Allowances | 48 | 48 | |||||||||||
Emissions allowances purchased | Allowances | 12.2 | ||||||||||||
Cost of emissions allowances purchased | € 141.1 | $ 154,600,000 | |||||||||||
Estimated Shortfall in Emissions Allowances | Allowances | 12.5 | 12.5 | |||||||||||
Estimated capital expenditures of complying with BAT over 2017 to 2020 period | € 138 | $ 151,000,000 | |||||||||||
Financial assurance guarantees, maximum | 4,000,000 | ||||||||||||
Residual value of equipment | 26,000,000 | ||||||||||||
Residual value liability | 0 | ||||||||||||
Restricted cash | $ 190,000,000 | 147,000,000 | |||||||||||
Contract commitments to acquire property, plant and equipment | 895,000,000 | ||||||||||||
Maximum default payment on termination of agreement | 131,000,000 | ||||||||||||
Total payment under take-or-pay contracts | $ 168,000,000 | $ 158,000,000 | |||||||||||
Minimum | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 20.00% | 20.00% | |||||||||||
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 | 16 years | 16 years | |||||||||||
Asbestos Matters | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Active cases brought against U.S. Steel | LegalMatter | 800 | 808 | |||||||||||
Number of plaintiffs involved | Plaintiff | 2,400 | 2,400 | 2,390 | ||||||||||
Number of claims pending in jurisdictions | 2,390 | 1,540 | 2,400 | 2,320 | 3,315 | 3,340 | |||||||
Percentage of claims pending in jurisdictions | 64.00% | 64.00% | |||||||||||
Number of major groups | Claim_Group | 3 | 3 | |||||||||||
Projects with Ongoing Study and Scope Development | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Environmental remediation projects | Project | 6 | ||||||||||||
Accrued liabilities for remediation activities | 2,000,000 | ||||||||||||
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 | $ 45,000,000 | ||||||||||||
Significant Projects with Defined Scope | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Environmental remediation projects | Project | 4 | ||||||||||||
Accrued liabilities for remediation activities | 118,000,000 | ||||||||||||
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 | 24,000,000 | ||||||||||||
Geneva Project | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrued liabilities for remediation activities | 41,000,000 | ||||||||||||
Cherryvale Zinc Site | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrued liabilities for remediation activities | 9,000,000 | ||||||||||||
St Louis Estuary Project | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrued liabilities for remediation activities | 44,000,000 | ||||||||||||
Other Projects with a Defined Scope | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Environmental remediation projects | Project | 2 | ||||||||||||
Accrued liabilities for remediation activities | 4,000,000 | ||||||||||||
Other Projects with a Defined Scope | Minimum | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrued liabilities for remediation activities | 1,000,000 | ||||||||||||
Other Projects with a Defined Scope | 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 | 3,000,000 | ||||||||||||
Environmental Remediation Projects Less Than One Million | Maximum | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrued liabilities for remediation activities | 1,000,000 | ||||||||||||
Surety Bonds | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Financial assurance guarantees, maximum | $ 170,000,000 |
Significant Equity Investment_2
Significant Equity Investments Summarized Information for Significant Equity Investments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Net sales | $ 317 | $ 299 |
Cost of sales | 287 | 259 |
Operating income | 17 | 28 |
Net earnings | 10 | 25 |
Net earnings attributable to significant equity investments | $ 10 | $ 25 |
Significant Equity Investment_3
Significant Equity Investments - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Investee financial information percentage | 100.00% | |
Income from significant equity investments | $ (8) | $ 9 |
Significant Equity Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Income from significant equity investments | $ 6 | $ 14 |
Common Stock Repurchase Progr_2
Common Stock Repurchase Program - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended |
Nov. 30, 2018 | Mar. 31, 2019 | |
Common Stock Repurchase Program [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 300,000,000 | |
Treasury Stock, Shares, Acquired | 2,115,875 | |
Treasury Stock, Value, Acquired, Cost Method | $ 42,000,000 | |
Stock Repurchase Program, Period in Force | 2 years |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Apr. 30, 2020USD ($) | Apr. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) |
Subsequent Event [Line Items] | |||||
Restructuring charges | $ 41 | $ 0 | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Option Interest Granted to Stelco | 25.00% | 25.00% | |||
Proceeds to be Received for Option Interest Granted to Stelco | $ 100 | ||||
Number of Payments for Option Interest Granted to Stelco | 5 | ||||
Installment Proceeds to be Received for Option Interest Granted to Stelco | $ 20 | ||||
Proceeds to be Received upon exercise of the Option Interest Granted to Stelco | $ 500 | ||||
Production and Operations Restructuring | Forecast | Minimum | |||||
Subsequent Event [Line Items] | |||||
Restructuring charges | $ 40 | ||||
Production and Operations Restructuring | Forecast | Maximum | |||||
Subsequent Event [Line Items] | |||||
Restructuring charges | $ 50 | ||||
Special Termination Benefits | Subsequent Event | Minimum | |||||
Subsequent Event [Line Items] | |||||
Restructuring charges | $ 25 | ||||
Special Termination Benefits | Subsequent Event | Maximum | |||||
Subsequent Event [Line Items] | |||||
Restructuring charges | $ 35 |