Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 08, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-16811 | ||
Entity Registrant Name | United States Steel Corp | ||
Entity Incorporation, State or Country Code | DE | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Smaller Reporting Company | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.6 | ||
Entity Common Stock, Shares Outstanding | 262,471,855 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the 2021 Annual Meeting of Stockholders are incorporated into Part III. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
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, par value $1.00 | ||
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, par value $1.00 | ||
Trading Symbol | X | ||
Security Exchange Name | CHX |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales: | |||
Net sales | $ 8,765 | $ 11,506 | $ 12,758 |
Net sales to related parties (Note 23) | 976 | 1,431 | 1,420 |
Total (Note 6) | 9,741 | 12,937 | 14,178 |
Operating expenses (income): | |||
Cost of sales (excludes items shown below) | 9,558 | 12,082 | 12,305 |
Selling, general and administrative expenses | 274 | 289 | 336 |
Depreciation, depletion and amortization (Notes 13 and 14) | 643 | 616 | 521 |
Loss (earnings) from investees (Note 12) | 117 | (79) | (61) |
Asset impairment charges (Note 1) | 263 | 0 | 0 |
Gain on equity investee transactions (Note 12) | (31) | 0 | (38) |
Restructuring and other charges (Note 25) | 138 | 275 | 0 |
Net gain on sale of assets | (149) | (1) | (6) |
Other loss (income), net | 3 | (15) | (3) |
Total | 10,816 | 13,167 | 13,054 |
(Loss) earnings before interest and income taxes | (1,075) | (230) | 1,124 |
Interest expense | 280 | 142 | 168 |
Interest income | (7) | (17) | (23) |
Loss on debt extinguishment (Note 7) | 0 | 0 | 98 |
Other financial (gains) costs | (16) | 6 | 0 |
Net periodic benefit (income) cost (other than service cost) | (25) | 91 | 69 |
Net interest and other financial costs (Note 7) | 232 | 222 | 312 |
(Loss) earnings before income taxes | (1,307) | (452) | 812 |
Income tax (benefit) provision (Note 11) | (142) | 178 | (303) |
Net (loss) earnings | (1,165) | (630) | 1,115 |
Comprehensive (loss) income attributable to noncontrolling interest | 0 | 0 | 0 |
(Loss) earnings attributable to United States Steel Corporation | $ (1,165) | $ (630) | $ 1,115 |
(Loss) earnings per share attributable to United States Steel Corporation stockholders: | |||
— Basic | $ (5.92) | $ (3.67) | $ 6.31 |
— Diluted | $ (5.92) | $ (3.67) | $ 6.25 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) earnings | $ (1,165) | $ (630) | $ 1,115 | |
Other comprehensive income (loss), net of tax: | ||||
Changes in foreign currency translation adjustments (a) | [1] | 68 | (22) | (60) |
Changes in pension and other employee benefit accounts (a) | [1] | 385 | 573 | (107) |
Changes in derivative financial instruments (a) | [1] | (22) | (3) | (14) |
Total other comprehensive income (loss), net of tax | 431 | 548 | (181) | |
Comprehensive (loss) income including noncontrolling interest | (734) | (82) | 934 | |
Comprehensive (loss) income attributable to noncontrolling interest | 0 | 0 | 0 | |
Comprehensive (loss) income attributable to United States Steel Corporation | $ (734) | $ (82) | $ 934 | |
[1] | Related income tax benefit (provision) Foreign currency translation adjustments (b) $ (16) $ 6 $ — Pension and other benefits adjustments (b) (123) (191) — Derivative adjustments (b) 4 1 — |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents (Note 9) | $ 1,985 | $ 749 |
Receivables, less allowance of $34 and $28 | 914 | 956 |
Receivables from related parties (Note 23) | 80 | 221 |
Inventories (Note 10) | 1,402 | 1,785 |
Other current assets | 51 | 102 |
Total current assets | 4,432 | 3,813 |
Long-term restricted cash (Note 9) | 130 | 188 |
Investments and long-term receivables, less allowance of $5 in both periods (Note 12) | 1,177 | 1,466 |
Operating lease assets (Note 24) | 214 | 230 |
Property, plant and equipment, net (Note 13) | 5,444 | 5,447 |
Intangibles, net (Note 14) | 129 | 150 |
Deferred income tax benefits (Note 11) | 22 | 19 |
Other noncurrent assets | 511 | 295 |
Total assets | 12,059 | 11,608 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 1,779 | 1,970 |
Accounts payable to related parties (Note 23) | 105 | 84 |
Payroll and benefits payable | 308 | 336 |
Accrued taxes | 154 | 116 |
Accrued interest | 59 | 45 |
Current operating lease liabilities (Note 24) | 59 | 60 |
Short-term debt and current maturities of long-term debt (Note 17) | 192 | 14 |
Total current liabilities | 2,656 | 2,625 |
Noncurrent operating lease liabilities (Note 24) | 163 | 177 |
Long-term debt, less unamortized discount and debt issuance costs (Note 17) | 4,695 | 3,627 |
Employee benefits (Note 18) | 322 | 532 |
Deferred income tax liabilities (Note 11) | 11 | 4 |
Deferred credits and other noncurrent liabilities | 333 | 550 |
Total liabilities | 8,180 | 7,515 |
Contingencies and commitments (Note 26) | ||
Stockholders’ Equity | ||
Common stock issued — 229,105,589 and 178,555,206 shares issued (par value $1 per share, authorized 400,000,000 shares) (Note 8) | 229 | 179 |
Treasury stock, at cost (8,673,131 shares and 8,509,337 shares) | (175) | (173) |
Additional paid-in capital | 4,402 | 4,020 |
(Accumulated deficit) retained earnings | (623) | 544 |
Accumulated other comprehensive loss (Note 21) | (47) | (478) |
Total United States Steel Corporation stockholders’ equity | 3,786 | 4,092 |
Noncontrolling interests | 93 | 1 |
Total liabilities and stockholders’ equity | $ 12,059 | $ 11,608 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 34 | $ 28 |
Other noncurrent assets, allowance | $ 5 | $ 5 |
Common stock, shares issued (in shares) | 229,105,589 | 178,555,206 |
Common stock, par value (in USD per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Treasury stock, shares (in shares) | 8,673,131 | 8,509,337 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net (loss) earnings | $ (1,165) | $ (630) | $ 1,115 |
Adjustments to reconcile net cash provided by operating activities: | |||
Depreciation, depletion and amortization (Notes 13 and 14) | 643 | 616 | 521 |
Asset impairment charges (Note 1) | 263 | 0 | 0 |
Gain on equity investee transactions (Note 12) | (31) | 0 | (38) |
Restructuring and other charges (Note 25) | 138 | 275 | 0 |
Loss on debt extinguishment (Note 7) | 0 | 0 | 98 |
Pensions and other post-employment benefits | (21) | 101 | 77 |
Deferred income taxes (Note 11) | (130) | 202 | (329) |
Net gain on sale of assets | (149) | (1) | (6) |
Equity investees loss (earnings), net of distributions received | 117 | (74) | (47) |
Changes in: | |||
Current receivables | 98 | 453 | (312) |
Inventories | 506 | 296 | (374) |
Current accounts payable and accrued expenses | (29) | (473) | 282 |
Income taxes receivable/payable | 20 | 13 | (8) |
All other, net | (122) | (96) | (41) |
Net cash provided by operating activities | 138 | 682 | 938 |
Investing activities: | |||
Capital expenditures | (725) | (1,252) | (1,001) |
Investment in Big River Steel | (9) | (710) | 0 |
Proceeds from sale of assets | 167 | 4 | 10 |
Proceeds from sale of ownership interests in equity investees | 8 | 0 | 30 |
Investments, net | (4) | 0 | (2) |
Net cash used in investing activities | (563) | (1,958) | (963) |
Financing activities: | |||
Net change in short-term debt, net of financing costs | 170 | 0 | 0 |
Revolving credit facilities - borrowings, net of financing costs | 1,402 | 860 | 228 |
Revolving credit facilities - repayments | (1,621) | (100) | 0 |
Issuance of long-term debt, net of financing costs (Note 17) | 1,148 | 702 | 640 |
Repayment of long-term debt (Note 17) | (13) | (155) | (1,299) |
Net proceeds from public offering of common stock (Note 27) | 410 | 0 | 0 |
Proceeds from Stelco Option Agreement, net of financing costs | 94 | 0 | 0 |
Common stock repurchased (Note 27) | 0 | (88) | (75) |
Receipts from exercise of stock options (Note 15) | 0 | 0 | 35 |
Taxes paid for equity compensation plans (Note 15) | (1) | (7) | (8) |
Dividends paid | (8) | (35) | (36) |
Net cash provided by (used in) financing activities | 1,581 | 1,177 | (515) |
Effect of exchange rate changes on cash | 23 | (2) | (17) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,179 | (101) | (557) |
Cash, cash equivalents and restricted cash at beginning of year (Note 9) | 939 | 1,040 | 1,597 |
Cash, cash equivalents and restricted cash at end of year (Note 9) | $ 2,118 | $ 939 | $ 1,040 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common stock: | Treasury stock: | Additional paid-in capital: | Retained earnings: | Accumulated other comprehensive (loss) income: | Pension and other benefit adjustments (Note 18): | Foreign currency translation adjustments: | Derivative financial instruments: | Total stockholders’ equity | Noncontrolling interests: | |||||
Balance at beginning of year at Dec. 31, 2017 | $ 176 | $ (76) | $ 3,932 | $ 133 | $ (1,309) | $ 463 | $ 1 | $ 1 | ||||||||
Balance at beginning of year (in shares) at Dec. 31, 2017 | 176,425,000 | (1,203,000) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Common stock issued | $ 1 | 0 | ||||||||||||||
Common stock issued (in shares) | 961,000 | |||||||||||||||
Common stock repurchased | $ (75) | |||||||||||||||
Common stock repurchased (in shares) | (2,760,000) | |||||||||||||||
Common stock (repurchased) reissued for employee/non-employee director stock plans | $ 73 | |||||||||||||||
Common stock (repurchased) reissued for employee/non-employee director stock plans (in shares) | 1,105,000 | |||||||||||||||
Dividends on common stock | 0 | (36) | ||||||||||||||
Issuance of conversion option in 2026 Senior Convertible Notes, net of tax | 0 | |||||||||||||||
Employee stock plans | (15) | |||||||||||||||
Net (loss) earnings attributable to United States Steel Corporation | $ 1,115 | 1,115 | ||||||||||||||
Other | 0 | 0 | ||||||||||||||
Changes in pension and other employee benefit accounts (a) | (107) | [1] | (108) | [2] | ||||||||||||
Changes during year, equity investee net of taxes (a) | [2] | 1 | ||||||||||||||
Changes in foreign currency translation adjustments (a) | (60) | [1] | (60) | [2] | ||||||||||||
Changes in derivative financial instruments (a) | (14) | [1] | (14) | [2] | ||||||||||||
Stelco Option Agreement | 0 | |||||||||||||||
Net loss | 0 | |||||||||||||||
Balance at end of year at Dec. 31, 2018 | $ 177 | $ (78) | 3,917 | 1,212 | $ (1,026) | (1,416) | 403 | (13) | $ 4,202 | 1 | ||||||
Balance at end of year (in shares) at Dec. 31, 2018 | 177,386,000 | (2,858,000) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Comprehensive (loss) income including noncontrolling interest | 934 | |||||||||||||||
Related Income Tax Benefit (Provision): | ||||||||||||||||
Foreign currency translation adjustments (b) | [3],[4] | 0 | ||||||||||||||
Pension and other benefits adjustments (b) | [3],[4] | 0 | ||||||||||||||
Derivative adjustments (b) | [3],[4] | 0 | ||||||||||||||
Common stock issued | $ 2 | 0 | ||||||||||||||
Common stock issued (in shares) | 1,169,000 | |||||||||||||||
Common stock repurchased | $ (88) | $ (88) | ||||||||||||||
Common stock repurchased (in shares) | (5,289,475) | (5,289,000) | ||||||||||||||
Common stock (repurchased) reissued for employee/non-employee director stock plans | $ (7) | |||||||||||||||
Common stock (repurchased) reissued for employee/non-employee director stock plans (in shares) | (362,000) | |||||||||||||||
Dividends on common stock | 0 | (35) | ||||||||||||||
Issuance of conversion option in 2026 Senior Convertible Notes, net of tax | 77 | |||||||||||||||
Employee stock plans | 26 | |||||||||||||||
Net (loss) earnings attributable to United States Steel Corporation | $ (630) | (630) | ||||||||||||||
Other | (3) | 0 | ||||||||||||||
Changes in pension and other employee benefit accounts (a) | 573 | [1] | 580 | [2] | ||||||||||||
Changes during year, equity investee net of taxes (a) | [2] | (7) | ||||||||||||||
Changes in foreign currency translation adjustments (a) | (22) | [1] | (22) | [2] | ||||||||||||
Changes in derivative financial instruments (a) | (3) | [1] | (3) | [2] | ||||||||||||
Stelco Option Agreement | 0 | |||||||||||||||
Net loss | 0 | |||||||||||||||
Balance at end of year at Dec. 31, 2019 | 4,092 | $ 179 | $ (173) | 4,020 | 544 | (478) | (843) | 381 | (16) | 4,092 | 1 | |||||
Balance at end of year (in shares) at Dec. 31, 2019 | 178,555,000 | (8,509,000) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Comprehensive (loss) income including noncontrolling interest | (82) | |||||||||||||||
Related Income Tax Benefit (Provision): | ||||||||||||||||
Foreign currency translation adjustments (b) | [3],[4] | 6 | ||||||||||||||
Pension and other benefits adjustments (b) | [3],[4] | (191) | ||||||||||||||
Derivative adjustments (b) | [3],[4] | 1 | ||||||||||||||
Common stock issued | $ 50 | 360 | ||||||||||||||
Common stock issued (in shares) | 50,551,000 | |||||||||||||||
Common stock repurchased | $ 0 | |||||||||||||||
Common stock repurchased (in shares) | 0 | |||||||||||||||
Common stock (repurchased) reissued for employee/non-employee director stock plans | $ (2) | |||||||||||||||
Common stock (repurchased) reissued for employee/non-employee director stock plans (in shares) | (164,000) | |||||||||||||||
Dividends on common stock | (6) | (2) | ||||||||||||||
Issuance of conversion option in 2026 Senior Convertible Notes, net of tax | 0 | |||||||||||||||
Employee stock plans | 28 | |||||||||||||||
Net (loss) earnings attributable to United States Steel Corporation | (1,165) | (1,165) | ||||||||||||||
Other | 0 | (1) | ||||||||||||||
Changes in pension and other employee benefit accounts (a) | 385 | [1] | 360 | [2] | ||||||||||||
Changes during year, equity investee net of taxes (a) | [2] | 25 | ||||||||||||||
Changes in foreign currency translation adjustments (a) | 68 | [1] | 68 | [2] | ||||||||||||
Changes in derivative financial instruments (a) | (22) | [1] | (22) | [2] | ||||||||||||
Stelco Option Agreement | 93 | |||||||||||||||
Net loss | 0 | |||||||||||||||
Balance at end of year at Dec. 31, 2020 | 3,786 | $ 229 | $ (175) | $ 4,402 | $ (623) | $ (47) | $ (458) | $ 449 | $ (38) | $ 3,786 | $ 93 | |||||
Balance at end of year (in shares) at Dec. 31, 2020 | 229,106,000 | (8,673,000) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Comprehensive (loss) income including noncontrolling interest | (734) | |||||||||||||||
Related Income Tax Benefit (Provision): | ||||||||||||||||
Foreign currency translation adjustments (b) | [3],[4] | (16) | ||||||||||||||
Pension and other benefits adjustments (b) | [3],[4] | (123) | ||||||||||||||
Derivative adjustments (b) | [3],[4] | $ 4 | ||||||||||||||
[1] | Related income tax benefit (provision) Foreign currency translation adjustments (b) $ (16) $ 6 $ — Pension and other benefits adjustments (b) (123) (191) — Derivative adjustments (b) 4 1 — | |||||||||||||||
[2] | Related income tax benefit (provision): Foreign currency translation adjustments (b) $ (16) $ 6 $ — Pension and other benefits adjustments (b) (123) (191) — Derivative adjustments (b) 4 1 — | |||||||||||||||
[3] | Amounts for 2018 do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets | |||||||||||||||
[4] | Amounts for 2018 do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments (b) | [1],[2] | $ (16) | $ 6 | $ 0 |
Pension and other benefits adjustments (b) | [1],[2] | (123) | (191) | 0 |
Derivative adjustments (b) | [1],[2] | $ 4 | $ 1 | $ 0 |
[1] | Amounts for 2018 do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets | |||
[2] | Amounts for 2018 do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Business and Significant Accounting Policies | 1. Nature of Business and Significant Accounting Policies Nature of Business U. S. Steel produces and sells steel products, including flat-rolled and tubular products, in North America and Europe. Operations in the United States also include iron ore and coke production facilities, railroad services and real estate operations. Operations in Europe also include coke production facilities. Significant Accounting Policies Principles applied in consolidation These financial statements include the accounts of U. S. Steel and its majority-owned subsidiaries. Additionally, variable interest entities for which U. S. Steel is the primary beneficiary are included in the Consolidated Financial Statements and their impacts are either partially or completely offset by noncontrolling interests. Intercompany accounts, transactions and profits have been eliminated in consolidation. Investments in entities over which U. S. Steel has significant influence are accounted for using the equity method of accounting and are carried at U. S. Steel’s share of net assets plus loans, advances and our share of earnings less distributions. Earnings or loss from investees includes U. S. Steel’s share of earnings or loss from equity method investments (and any amortization of basis differences), which are generally recorded a month in arrears. Use of estimates Generally accepted accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment; intangible assets; the fair value of assets or liabilities acquired in a business combination; valuation allowances for receivables, inventories and deferred income tax assets and liabilities; environmental liabilities; liabilities for potential tax deficiencies; potential litigation claims and settlements; assets and obligations related to employee benefits; put, call option and contingent forward purchase commitment assets and liabilities and restructuring and other charges. Actual results could differ materially from the estimates and assumptions used. The preparation of the financial statements includes an assessment of certain accounting matters using all available information including consideration of forecasted financial information in context with other information reasonably available to us. However, our future assessment of current expectations, including consideration of the unknown future impacts of the COVID-19 pandemic, could result in material impacts to our consolidated financial statements in future reporting periods. All such adjustments are of a normal recurring nature unless disclosed otherwise. Sales recognition Sales are recognized when U. S. Steel's performance obligations are satisfied. Generally, U. S. Steel’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. See Note 6 for further details on U. S. Steel’s revenue. Inventories Inventories are carried at the lower of cost or net realizable value. Fixed costs related to abnormal production capacity are expensed in the period incurred rather than capitalized into inventory. LIFO (last-in, first-out) is the predominant method of inventory costing for inventories in the United States and FIFO (first-in, first-out) is the predominant method in Europe. The LIFO method of inventory costing was used on 59 percent and 75 percent of consolidated inventories at December 31, 2020 and 2019, respectively. Derivative instruments From time to time, U. S. Steel may use fixed price forward physical purchase contracts to partially manage our exposure to price risk. Generally, forward physical purchase contracts qualify for the normal purchase normal sales exclusion in Accounting Standards Codification (ASC) 815, Derivatives and Hedging , and are not subject to mark-to-market accounting. U. S. Steel also uses derivatives such as commodity-based financial swaps and foreign currency exchange forward contracts to manage its exposure to purchase and sale price fluctuations and foreign currency exchange rate risk. U. S. Steel elects hedge accounting for some of its derivatives. Under hedge accounting, fluctuations in the value of the derivative are recognized in Accumulated Other Comprehensive Income (AOCI) until the associated underlying is recognized in earnings. When the associated underlying is recognized in earnings, the value of the derivative is reclassified to earnings from AOCI. We recognize fair value changes for derivatives where hedge accounting has not been elected immediately in earnings. See Note 16 for further details on U. S. Steel’s derivatives. Financial Instruments U. S. Steel's purchase of a 49.9% equity ownership interest in Big River Steel on October 31, 2019 included certain call and put options. U. S. Steel marked those options to fair value each reporting 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. On December 8, 2020, U. S. Steel exercised its call option to purchase the remaining interest in Big River Steel. When the U. S. Steel call option was exercised, the options were legally extinguished and a contingent forward purchase commitment was recorded for the value of the unsettled commitment to purchase the remaining interest in Big River Steel. The contingent forward purchase commitment was removed with the close of the Big River Steel purchase which occurred on January 15, 2021. See Note 5 and Note 20 for further details. Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and is depreciated on a straight-line basis over the estimated useful lives of the assets. Depletion of mineral properties is based on rates which are expected to amortize cost over the estimated tonnage of minerals to be removed. When property, plant and equipment is sold or otherwise disposed of, any gains or losses are reflected in income. If a loss on disposal is expected, such losses are recognized when the assets are reclassified as assets held for sale or when impaired as part of an asset group’s impairment. Asset Impairment U. S. Steel evaluates impairment of its property, plant and equipment whenever circumstances indicate that the carrying value may not be recoverable. We evaluate the 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 undiscounted cash flows. 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 was recorded for the welded tubular asset group while no impairment was indicated for the seamless tubular asset group. There were no other triggering events that required an impairment evaluation of our long-lived asset groups during the year-ended December 31, 2020. During 2019, the challenging steel market environment in the U.S. that led to the idling of certain Flat-Rolled facilities, the challenging steel market in Europe that led to the temporary idling of a blast furnace and significant headcount reductions at USSE, and recent losses in the welded tubular asset group were considered triggering events for those asset groups, respectively. 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. Supply Chain Financing In October 2020, the Company entered into a supply chain financing (SCF) agreement with third party administrators with an initial term of one year to allow participating suppliers, at their sole discretion, to make offers to sell payment obligations of the Company prior to their scheduled due dates at a discounted price to a participating financial institution. The third party administrators entered into a separate one year agreement with the Export Import Bank of the United States (Ex-Im Guarantee) that guarantees 95 percent of the supplier payment obligations sold for up to $200 million. No guarantees are provided by the Company or any of its subsidiaries under the SCF program. The Company's goal is to capture overall supplier savings and improve working capital efficiency and the agreements facilitate the suppliers' ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of the suppliers' receivables and no direct financial relationship with the financial institution concerning these services. The Company's obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers' decisions to sell amounts under the arrangements. The underlying costs from suppliers that elected to participate in the SCF program are generally recorded in cost of sales in the Company's Consolidated Statement of Operations. Amounts due to suppliers who participate in the SCF program are reflected in accounts payable and accrued expenses on the Company's Consolidated Balance Sheet and payments on the obligations by our suppliers are included in cash used in operating activities in the Consolidated Statement of Cash Flows. Environmental remediation Environmental expenditures are capitalized if the costs mitigate or prevent future contamination or if the costs improve existing assets’ environmental safety or efficiency. U. S. Steel provides for remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs is reasonably estimable. The timing of remediation accruals typically coincides with completion of studies defining the scope of work to be undertaken or when it is probable that a formal plan of action will be approved by the oversight agency. Remediation liabilities are accrued based on estimates of believed environmental exposure and are discounted if the amount and timing of the cash disbursements are readily determinable. Asset retirement obligations Asset retirement obligations (AROs) are initially recorded at fair value and are capitalized as part of the cost of the related long-lived asset and depreciated in accordance with U. S. Steel’s depreciation policies for property, plant and equipment. The fair value of the obligation is determined as the discounted value of expected future cash flows. Accretion expense is recorded each month to increase this discounted obligation over time. Certain AROs related to disposal costs of the majority of assets at our integrated steel facilities are not recorded because they have an indeterminate settlement date. These AROs will be initially recognized in the period in which sufficient information exists to estimate their fair value. See Note 19 for further details on U. S. Steel's AROs. Pensions and other post-employment benefits U. S. Steel has defined contribution or multi-employer arrangements for pension benefits for more than three-quarters of its employees in the United States and defined benefit pension plans covering the remaining employees. For hires before January 1, 2016, U. S. Steel has defined benefit retiree health care and life insurance plans (Other Benefits) that cover its represented employees in North America upon their retirement. Government-sponsored programs into which U. S. Steel makes required contributions cover the majority of U. S. Steel’s European employees. For more details regarding pension and other post-employment benefits see Note 18 of the Consolidated Financial Statements. The pension and Other Benefits obligations and the related net periodic benefit costs are based on, among other things, assumptions regarding the discount rate, estimated return on plan assets, salary increases, the projected mortality of participants and the current level and future escalation of health care costs. Additionally, U. S. Steel recognizes an obligation to provide post-employment benefits for disability-related claims covering indemnity and medical payments for certain employees in North America. The obligation for these claims and the related periodic costs are measured using actuarial techniques and assumptions. Actuarial gains and losses occur when actual experience differs from any of the many assumptions used to value the benefit plans, or when assumptions change. For pension and Other Benefits, the Company recognizes into income on an annual basis a portion of unrecognized actuarial net gains or losses that exceed 10 percent of the larger of projected benefit obligations or plan assets (the corridor). These unrecognized amounts in excess of the corridor are amortized over the plan participants' average life expectancy or average future service, depending on the demographics of the plan. Unrecognized actuarial net gains and losses for disability-related claims are immediately recognized into income. Deferred taxes |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Standards | 2. New Accounting Standards In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, A ccounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of EPS for convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for public companies for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The Company is currently assessing the impact of adoption of the ASU. 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. Although we believe that adoption of ASU 2019-12 in 2021 will not have a material impact, the tax benefit for the year ended 2020 includes a $138 million benefit related to recording a loss from |
Recently Adopted Accounting Sta
Recently Adopted Accounting Standards | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Adopted Accounting Standards | 3. Recently Adopted Accounting Standards In March 2020, the 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. The guidance is effective beginning on March 12, 2020 and the amendments will be applied prospectively through December 31, 2022. U. S. Steel adopted this guidance during 2020. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. 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. 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 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 approximately 75 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 twelve month period ended December 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 1 6 Balance at December 31, 2020 17 17 34 In February 2016, the FASB issued ASU 2016-02, Leases (ASU 2016-02). U. S. Steel adopted the new lease accounting standard effective January 1, 2019 using the optional modified retrospective transition method. As a result of the adoption, an operating lease asset and current and noncurrent liabilities for operating leases were recorded, and there was an insignificant reduction in prior year retained earnings for the cumulative effect of adoption for operating leases where payment started after lease commencement. See Note 24 for further details. U. S. Steel's adoption of the following ASU's did not have a material impact on U. S. Steel's financial position, results of operations or cash flows: Effective Date ASU Description January 1, 2018 2014-09 Revenue from Contracts with Customers January 1, 2018 2017-09 Compensation - Stock Compensation: Scope of Modification Accounting January 1, 2018 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities July 1, 2018 2018-02 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income January 1, 2019 2018-07 Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting January 1, 2019 2018-15 Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs in a Cloud Computing Arrangement That is a Service Contract |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 4. Segment Information U. S. Steel has three reportable segments: North American Flat-Rolled (Flat-Rolled), USSE and Tubular Products (Tubular). The results of Big River Steel and our railroad and real estate businesses that do not constitute reportable segments are combined and disclosed in the Other Businesses category. The majority of U. S. Steel's customers are located in North America and Europe. No single customer accounted for more than 10 percent of gross annual revenues. The Flat-Rolled segment includes the operating results of U. S. Steel’s integrated steel plants and equity investees in the United States (except for Big River Steel, which is included in Other Businesses) involved in the production of slabs, strip mill plates, sheets and tin mill products, as well as all iron ore and coke production facilities in the United States. These operations primarily serve North American customers in the service center, conversion, transportation (including automotive), construction, container, and appliance and electrical markets. The USSE segment includes the operating results of U. S. Steel Košice (USSK), U. S. Steel’s integrated steel plant and coke production facilities in Slovakia, and its subsidiaries. USSE conducts its business mainly in Central and Western Europe and primarily serves customers in the European transportation (including automotive), construction, container, appliance, electrical, service center, conversion and oil, gas and petrochemical markets. USSE produces and sells slabs, strip mill plate, sheet, tin mill products and spiral welded pipe, as well as refractory ceramic materials. The Tubular segment includes the operating results of U. S. Steel’s tubular production facilities and an equity investee in the United States. These operations produce and sell seamless and electric resistance welded (welded) steel casing and tubing (commonly known as oil country tubular goods or OCTG), standard and line pipe and mechanical tubing and primarily serve customers in the oil, gas and petrochemical markets. 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 are as follows: (In millions) Customer Intersegment Net (Loss) Earnings (Loss) Earnings before Interest and Income Taxes Depreciation, Capital 2020 Flat-Rolled $ 7,071 $ 208 $ 7,279 $ (9) $ (596) $ 496 $ 484 USSE 1,967 3 1,970 — 9 97 79 Tubular 639 7 646 4 (179) 39 159 Total reportable segments 9,677 218 9,895 (5) (766) 632 722 Other Businesses 64 98 162 (94) (39) 11 3 Reconciling Items and Eliminations — (316) (316) (18) (270) — — Total $ 9,741 $ — $ 9,741 $ (117) $ (1,075) $ 643 $ 725 2019 Flat-Rolled $ 9,279 $ 281 $ 9,560 $ 84 $ 196 $ 456 $ 943 USSE 2,417 3 2,420 — (57) 92 153 Tubular 1,188 3 1,191 5 (67) 46 145 Total reportable segments 12,884 287 13,171 89 72 594 1,241 Other Businesses 53 115 168 (10) 23 22 11 Reconciling Items and Eliminations — (402) (402) — (325) — — Total $ 12,937 $ — $ 12,937 $ 79 $ (230) $ 616 $ 1,252 2018 Flat-Rolled $ 9,681 $ 231 $ 9,912 $ 54 $ 883 $ 367 $ 820 USSE 3,205 23 3,228 — 359 87 104 Tubular 1,231 5 1,236 7 (58) 47 45 Total reportable segments 14,117 259 14,376 61 1,184 501 969 Other Businesses 61 125 186 — 55 20 32 Reconciling Items and Eliminations — (384) (384) — (115) — — Total $ 14,178 $ — $ 14,178 $ 61 $ 1,124 $ 521 $ 1,001 A summary of total assets by segment is as follows: December 31, (In millions) 2020 2019 Flat-Rolled $ 7,099 $ 7,267 USSE (a) 5,502 5,360 Tubular 887 1,150 Total reportable segments $ 13,488 $ 13,777 Other Businesses $ 911 $ 1,267 Corporate, reconciling items, and eliminations (b) (2,340) (3,436) Total assets $ 12,059 $ 11,608 (a) Included in the USSE segment assets is goodwill of $4 million as of both December 31, 2020 and 2019. (b) The majority of Corporate, reconciling items, and eliminations total assets is comprised of cash and the elimination of intersegment amounts. The detail of reconciling items to consolidated earnings (loss) before interest and income taxes is as follows: (In millions) 2020 2019 2018 Items not allocated to segments: Asset impairment charges (263) — — Gain on previously held investment in UPI 25 — — Tubular inventory impairment charges (24) — — December 24, 2018 Clairton coke making facility fire 6 (50) — Fairless property sale 145 — — Big River Steel debt extinguishment charges (18) — — Big River Steel transaction and other related costs (3) — — United Steelworkers labor agreement signing bonus and related costs — — (81) Granite City Works restart and related costs — — (80) Restructuring and other charges (Note 25) (138) (275) — Granite City Works temporary idling charges — — 8 Gain on equity investee transactions (Note 12) — — 38 Total reconciling items $ (270) $ (325) $ (115) Geographic Area: The information below summarizes external sales, property, plant and equipment and equity method investments based on the location of the operating segment to which they relate. (In millions) Year External Assets North America 2020 $ 7,774 $ 5,590 (a) 2019 10,520 5,772 (a) 2018 10,973 4,432 (a) Europe 2020 1,967 993 2019 2,417 947 2018 3,205 919 Total 2020 9,741 6,583 2019 12,937 6,719 2018 14,178 5,351 (a) Assets with a book value of $5,590 million, $5,772 million and $4,432 million were located in the United States at December 31, 2020, 2019 and 2018, respectively. |
Acquisition and Disposition
Acquisition and Disposition | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisition and Disposition | 5. Acquisitions Big River Steel On October 31, 2019, a wholly owned subsidiary of U. S. Steel purchased a 49.9% ownership interest in Big River Steel at a purchase price of approximately $683 million in cash, with 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. On December 8, 2020, U. S. Steel announced that it exercised the U. S. Steel Call Option to acquire the remaining equity of Big River Steel. The purchase of the remaining interest in Big River Steel closed on January 15, 2021 for approximately $723 million in cash and the assumption of liabilities of approximately $50 million. The Company assumed certain indebtedness with the purchase, see Note 28 for further details. Big River Steel is a technologically advanced mini mill that completed an expansion in November 2020 that doubled its hot-rolled steel production capacity to 3.3 million tons annually. Prior to the closing of the acquisition on January 15, 2021, U. S. Steel accounted for its investment in Big River Steel under the equity method as control and risk of loss were shared among the partnership members. U. S. Steel recorded an equity investment asset for Big River Steel of $710 million that included approximately $27 million of transaction costs and is reflected in the investments and long-term receivables line on our balance sheet. U. S. Steel’s 49.9% share of the total net assets of Big River Steel was approximately $155 million at October 31, 2019 resulting in a basis difference of approximately $550 million due to the step-up to fair value of certain assets attributable to Big River Steel. Approximately $88 million of the step-up was attributable to property, plant and equipment and approximately $460 million was attributable to goodwill. This basis difference, excluding the portion attributable to goodwill, is being amortized based on the remaining weighted average useful life of the assets of approximately 18 years. The transaction to acquire Big River Steel included the U. S. Steel Call Option described above and options where the other Big River Steel equity owners could 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) at an agreed upon price if the U. S. Steel Call Option expires. When the U. S. Steel Call Option was exercised on December 8, 2020, the options were legally extinguished and U. S. Steel recorded a contingent forward purchase commitment for the unsettled commitment to purchase the remaining interest in Big River Steel, see Note 20 for further details. USS-POSCO Industries 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 was reflected as a reduction in receivables from related parties on the Company's Consolidated Balance Sheet. Using step acquisition accounting U. S. Steel increased the value of the Company's 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 Consolidated Statement of Operations. Receivables of $44 million, inventories of $96 million, accounts payable and accrued liabilities of $19 million, current portion of long-term debt of $55 million and payroll and employee benefits liabilities of $78 million were recorded with the acquisition. Property, plant and equipment of $97 million which included a fair value step-up of $47 million and an intangible asset of $54 million were also recorded on the Company's Consolidated Balance Sheet. The intangible asset, which will be amortized over ten years, 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. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 6. Revenue Revenue is generated primarily from contracts to produce, ship and deliver steel products, and to a lesser extent, raw materials sales such as iron ore pellets and coke by-products and railroad services. 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. The following table disaggregates our revenue by product for each of our reportable business segments for the years ended December 31, 2020, 2019 and 2018, respectively: Customer Sales by Product: (In millions) Year Ended December 31, 2020 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 94 $ 2 $ — $ — $ 96 Hot-rolled sheets 1,273 793 — — 2,066 Cold-rolled sheets 2,102 164 — — 2,266 Coated sheets 2,990 904 — — 3,894 Tubular products — 40 621 — 661 All Other (a) 612 64 18 64 758 Total $ 7,071 $ 1,967 $ 639 $ 64 $ 9,741 (In millions) Year Ended December 31, 2019 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 305 $ 11 $ — $ — $ 316 Hot-rolled sheets 2,504 997 — — 3,501 Cold-rolled sheets 2,512 283 — — 2,795 Coated sheets 2,993 1,006 — — 3,999 Tubular products — 40 1,166 — 1,206 All Other (a) 965 80 22 53 1,120 Total $ 9,279 $ 2,417 $ 1,188 $ 53 $ 12,937 (In millions) Year Ended December 31, 2018 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 156 $ 174 $ — $ — $ 330 Hot-rolled sheets 2,816 1,313 — — 4,129 Cold-rolled sheets 2,709 384 — — 3,093 Coated sheets 3,090 1,164 — — 4,254 Tubular products — 48 1,195 — 1,243 All Other (a) 910 122 36 61 1,129 Total $ 9,681 $ 3,205 $ 1,231 $ 61 $ 14,178 (a) Consists primarily of sales of raw materials and coke making by-products. |
Net Interest and Other Financia
Net Interest and Other Financial Costs | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Net Interest and Other Financial Costs | 7. Net Interest and Other Financial Costs (In millions) 2020 2019 2018 Interest income: Interest income $ (7) $ (17) $ (23) Interest expense and other financial costs: Interest incurred 306 162 175 Less interest capitalized 26 20 7 Total interest expense 280 142 168 Loss on debt extinguishment (a) — — 98 Net periodic benefit (income) costs (other than service cost) (25) 91 69 Foreign currency net gain (b) (15) (17) (19) Financial costs on: Amended Credit Agreement 3 5 5 USSK credit facilities 2 1 3 Other (c) (21) 10 3 Amortization of discounts and deferred financing costs 15 7 8 Total other financial costs (16) 6 — Net interest and other financial costs $ 232 $ 222 $ 312 (a) Represents a net pretax charge of $98 million during 2018 related to the retirement of our 2020 Senior Notes and 2021 Senior Secured Notes. (b) The functional currency for USSE is the euro. Foreign currency net gain is a result of transactions denominated in currencies other than the euro. |
Earnings and Dividends Per Comm
Earnings and Dividends Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings and Dividends Per Common Share | 8. (Loss) 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, 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: (Dollars in millions, except per share amounts) 2020 2019 2018 Net (loss) earnings attributable to United States Steel Corporation stockholders $ (1,165) $ (630) $ 1,115 Weighted-average shares outstanding (in thousands): Basic 196,721 171,418 176,633 Effect of convertible notes — — — Effect of stock options, restricted stock units and performance awards — — 1,828 Adjusted weighted-average shares outstanding, diluted 196,721 171,418 178,461 Basic (loss) earnings per common share $ (5.92) $ (3.67) $ 6.31 Diluted (loss) earnings per common share $ (5.92) $ (3.67) $ 6.25 The following table summarizes the securities that were antidilutive, and therefore, were not included in the computation of diluted (loss) earnings per common share: (In thousands) 2020 2019 2018 Securities granted under the 2005 Stock Incentive Plan 6,780 4,459 1,631 Securities convertible under the Senior Convertible Notes — 650 — Total 6,780 5,109 1,631 Dividends Paid per Share |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | 9. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within U. S. Steel's Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows: December 31, (In millions) 2020 2019 2018 Cash and cash equivalents $ 1,985 $ 749 $ 1,000 Restricted cash in other current assets 3 2 3 Long-term restricted cash 130 188 37 Total cash, cash equivalents and restricted cash $ 2,118 $ 939 $ 1,040 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 | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 10. Inventories (In millions) December 31, 2020 December 31, 2019 Raw materials $ 416 $ 628 Semi-finished products 633 720 Finished products 300 376 Supplies and sundry items 53 61 Total $ 1,402 $ 1,785 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes Components of (loss) earnings (In millions) 2020 2019 2018 United States $ (1,303) $ (381) $ 434 Foreign (4) (71) 378 (Loss) earnings before income taxes $ (1,307) $ (452) $ 812 At the end of both 2020 and 2019, U. S. Steel does not have any undistributed foreign earnings and profits for which U.S. deferred taxes have not been provided. Income tax (benefit) provision 2020 2019 2018 (In millions) Current Deferred Total Current Deferred Total Current Deferred Total Federal $ (10) $ (95) $ (105) $ (18) $ 196 $ 178 $ (40) $ (283) $ (323) State and local (3) (24) (27) — 23 23 2 (58) (56) Foreign 1 (11) (10) (6) (17) (23) 64 12 76 Total $ (12) $ (130) $ (142) $ (24) $ 202 $ 178 $ 26 $ (329) $ (303) A reconciliation of the federal statutory tax rate of 21 percent to total (benefit) provision follows: (In millions) 2020 2019 2018 Statutory rate applied to (loss) earnings before income taxes $ (275) $ (95) $ 171 Valuation allowance 367 334 (412) Tax accounting benefit related to increase in OCI (138) — — Excess percentage depletion (31) (46) (48) State and local income taxes after federal income tax effects (47) (36) 8 Effects of foreign operations (10) (23) 74 U.S. impact of foreign operations 1 25 (21) Impact of tax credits (18) 5 (71) Adjustment of prior years' federal income taxes 12 7 — Other (3) 7 (4) Total (benefit) provision $ (142) $ 178 $ (303) The 2020 tax benefit includes a $138 million benefit related to recording a loss from continuing operations and income from other comprehensive income categories and expense of $13 million for an updated estimate to tax reserves related to an unrecognized tax benefit. 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 benefit differs from the domestic statutory rate of 21 percent primarily due to the fact that it does not reflect any tax benefit in the U.S. as a valuation allowance was recorded against the Company's net domestic deferred tax asset (excluding a portion of a deferred tax liability related to an asset with an indefinite life, as well as a deferred tax asset related to refundable Alternative Minimum Tax (AMT) credits). Included in the 2018 tax benefit is a benefit of $374 million related to the reversal of a portion of the valuation allowance recorded against the Company's net domestic deferred tax asset, as well as a benefit of $38 million related to the reversal of the valuation allowance for current year activity. Deferred taxes Deferred tax assets and liabilities resulted from the following: December 31, (In millions) 2020 2019 Deferred tax assets: Federal tax loss carryforwards (expiring in 2035 through 2037) $ 443 $ 176 Federal capital loss carryforwards (expiring 2021) — 27 State tax credit carryforwards (expiring in 2021 through 2029) 16 18 State tax loss carryforwards (expiring in 2021 through 2040) 182 130 Minimum tax credit carryforwards — 19 General business credit carryforwards (expiring in 2026 through 2040) 103 85 Foreign tax loss and credit carryforwards (expiring in 2023 through 2030) 171 170 Employee benefits 71 173 Contingencies and accrued liabilities 52 71 Operating lease liabilities 51 58 Section 59(e) amortization 27 18 Investments in subsidiaries and equity investees — 49 Inventory 21 32 Other temporary differences 46 17 Valuation allowance (796) (563) Total deferred tax assets 387 480 Deferred tax liabilities: Property, plant and equipment 244 368 Operating right-of-use assets 49 58 Investments in subsidiaries and equity investees 23 — Receivables, payables and debt 22 17 Indefinite-lived intangible assets 19 19 Other temporary differences 19 3 Total deferred tax liabilities 376 465 Net deferred tax asset $ 11 $ 15 U. S. Steel recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The realization of deferred tax assets is assessed quarterly based on several interrelated factors. These factors include U. S. Steel’s expectation to generate sufficient future taxable income and the projected time period over which these deferred tax assets will be realized. 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 a deferred tax asset will not be realized. At December 31, 2020, we identified the following negative evidence concerning U. S. Steel's ability to use some or all of its domestic deferred tax assets: • U. S. Steel's domestic operations generated a significant loss in the current year and the Company is currently in a cumulative 12 quarter loss position, and • some of our domestic deferred tax assets are carryforwards, which have expiration dates. Most positive evidence can be categorized into one of the four sources of taxable income sequentially. These are (from least to most subjective): • taxable income in prior carryback years, if carryback is permitted, • future reversal of existing taxable temporary differences, • tax planning strategies, and • future taxable income exclusive of reversing temporary differences and carryforwards. U. S. Steel utilized all available carrybacks, and therefore, our analysis at December 31, 2020 focused on the other sources of taxable income. Our projection of the reversal of our existing temporary differences generated significant taxable income. This source of taxable income, however, was not sufficient to project full utilization of U. S. Steel’s domestic deferred tax assets. To assess the realizability of the remaining domestic deferred tax assets, U. S. Steel analyzed its prudent and feasible tax planning strategies. At December 31, 2020, after weighing all the positive and negative evidence, U. S. Steel determined that it was still more likely than not that the net domestic deferred tax asset (excluding a portion of a deferred tax liability related to an asset with an indefinite life) may not be realized. As a result, U. S. Steel recorded a $229 million non-cash charge to tax expense. In the future, if we determine that it is more likely than not that we will be able to realize all or a portion of our deferred tax assets, the valuation allowance will be reduced, and we will record a benefit to earnings. At December 31, 2020, the net domestic deferred tax liability was $7 million, net of an established valuation allowance of $793 million. At December 31, 2019, the net domestic deferred tax asset was $12 million, net of an established valuation allowance of $560 million. At December 31, 2020, the net foreign deferred tax asset was $18 million, net of an established valuation allowance of $3 million. At December 31, 2019, the net foreign deferred tax asset was $3 million, net of an established valuation allowance of $3 million. The net foreign deferred tax asset will fluctuate as the value of the U.S. dollar changes with respect to the euro. 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 a deferred tax asset with a valuation allowance, the related valuation allowance will be reduced, and we will record a non-cash benefit to earnings. Unrecognized tax benefits Unrecognized tax benefits are the differences between a tax position taken, or expected to be taken, in a tax return and the benefit recognized for accounting purposes pursuant to the guidance in ASC Topic 740 on income taxes. The total amount of unrecognized tax benefits was $16 million, $3 million and $35 million as of December 31, 2020, 2019 and 2018, respectively. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $15 million and $2 million as of December 31, 2020 and 2019, respectively. U. S. Steel records interest related to uncertain tax positions as a part of net interest and other financial costs in the Consolidated Statements of Operations. Any penalties are recognized as part of selling, general and administrative expenses. U. S. Steel had accrued liabilities of $2 million for interest and penalties related to uncertain tax positions as of both December 31, 2020 and 2019. A tabular reconciliation of unrecognized tax benefits follows: (In millions) 2020 2019 2018 Unrecognized tax benefits, beginning of year $ 3 $ 35 $ 42 Increases – tax positions taken in prior years 13 — — Decreases – tax positions taken in prior years — — (2) Settlements — (32) — Lapse of statute of limitations — — (5) Unrecognized tax benefits, end of year $ 16 $ 3 $ 35 It is reasonably expected that during the next 12 months unrecognized tax benefits related to income tax issues will change by an immaterial amount. Tax years subject to examination Below is a summary of the tax years open to examination by major tax jurisdiction: U.S. Federal – 2017 and forward U.S. States – 2012 and forward Slovakia – 2010 and forward Status of Internal Revenue Service (IRS) examinations |
Investments, Long-Term Receivab
Investments, Long-Term Receivables and Equity Investee Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments, Long-Term Receivables and Equity Investee Transactions | 12. Investments, Long-Term Receivables and Equity Investee Transactions December 31, (In millions) 2020 2019 Equity method investments $ 1,140 $ 1,272 Receivables due after one year, less allowance of $5 in both periods 34 191 Other 3 3 Total $ 1,177 $ 1,466 Summarized financial information of all investees accounted for by the equity method of accounting is as follows (amounts represent 100% of investee financial information): (In millions) 2020 2019 2018 Income data – year ended December 31: (a) Net Sales $ 2,485 $ 2,528 $ 2,193 Operating income 12 253 157 Net earnings (124) 235 134 Balance sheet date – December 31: Current Assets $ 960 $ 1,144 $ 642 Noncurrent Assets 3,101 2,976 853 Current liabilities 419 573 348 Noncurrent Liabilities 3,063 2,542 516 (a) We exited Leeds Retail Center, LLC and sold Acero Prime, S.R.L. de CV on May 31, 2018, and October 23, 2018, respectively. The former equity affiliates are included in the income data through the month prior to the date of sale. U. S. Steel's portion of the (loss) income from investees reflected on the Consolidated Statements of Operations was $(117) million, $79 million and $61 million for the years ended December 31, 2020, 2019 and 2018, respectively. All of our significant investees are located in the U.S. Investees accounted for using the equity method include: Investee December 31, 2020 Interest Big River Steel (a) 49.9 % Chrome Deposit Corporation 50 % Daniel Ross Bridge, LLC 50 % Double G Coatings Company, Inc. 50 % Hibbing Development Company 24.1 % Hibbing Taconite Company (b) 14.7 % Patriot Premium Threading Services, LLC 50 % PRO-TEC Coating Company, LLC 50 % Strategic Investment Fund Partners II (c) 5.2 % Worthington Specialty Processing 49 % (a) U. S. Steel's 49.9% ownership in Big River Steel consists of 47.7535% interests in Big River Steel Holdings LLC and BRS Stock Holdco LLC. U. S. Steel Blocker LLC, a wholly-owned subsidiary of U. S. Steel, holds a 2.1465% interest in both of those entities. (b) Hibbing Taconite Company (Hibbing) is an unincorporated joint venture that is owned, in part, by Hibbing Development Company (HDC), which is accounted for using the equity method. Through HDC we are able to influence the activities of HTC, and as such, its activities are accounted for using the equity method. (c) Strategic Investment Fund Partners II is a limited partnership and in accordance with ASC Topic 323, the financial activities are accounted for using the equity method. In 2020, we recognized pre-tax gains on equity investee transactions of approximately $6 million on the sale of our 49 percent ownership interest in Feralloy Processing Company and $25 million for the step-up to fair value of our previously held investment in UPI. In 2018, we recognized pre-tax gains on equity investee transactions of approximately $18 million for the assignment of our ownership interest in Leeds Retail Center, LLC and $20 million from the sale of our 40 percent ownership interest in Acero Prime, S. R. L. de CV. There were no dividends or partnership distributions received from equity investees in 2020. There were dividends or partnership distributions of $5 million in 2019 and $13 million in 2018. U. S. Steel evaluates impairment of its equity method investments whenever circumstances indicate that a decline in value below carrying value is other than temporary. Under these circumstances, we would adjust the investment down to its estimated fair value, which then becomes its new carrying value. We supply substrate to certain of our equity method investees and from time to time will extend the payment terms for their trade receivables. For discussion of transactions and related receivable and payable balances between U. S. Steel and its investees, see Note 23. Big River Steel On October 31, 2019, a wholly owned subsidiary of U. S. Steel purchased a 49.9% ownership interest in Big River Steel at a purchase price of approximately $683 million in cash. U. S. Steel recorded an equity investment asset for Big River Steel of $710 million that includes approximately $27 million of transaction costs. On January 15, 2021, U. S. Steel purchased the remaining interest in Big River Steel for $723 million in cash and the assumption of approximately $50 million in liabilities. See Note 5 for further details. Patriot Premium Threading Services, LLC Patriot Premium Threading Services, LLC (Patriot) is located in Midland, Texas and provides oil country threading, accessory threading, repair services and rig site services to exploration and production companies located principally in the Permian Basin. During the fourth quarter of 2019, Patriot’s 50-50 joint venture partners, a wholly owned subsidiary of U. S. Steel and Butch Gilliam Enterprises, Inc. (BGE) amended the joint venture agreement. In accordance with the amended agreement, U. S. Steel will be entitled to receive distributions of 100% of Patriot’s earnings starting January 1, 2020 and will purchase BGE’s ownership interest in Patriot after a three Patriot is classified as a variable interest entity because its economics are not proportional to the equal voting interests of its two joint venture partners. U. S. Steel is not the primary beneficiary because it does not direct the decisions that most significantly impact the economic performance of Patriot. These decisions include those related to sales of Patriot’s goods and services, its production planning and scheduling and its negotiation of procurement contracts. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 13. Property, Plant and Equipment December 31, (In millions) Useful Lives 2020 2019 Land and depletable property — $ 237 $ 202 Buildings 35 years 1,154 1,105 Machinery and equipment Steel producing 2-30 years 14,417 13,658 Transportation 3-40 years 282 280 Other 5-30 years 92 129 Information technology 5-6 years 796 787 Assets under finance lease 5-15 years 113 83 Construction in process — 613 833 Total 17,704 17,077 Less accumulated depreciation and depletion 12,260 11,630 Net $ 5,444 $ 5,447 Amounts in accumulated depreciation and depletion for assets acquired under finance leases (including sale-leasebacks accounted for as financings) were $40 million and $27 million at December 31, 2020 and 2019, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 14. Intangible Assets Intangible assets are being amortized on a straight-line basis over their estimated useful lives and are detailed below: As of December 31, 2020 As of December 31, 2019 (In millions) Useful Gross Accumulated Impairment (a) Accumulated Net Gross Accumulated Net Customer relationships 22 Years $ 132 $ 55 $ 77 $ — $ 132 $ 76 $ 56 Patents 10-15 Years 22 7 10 5 22 8 14 Energy Contract 10 Years 54 — 5 $ 49 — — — Other 4-20 Years 14 5 9 — 14 9 5 Total amortizable intangible assets $ 222 $ 67 $ 101 $ 54 $ 168 $ 93 $ 75 (a) The impairment charge was the result of the quantitative impairment analysis of the welded tubular asset group for the period ended March 31, 2020. See Note 1 for further details. Amortization expense was $8 million for both years ended December 31, 2020 and December 31, 2019. We expect approximately $6 million in annual amortization expense through 2025 and approximately $24 million in remaining amortization expense thereafter. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | 15. 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) (collectively the Plans). 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 and an additional 4,700,000 shares under the Omnibus Plan on April 28, 2020. While awards that were previously granted under the 2005 Plan remain outstanding, all future awards will be granted under the Omnibus Plan. As of December 31, 2020, there were 6,092,033 shares available for future grants under the Omnibus Plan. Generally, a share issued under the Omnibus Plan pursuant to an award other than a stock option will reduce the number of shares available under the Stock Plan by 1.78 shares. Shares related to awards under either plan (i) that are forfeited, (ii) that terminate without shares having been issued or (iii) for which payment is made in cash or property other than shares, are again available for awards under the Omnibus Plan. Shares delivered to U. S. Steel or withheld for purposes of satisfying the exercise price or tax withholding obligations are not available for future awards. The purpose of the Plans is to attract, retain and motivate employees and non-employee directors of outstanding ability, and to align their interests with those of the stockholders of U. S. Steel. The Committee administers the Plans, and under the Omnibus Plan may make grants of stock options, restricted stock units (RSUs), performance awards, and other stock-based awards. The following table summarizes the total stock-based compensation awards granted during the years 2020, 2019 and 2018: Restricted Stock Units TSR Performance Awards ROCE Performance Awards (a) 2020 Grants 2,640,690 671,390 — 2019 Grants 1,005,500 210,520 527,470 2018 Grants 824,195 79,190 247,510 (a) The ROCE awards granted in 2020 are not shown in the table because they were granted in cash. Stock-based compensation expense The following table summarizes the total compensation expense recognized for stock-based compensation awards: (In millions, except per share amounts) Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Stock-based compensation expense recognized: Cost of sales $ 8 $ 9 $ 11 Selling, general and administrative expenses 18 17 21 Decrease in net income 26 26 32 Decrease in basic earnings per share 0.13 0.15 0.14 Decrease in diluted earnings per share 0.13 0.15 0.13 As of December 31, 2020, total future compensation cost related to nonvested stock-based compensation arrangements was $12 million and the average period over which this cost is expected to be recognized is approximately 20 months. Stock options Compensation expense for stock options is recorded over the vesting period based on the fair value on the date of grant, as calculated by U. S. Steel using the Black-Scholes model and the assumptions listed below. Awards generally vest ratably over a three-year service period and have a term of ten years. Stock options are generally issued at the market price of the underlying stock on the date of the grant. Upon exercise of stock options, shares of U. S. Steel stock are issued from treasury stock or from authorized, but unissued common stock. There were no stock options granted in 2020, 2019 and 2018. The expected annual dividends per share are based on the latest annualized dividend rate at the date of grant; the expected life in years is determined primarily from historical stock option exercise data; the expected volatility is based on the historical volatility of U. S. Steel stock; and the risk-free interest rate is based on the U.S. Treasury strip rate for the expected life of the option. The following table shows a summary of the status and activity of stock options for the year ended December 31, 2020: Shares Weighted- Weighted- Aggregate Outstanding at January 1, 2020 2,351,831 $ 27.08 Granted — $ — Exercised (22,849) $ 14.78 Forfeited or expired (282,746) $ 36.10 Outstanding at December 31, 2020 2,046,236 $ 25.98 3.72 $ 1 Exercisable at December 31, 2020 2,046,236 $ 25.98 3.72 $ 1 Exercisable and expected to vest at December 31, 2020 2,046,236 $ 25.98 3.72 $ 1 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (difference between our closing stock price on the last trading day of 2020 and the exercise price, multiplied by the number of in-the-money options). Intrinsic value changes are a function of the fair market value of our stock. The total intrinsic value of stock options exercised (i.e., the difference between the market price at exercise and the price paid by the employee to exercise the option) was immaterial during the year ended December 31, 2020 and December 31, 2019 and $27 million during the year ended December 31, 2018. The total amount of cash received by U. S. Steel from the exercise of options during the year ended December 31, 2020 and December 31, 2019, was an immaterial amount and the related net tax benefit realized from the exercise of these options was an immaterial amount in 2020 and 2019. Stock awards Compensation expense for nonvested stock awards is recorded over the vesting period based on the fair value at the date of grant. RSUs 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. RSUs granted in connection with new-hire or retention awards generally cliff vest three years from the date of the grant. Total shareholder return (TSR) performance awards may vest at varying levels at the end of a three three three three three Performance awards based on the return on capital employed (ROCE) metric were granted in cash in 2020, and in equity in 2019 and 2018. ROCE awards granted will be measured on a weighted average basis of the Company’s consolidated worldwide earnings (loss) before interest and income taxes, as adjusted, divided by consolidated worldwide capital employed, as adjusted, over a three Weighted average ROCE is calculated based on the ROCE achieved in the first, second and third years of the performance period, weighted at 20 percent, 30 percent and 50 percent, respectively. The ROCE awards will payout 50 percent at the threshold level, 100 percent at the target level and 200 percent at the maximum level. Payouts for performance in between the threshold percentages will be interpolated. Compensation expense associated with the ROCE awards will be contingent based upon the achievement of the specified ROCE performance goals and will be adjusted on a quarterly basis to reflect the probability of achieving the ROCE metric. ROCE performance awards may vest at the end of a three The following table shows a summary of the performance awards outstanding as of December 31, 2020, and their fair market value on the respective grant date: Performance Period Fair Value Minimum Target Maximum 2020 - 2022 $ 5 — 671,390 1,342,780 2019 - 2021 $ 16 — 632,217 1,264,434 2018 - 2020 $ 13 — 281,693 563,386 The following table shows a summary of the status and activity of nonvested stock awards for the year ended December 31, 2020: Restricted TSR Performance (a) ROCE Performance (a) Total Weighted- Nonvested at January 1, 2020 1,589,824 350,317 692,843 2,632,984 $ 30.72 Granted 2,640,690 671,390 — 3,312,080 8.69 Vested (527,534) — — (527,534) 30.55 Performance adjustment factor (b) — — (101,587) (101,587) 34.82 Forfeited or expired (187,255) (1,556) (26,107) (214,918) 19.00 Nonvested at December 31, 2020 3,515,725 1,020,151 565,149 5,101,025 $ 16.85 (a) The number of shares shown for the performance awards is based on the target number of share awards. (b) Consists of adjustments to vested performance awards to reflect actual performance. The adjustments were required since the original grants of the awards were at 100 percent of the targeted amounts and the awards vested at greater than target. The following table presents information on RSUs and performance awards granted: 2020 2019 2018 Number of awards granted 3,312,080 1,743,490 1,150,895 Weighted-average grant-date fair value per share $ 8.69 $ 24.46 $ 41.65 During the years ended December 31, 2020, 2019, and 2018, the total fair value of shares vested was $16 million, $21 million, and $14 million, respectively. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 16. Derivative Instruments U. S. Steel is exposed to foreign currency exchange rate risks in our European operations. USSE’s revenues are primarily in euros and costs are primarily in euros and U.S. dollars (USD). U. S. Steel uses foreign exchange forward sales contracts (foreign exchange forwards) with maturities no longer than 12 months to exchange euros for USD to manage our currency requirements and exposure to foreign currency exchange rate fluctuations. Derivative instruments are required to be recognized at fair value in the Consolidated Balance Sheet. U. S. Steel 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 Consolidated Statements of Operations (mark-to-market accounting). For those contracts, U. S. Steel recognized changes in fair value immediately through earnings until all of the contracts matured in July 2020. U. S. Steel elected cash flow hedge accounting for euro foreign exchange forwards prospectively effective July 1, 2019. Accordingly, gains and losses for euro foreign exchange forwards entered into after July 1, 2019 are 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 12 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. All of these contracts had matured as of December 2020. 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, tin and electricity (commodity purchase swaps). We elected cash flow hedge accounting for domestic commodity purchase swaps for natural gas, zinc and tin and use mark-to-market accounting for electricity swaps used in our domestic operations and for commodity purchase swaps used in our European operations. From time to time, we enter into financial swaps that are used to partially manage the sales price of certain hot-rolled coil and iron ore pellet sales (sales swaps). We elected cash flow hedge accounting for hot-rolled coil sales swaps effective January 1, 2018 and for iron ore pellet sales swaps effective January 1, 2019. 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 December 31, 2020 and December 31, 2019 : Hedge Contracts Classification December 31, 2020 December 31, 2019 Natural gas (in mmbtus) Commodity purchase swaps 38,801,400 56,613,200 Tin (in metric tons) Commodity purchase swaps 812 145 Zinc (in metric tons) Commodity purchase swaps 25,361 9,819 Electricity (in megawatt hours) Commodity purchase swaps 760,320 — Hot-rolled coils (in tons) Sales swaps 120,000 — Foreign currency (in millions of euros) Foreign exchange forwards € 242 € 282 Foreign currency (in millions of CAD) Foreign exchange forwards $ — $ 25 The following summarizes the fair value amounts included in our Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019: (In millions) Designated as Hedging Instruments Balance Sheet Location December 31, 2020 December 31, 2019 Sales swaps Accounts payable $ 26 $ — Sales swaps Other long-term liabilities — — Commodity purchase swaps Accounts receivable 5 1 Commodity purchase swaps Accounts payable 10 17 Commodity purchase swaps Investments and long-term receivables — 1 Commodity purchase swaps Other long-term liabilities — 7 Foreign exchange forwards Accounts payable 18 1 Foreign exchange forwards Other long-term liabilities — — Not Designated as Hedging Instruments Commodity purchase swaps Investments and long-term receivables 1 4 The table below summarizes the effect of hedge accounting on AOCI and amounts reclassified from AOCI into earnings for 2020, 2019, and 2018: (Loss) Gain on Derivatives in AOCI Amount of Loss Recognized in Income (In millions) 2020 2019 2018 Location of Reclassification from AOCI (a) 2020 2019 2018 Sales swaps $ (26) $ 1 $ — Net sales (b) $ — $ (1) $ (13) Commodity purchase swaps 17 (6) (15) Cost of sales (c) (24) (19) (8) Foreign exchange forwards (17) 1 (2) Cost of sales (7) (1) — (a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items resulting in immaterial ineffectiveness. (b) U. S. Steel elected cash flow hedge accounting for hot-rolled coil sales swaps effective January 1, 2018 and for iron ore pellet sales swaps effective January 1, 2019. (c) Costs for commodity purchase swaps are recognized in cost of sales as products are sold. The table below summarizes the impact of derivative activity where hedge accounting has not been elected on our Consolidated Statements of Operations for 2020, 2019 and 2018: Amount of (Loss) Gain Recognized in Income (In millions) Consolidated Statement of Operations Location 2020 2019 2018 Sales swaps (a) Net sales $ — $ — $ (1) Commodity purchase swaps Cost of sales (1) — — Foreign exchange forwards (b) Other financial costs — 17 24 (a) U. S. Steel elected cash flow hedge accounting for hot-rolled coil sales swaps effective January 1, 2018 and for iron ore pellet sales swaps effective January 1, 2019. (b) U. S. Steel elected hedge accounting for foreign exchange forwards to exchange USD for CAD and for euro foreign exchange forwards prospectively effective July 1, 2019. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 17. Debt December 31, (In millions) Interest Maturity 2020 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 2025 Senior Secured Notes 12.000 2025 1,056 — Export-Import Credit Agreement Variable 2021 180 — Environmental Revenue Bonds 4.875 - 6.750 2024 - 2050 717 620 Finance leases and all other obligations 2021-2029 81 66 ECA Credit Agreement Variable 2031 113 — Credit Facility Agreement, $2.0 billion Variable 2024 500 600 UPI Amended Credit Facility Variable 2020 — — USSK Credit Agreement Variable 2023 368 393 USSK credit facilities Variable 2021 — — Total debt 5,115 3,779 Less unamortized discount and debt issuance costs 228 138 Less short-term debt and long-term debt due within one year 192 14 Long-term debt $ 4,695 $ 3,627 Export-Import Credit Agreement On September 30, 2020, U. S. Steel and its subsidiary, United States Steel International, Inc., as the borrowers, entered into an Export-Import Transaction Specific Loan and Security Agreement (Export-Import Credit Agreement) with the lenders party thereto from time to time and PNC Bank, National Association (PNC), as agent for the lenders, under which it borrowed $250 million, and received proceeds of approximately $240 million, net of transaction fees of approximately $10 million. The Export-Import Credit Agreement provides for up to $250 million of term loans, which mature on August 30, 2021, unless sooner terminated or extended by the borrowers to July 30, 2022. The maturity of the term loans under the Export-Import Credit Agreement may be extended only if the loan facility continues to be eligible for coverage (at a 95% level) under the Ex-Im Guarantee (as defined in the Export-Import Credit Agreement) and each lender consents to such extension. Interest on the term loans will accrue at a contract rate of 2.50% plus the applicable LIBOR rate. The obligations under the Export-Import Credit Agreement are secured by receivables (collateral) under certain iron ore pellet export contracts. The Export-Import Credit Agreement permits voluntary prepayments and requires mandatory prepayments with net cash proceeds of dispositions of collateral. The Export-Import Credit Agreement also contains certain customary covenants and restrictions, including restrictions on sale of assets, restrictions on incurring liens upon collateral and a requirement that the borrowers comply with the Ex-Im Borrower Agreement (entered into on September 30, 2020 by the borrowers in favor of Ex-Im Bank, the lenders and PNC, as agent for the lenders). 2025 Senior Secured Notes On May 29, 2020, U. S. Steel issued $1.056 billion aggregate principal amount of 12.000% Senior Secured Notes due June 1, 2025 (2025 Senior Secured Notes) in a 144A private transaction exempt from the registration requirements of the Securities Act of 1933, as amended. The notes were issued at a price equal to 94.665% of their face value. U. S. Steel received net proceeds from the offering of approximately $977 million after fees of approximately $23 million related to underwriting and third party expenses. The notes will pay interest semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. The notes are fully and unconditionally guaranteed on a senior secured basis by all of our existing and future direct and indirect material domestic subsidiaries (other than certain subsidiaries excluded in the indenture). The notes and notes guarantees are secured by first priority-liens, subject to permitted liens, on substantially all of U. S. Steel’s domestic assets, other than certain excluded assets per the terms of the notes indenture and exclusive of the collateral required under the Credit Facility Agreement. The Company may redeem the 2025 Senior Secured Notes, in whole or part, at its option on or after June 1, 2022 at the redemption price for such notes as a percentage of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, if redeemed during the twelve-month period beginning on June 1st of each of the years indicated below. Year Redemption Price 2022 106 % 2023 103 % 2024 and thereafter 100 % Prior to June 1, 2022, the Company may redeem up to 35% of the original aggregate principal amount of the 2025 Senior Secured Notes with the net cash proceeds of one or more equity offerings for a price of 112.000% of principal amount of the 2025 Senior Secured Notes plus accrued and unpaid interest, if any, to the applicable date of redemption. Upon the occurrence of certain assets sales, we are required to apply asset sale proceeds towards investments in assets that constitute Notes collateral. If all asset sale proceeds are not invested within one year, or such longer period as permitted by the indenture, the Company may be required to offer to repurchase the 2025 Senior Secured Notes up to an amount of asset sale proceeds that remain uninvested at a price of 100% of the principal amount thereof, plus accrued and unpaid interest if any to the date of such purchase. The indenture pursuant to which the 2025 Senior Secured Notes were issued contains limitations on the incurrence of additional debt secured by liens and additional customary covenants and other obligations. Export Credit Agreement Funding of U. S. Steel’s vendor supported Export Credit Agreement (ECA) occurred on February 19, 2020. U. S. Steel had borrowed $113 million under the ECA as of December 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 at the Mon Valley Works facility in Braddock, Pennsylvania. Credit Facility Agreement As of December 31, 2020, there was $505 million drawn under the $2.0 billion Fifth Amended and Restated Credit Facility Agreement (Credit Facility Agreement), of which $5 million was utilized for letters of credit. 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 December 31, 2020, the Company 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. In addition, since the value of our inventory and trade accounts receivable less specified reserves calculated in accordance with the Credit Facility Agreement do not support the full amount of the facility at December 31, 2020, the amount available to the Company under this facility was further reduced by $351 million. The availability under the Credit Facility Agreement was $944 million as of December 31, 2020. The Credit Facility Agreement provides for borrowings at interest rates based on defined, short-term market rates plus a margin 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. Availability under this facility may be impacted by additional footprint decisions that are made to the extent the value of the collateral pool of inventory and accounts receivable that support our borrowing availability are reduced. 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. On September 30, 2020, U. S. Steel entered into an Amendment No. 1 (the “Amendment”) to the Credit Facility Agreement with the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, to permit U. S. Steel and United States Steel International Inc. to enter into, and grant the applicable collateral pursuant to, the Export-Import Credit Agreement. U. S. Steel Košice ( USSK) credit facilities At December 31, 2020, USSK had borrowings of €300 million (approximately $368 million) under its €460 million (approximately $564 million) revolving credit facility (USSK Credit Agreement). At December 31, 2019, USSK had borrowings of €350 million (approximately $393 million) under its €460 million (approximately $517 million) revolving credit facility. The USSK Credit Agreement contains certain USSK specific financial covenants including a minimum subordinated intercompany indebtedness and 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 covenant compliance requirements are not met and the covenants are not amended or waived, noncompliance may result in an event of default, in which case 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. An event of default under the USSK Credit Agreement could also result in an event of default under the Credit Facility Agreement. The USSK Credit Agreement contains customary representations and warranties, terms and conditions, 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 USSK Credit Facility Agreement also contains customary events of default, including a cross-default upon acceleration of material indebtedness of USSK and its subsidiaries. At December 31, 2020, USSK had no borrowings under its €20 million and €10 million credit facilities (collectively approximately $37 million) and the availability was approximately $28 million due to approximately $9 million of customs and other guarantees outstanding. Each of these facilities bear interest at short-term rate market rates plus a margin and contain customary terms and conditions. USS-POSCO Industries Credit Facility The USS-POSCO Industries (UPI) Amended Credit Facility agreement was terminated on July 17, 2020 and the outstanding borrowings were repaid using cash on hand. Upon termination of the UPI Amended Credit Facility, UPI was added as a subsidiary guarantor to the Credit Facility Agreement, which increased the amount of collateral and availability under the Credit Facility Agreement. Change in control event If there is a change in control of U. S. Steel: (a) debt obligations totaling $4,317 million as of December 31, 2020 may be declared due and payable; and (b) the Credit Facility Agreement and the USSK credit facilities may be terminated and any amounts outstanding declared due and payable. Debt Maturities – Aggregate maturities of debt are as follows (in millions): 2021 2022 2023 2024 2025 Later Total $ 196 $ 22 $ 379 $ 568 $ 1,813 $ 2,137 $ 5,115 |
Pensions and Other Benefits
Pensions and Other Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pensions and Other Benefits | 18. Pensions and Other Benefits U. S. Steel has defined contribution or multi-employer retirement benefits for more than three-quarters of its employees in the United States and non-contributory defined benefit pension plans covering the remaining employees. Benefits under the defined benefit pension plans are based upon years of service and final average pensionable earnings, or a minimum benefit based upon years of service, whichever is greater. In addition, pension benefits for most non-represented employees under these plans are based upon a percent of total career pensionable earnings. Effective December 31, 2015, non-represented participants in the defined benefit plan no longer accrue additional benefits under the plan. For those non-represented employees without defined benefit coverage (defined benefit pension plan was closed to new participants in 2003) and those for which the defined benefit plan was frozen, the Company also provides in the defined contribution plans (401(k) plans) a retirement account benefit based on salary and attained age. Most non-represented employees also participate in the 401(k) plans whereby the Company matches a certain percentage of salary based on the amount contributed by the participant. At December 31, 2020, more than two-thirds of U. S. Steel’s represented employees in the United States are covered by the Steelworkers Pension Trust (SPT), a multi-employer pension plan, to which U. S. Steel contributes on the basis of a fixed dollar amount for each hour worked. In February of 2020, U. S. Steel acquired the remaining 50% ownership of its joint venture with USS/POSCO Industries (UPI) and its associated benefit plans. Upon acquisition, UPI defined benefit pension and other benefit liability was estimated on a net basis at $8 million and $55 million, respectively. On November 13, 2018, the USW ratified successor four U. S. Steel’s defined benefit retiree health care and life insurance plans (Other Benefits) cover the majority of its represented employees in the United States upon their retirement. Health care benefits are provided for Medicare and pre-Medicare retirees, with Medicare retirees largely enrolled in Medicare Advantage Plans. Both are subject to various cost sharing features, and in most cases domestically, an employer cap on total costs. The Other Benefits plan was closed to represented employees hired or rehired under certain conditions on or after January 1, 2016. Per an amendment effective June 30, 2014 to the retiree medical and retiree life insurance plan, benefits for non-represented employees who retired after December 31, 2017 were eliminated. The majority of U. S. Steel’s European employees are covered by government-sponsored programs into which U. S. Steel makes required contributions. Also, U. S. Steel sponsors defined benefit plans for most European employees covering benefit payments due to employees upon their retirement, some of which are government mandated. These same employees receive service awards throughout their careers based on stipulated service and, in some cases, age and service. U. S. Steel uses a December 31 measurement date for its plans and may have an interim measurement date if significant events occur. Details relating to pension benefits and Other Benefits are below. Pension Benefits Other Benefits (In millions) 2020 2019 2020 2019 Change in benefit obligations Benefit obligations at January 1 $ 5,822 $ 5,626 $ 1,876 $ 2,121 Service cost 51 44 12 13 Interest cost 193 237 63 91 UPI acquisition 246 — 56 — Actuarial losses (gains) 400 416 (23) (195) Exchange rate loss 3 1 — — Settlements, curtailments and termination benefits 4 — 4 — Benefits paid (533) (502) (147) (154) Benefit obligations at December 31 $ 6,186 $ 5,822 $ 1,841 $ 1,876 Change in plan assets Fair value of plan at January 1 $ 5,406 $ 4,960 $ 2,025 $ 1,860 Actual return on plan assets 922 948 219 274 UPI acquisition 238 — 1 — Asset reversion — — (38) — Employer contributions — — 1 — Benefits paid from plan assets (531) (502) (97) (109) Fair value of plan assets at December 31 $ 6,035 $ 5,406 $ 2,111 $ 2,025 Funded status of plans at December 31 (151) (416) 270 149 For Pension Benefits, the largest contributor to the actuarial loss in 2020 was the decrease in the discount rate from 3.35% at December 31, 2019 to 2.72% at December 31, 2020. In 2019, the largest contributor of actuarial loss was the decrease in the discount rate from 4.41% at December 31, 2018 to 3.35% at December 31, 2019. This loss was partially offset by a change in mortality assumptions. For Other Benefits, the largest contributor to the actuarial gain in 2020 was attributable to reductions in future health care costs. The gain was partially offset by a decrease in the discount rate from 3.43% at December 31, 2019 to 2.80% at December 31, 2020. In 2019, the largest contributor of actuarial gain was attributable to reductions in future health care costs and assumptions on future participant enrollment in the plan. The gain was partially offset by a decrease in the discount rate from 4.47% at December 31, 2018 to 3.43% at December 31, 2019. Amounts recognized in accumulated other comprehensive loss: 2020 (In millions) 12/31/2019 Amortization Activity 12/31/2020 Pensions Prior Service Cost $ 16 $ (2) $ — $ 14 Actuarial Losses 2,101 (147) (190) 1,764 Other Benefits Prior Service Credit (109) 6 — (103) Actuarial Gains (411) 16 (161) (556) As of December 31, 2020 and 2019, the following amounts were recognized in the Consolidated Balance Sheet: Pension Benefits Other Benefits (In millions) 2020 2019 2020 2019 Noncurrent assets (a) 12 — 326 158 Current liabilities (9) (3) (4) (1) Noncurrent liabilities (154) (413) (52) (8) Accumulated other comprehensive loss (b) 1,778 2,117 (659) (520) Net amount recognized $ 1,627 $ 1,701 $ (389) $ (371) (a) Included in noncurrent assets for Other Benefits are $45 million of expected retiree medical and life insurance payments for the next twelve months. (b) Accumulated other comprehensive loss effects associated with accounting for pensions and other benefits in accordance with ASC Topic 715 at December 31, 2020 and December 31, 2019, respectively, are reflected net of tax of $678 million and $800 million respectively, on the Consolidated Statements of Stockholders’ Equity. The Accumulated Benefit Obligation (ABO) for all defined benefit pension plans was $5,979 million and $5,636 million at December 31, 2020 and 2019, respectively. December 31, (In millions) 2020 2019 Information for pension plans with an accumulated benefit obligation in excess of plan assets: Aggregate accumulated benefit obligations (ABO) $ (5,979) $ (5,636) Aggregate projected benefit obligations (PBO) (6,186) (5,822) Aggregate fair value of plan assets 6,035 5,406 The aggregate PBO in excess of plan assets reflected above is included in the payroll and benefits payable and employee benefits lines on the Consolidated Balance Sheet. Following are the details of net periodic benefit costs related to Pension and Other Benefits: Pension Benefits Other Benefits (In millions) 2020 2019 2018 2020 2019 2018 Components of net periodic benefit cost: Service cost $ 51 $ 44 $ 49 $ 12 $ 13 $ 17 Interest cost 193 237 233 63 91 92 Expected return on plan assets (333) (324) (361) (80) (79) (82) Amortization - prior service costs (credits) 2 2 — (6) 29 29 - actuarial losses (gains) 145 132 152 (16) 3 4 Net periodic benefit cost, excluding below 58 91 73 (27) 57 60 Multiemployer plans (a) 76 77 60 — — — Settlement, termination and curtailment losses 11 11 10 4 — — Net periodic benefit cost $ 145 $ 179 $ 143 $ (23) $ 57 $ 60 (a) Primarily represents pension expense for the SPT covering USW employees hired from National Steel Corporation and new USW employees hired after May 21, 2003. Net periodic benefit cost for pensions and Other Benefits is projected to be approximately $87 million and approximately $(72) million, respectively, in 2021. The pension cost projection includes approximately $73 million of contributions to the SPT. Weighted average assumptions used to determine the benefit obligation at December 31 and net periodic benefit cost for the year ended December 31 are detailed below. Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. and Europe U.S. and Europe U.S. U.S. Actuarial assumptions used to determine benefit obligations at December 31: Discount rate 2.72 % 3.35 % 2.80 % 3.43 % Increase in compensation rate 2.62 % 2.60 % N/A N/A Pension Benefits Other Benefits 2020 2019 2018 2020 2019 2018 U.S. and Europe U.S. and Europe U.S. and Europe U.S. U.S. U.S. Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31: Discount rate 3.35 % 4.41 % 4.00 % 3.42 % 4.47 % 4.03 % Expected annual return on plan assets 6.47 % 6.50 % 6.85 % 4.25 % 4.25 % 4.25 % Increase in compensation rate 2.62 % 2.60 % 2.60 % N/A N/A N/A The discount rate reflects the current rate at which the pension and Other Benefit liabilities could be effectively settled at the measurement date. In 2017, we refined our discount rate determination process for our U.S. plans by using a bond matching approach to select specific bonds that would satisfy our projected benefit payments. We believe the bond matching approach more closely reflects the process we would employ to settle our pension and other benefits obligations. For our European pension plan, the discount rate is determined using the iboxx Euro indices based on duration. The discount rate assumptions are updated annually. 2020 2019 Assumed health care cost trend rates at December 31: U.S. U.S. Health care cost trend rate assumed for next year 6.50% 6.50% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50% 4.50% Year that the rate reaches the ultimate trend rate 2029 2028 U. S. Steel reviews its actual historical rate experience and expectations of future health care cost trends to determine the escalation of per capita health care costs under U. S. Steel’s benefit plans. About three quarters of our costs for the domestic USW participants’ retiree health benefits in the Company’s main domestic benefit plan are limited to a per capita dollar maximum calculation based on 2006 base year actual costs incurred under the main U. S. Steel benefit plan for USW participants (cost cap). The full effect of the cost cap is expected to be realized around 2028. After 2028, the Company’s costs for a majority of USW retirees and their dependents are expected to remain fixed and as a result, the cost impact of health care escalation for the Company is projected to be limited for this group. Plan Assets ASC Topic 820 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Plan's investments, and requires additional disclosure about fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy are summarized below: • Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access. • Level 2 – Inputs to the valuation methodology include: ◦ Quoted prices for similar assets or liabilities in active markets; ◦ Quoted prices for identical or similar assets or liabilities in inactive markets; ◦ Inputs other than quoted prices that are observable for the asset or liability; ◦ Inputs that are derived principally from or corroborated by observable market data by correlation or other means If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. U. S. Steel’s Pension plan and Other Benefits plan assets are classified as follows: Level 1 Level 2 Level 3 Short-term Investments Corporate Bonds - U.S. & Non U.S. Timberlands Equity Securities - U.S. & International Government Bonds - U.S. & Non U.S. Real Estate Mortgage and asset-backed securities Mineral Interests and Other Alternatives An instrument’s level is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2020 and 2019. Short-term investments are valued at amortized cost which approximates fair value due to the short-term maturity of the instruments. Equity securities - U.S. & International are valued at the closing price reported on the active exchange on which the individual securities are traded. U.S. and Non U.S. government bonds are valued using pricing models maximizing the use of observable inputs for similar securities. Corporate U.S. & Non U.S. bonds are also valued using pricing models maximizing the use of observable inputs for similar securities, which includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. Mortgage and asset-backed securities are valued using quotes from a broker dealer. Private equities and real estate are valued using information provided by external managers for each individual investment held in the fund or using NAV (net asset value) as a practical expedient. Timberland investments are valued at their appraised value. Mineral Interests and other alternatives are valued at the present value of estimated future cash flows discounted at estimated market rates for assets of similar quality and duration. The fair value of U. S. Steel's pension plan assets by asset category at December 31 were as follows (in millions): 2020 2019 Level 1 Level 2 Level 3 measured at NAV (a) Total Level 1 Level 2 Level 3 measured at NAV (a) Total Asset Category Equity U. S. companies $ 306 $ — $ — $ — $ 306 $ 123 $ — $ — $ — $ 123 International companies 177 — — — 177 7 — — — 7 Total equity 483 — — — 483 130 — — — 130 Fixed Income Corporate Bonds - U.S. — 1,514 — — 1,514 — 1,004 — — 1,004 Corporate Bonds - Non-U.S. — 252 — — 252 — 160 — — 160 U.S. government and agencies — 202 — — 202 — 771 — — 771 Non-U.S. government — 97 — — 97 — 77 — — 77 Mortgage and asset-backed securities — 213 — — 213 — 265 — — 265 Total fixed income — 2,278 — — 2,278 — 2,277 — — 2,277 Alternatives Timberlands — — 269 — 269 — — 283 — 283 Mineral Interests and other alternatives — — 19 — 19 — — 2 — 2 Private equity — — — 231 231 — — — 238 238 Real estate — — 36 205 241 — — 32 240 272 Total alternatives — — 324 436 760 — — — 317 478 795 Commingled Funds — — — 2,289 2,289 — — — 2,170 2,170 Short-Term Investments 173 — — — 173 — — — — — Other (b) 52 — — — 52 34 — — — 34 Total assets at fair value $ 708 $ 2,278 $ 324 $ 2,725 $ 6,035 $ 164 $ 2,277 $ 317 $ 2,648 $ 5,406 (a) In accordance with ASC Topic 820, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. (b) Includes cash, accrued income, and miscellaneous payables. The following table sets forth a summary of changes in the fair value of U. S. Steel’s Pension plan Level 3 assets for the years ended December 31, 2020 and 2019: Level 3 assets only (In millions) 2020 2019 Balance at beginning of period $ 317 $ 331 Transfers in and/or out of Level 3 — — Actual return on plan assets: Realized gain 2 8 Net unrealized loss (9) (21) Purchases, sales, issuances and settlements: Purchases 17 1 Sales (3) (2) Balance at end of period $ 324 $ 317 The fair value of U. S. Steel's Other Benefits plan assets by asset category at December 31 were as follows (in millions): 2020 2019 Level 1 Level 2 Level 3 measured at NAV (a) Total Level 1 Level 2 Level 3 measured at NAV (a) Total Asset Category Equity U. S. companies $ 77 $ — $ — $ — $ 77 $ 30 $ — $ — $ — $ 30 International companies 27 — — — 27 19 — — — 19 Total equity 104 — — — 104 49 — — — 49 Fixed Income Corporate Bonds - U.S. — 1,121 — — 1,121 — 1,132 — — 1,132 Corporate Bonds - Non-U.S. — 231 — — 231 — 287 — — 287 U.S. government and agencies — 365 — — 365 — 329 — — 329 Non-U.S. government — 9 — — 9 — 13 — — 13 Mortgage and asset-backed securities — 31 — — 31 — 38 — — 38 Total fixed income — 1,757 — — 1,757 — 1,799 — — 1,799 Alternatives Timberlands — — 35 — 35 — — 35 — 35 Private equity — — — 48 48 — — — 54 54 Real estate — — — 29 29 — — — 32 32 Total alternatives — — 35 77 112 — — — 35 86 121 Short-Term Investments 102 — — — 102 31 — — — 31 Other (b) 36 — — — 36 25 — — — 25 Total assets at fair value $ 242 $ 1,757 $ 35 $ 77 $ 2,111 $ 105 $ 1,799 $ 35 $ 86 $ 2,025 (a) In accordance with ASC Topic 820, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. (b) Includes cash, accrued income, and miscellaneous payables. The following table sets forth a summary of changes in the fair value of U. S. Steel’s Other Benefits plan Level 3 assets for the years ended December 31, 2020 and 2019: Level 3 assets only (In millions) 2020 2019 Balance at beginning of period $ 35 $ 35 Transfers in and/or out of Level 3 — — Actual return on plan assets: Realized gain — — Net unrealized loss — — Purchases, sales, issuances and settlements: Purchases 2 — Sales (2) — Balance at end of period $ 35 $ 35 U. S. Steel’s investment strategy for its U.S. pension and Other Benefits plan assets provides for a diversified mix of high quality bonds, public equities and selected smaller investments in private equities, private credit, timber and mineral interests. For its U.S. pension, U. S. Steel has a target allocation for plan assets of 45 percent in corporate bonds, government bonds and mortgage and asset-backed securities. The balance is invested in equity securities, timber, private equity and real estate partnerships. U. S. Steel believes that returns on equities over the long term will be higher than returns from fixed-income securities as actual historical returns from U. S. Steel’s trusts have shown. Returns on bonds tend to offset some of the short-term volatility of stocks. Both equity and fixed-income investments are made across a broad range of industries and companies (both domestic and foreign) to provide protection against the impact of volatility in any single industry as well as company specific developments. U. S. Steel will use a 6.90 percent assumed rate of return on assets for the development of net periodic cost for the main defined benefit pension plan in 2021. The 2021 assumed rate of return was updated after a review of forecasted returns based on target allocations and an assessment of alpha returns. As a result, the expected asset return for 2021 was increased to 6.90 percent from the rate of return used for 2020 domestic net periodic benefit cost of 6.50 percent. Actual returns since the inception of the plan have exceeded this 6.90 percent rate and while recent annual returns have been volatile, it is U. S. Steel’s expectation that rates will achieve this level in future periods. The UPI investment strategy for its pension plan is to minimize the volatility of the value of pension assets relative to obligations and to ensure assets are sufficient to pay plan benefits. To achieve this strategy, UPI has a liability driven allocation of 60 percent in fixed income with the balance primarily invested in return seeking U.S. and global equity. UPI will use a 5.35 percent assumed rate of return on assets for the development of net periodic cost for the UPI defined benefit pension plan in 2021. The 2021 assumed rate of return was updated after a review of forecasted returns based on updated 2020 target allocations. As a result, the expected asset return for 2021 was lowered to 5.35 percent from the rate of return used for 2020 of 5.75 percent. For its Other Benefits plan, U. S. Steel is employing a liability driven investment strategy. The plan assets are allocated to match the plan cash flows with maturing investments. To achieve this strategy, U. S. Steel has a target allocation for plan assets of 90 percent in high quality bonds. The balance is primarily invested in equity securities, timber, private equity, private credit and real estate partnerships. U. S. Steel will use a 4.25 percent assumed rate of return on assets for the development of net periodic cost for its Other Benefit plans for 2021. The 2021 assumed rate of return is consistent with the rate of return used for 2020 and has been set taking into account the intended asset mix. Steelworkers Pension Trust For most bargaining unit employees participating in the SPT, U. S. Steel contributes to the SPT a fixed dollar amount for each hour worked of $3.35 through December 31, 2020. SPT contributions per hour worked increase to $3.50 effective January 1, 2021. U. S. Steel’s contributions to the SPT represented greater than 5% of the total combined contributions of all employers participating in the plan for the years ended December 31, 2020, 2019 and 2018. Participation in a multi-employer pension plan agreed to under the terms of a collective bargaining agreement differ from a traditional qualified single employer defined benefit pension plan. The SPT shares risks associated with the plan in the following respects: a. Contributions to the SPT by U. S. Steel may be used to provide benefits to employees of other participating employers; b. If a participating employer stops contributing to the SPT, the unfunded obligations of the plan may be borne by the remaining participating employers; c. If U. S. Steel chooses to stop participating in the SPT, U. S. Steel may be required to pay an amount based on the underfunded status of the plan, referred to as a withdrawal liability. On March 21, 2011 the Board of Trustees of the SPT elected funding relief which has the effect of decreasing the amount of required minimum contributions in near-term years, but will increase the minimum funding requirements during later plan years. As a result of the election of funding relief, the SPT’s zone funding under the Pension Protection Act may be impacted. In addition to the funding relief election, the Board of Trustees also elected a special amortization rule, which allows the SPT to separately amortize investment losses incurred during the SPT’s December 31, 2008 plan year-end over a 29 year period, whereas they were previously required to be amortized over a 15 year period. U. S. Steel’s participation in the SPT for the annual periods ended December 31, 2020, 2019 and 2018 is outlined in the table below. Employer Pension Protection Act Zone (a) FIP/RP Status (b) U.S. Steel Surcharge (c) Expiration Date Pension Fund 2020 2019 2020 2019 2018 2020 2019 Steelworkers Pension Trust 23-6648508/499 Green Green No $ 76 $ 77 $ 60 No No September 1, 2022 (a) The zone status is based on information that U. S. Steel received from the plan and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded, while plans in the yellow zone are less than 80 percent funded and plans in the red zone are less than 65 percent funded. (b) Indicates if a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. (c) Indicates whether there were charges to U. S. Steel from the plan. Cash Flows The following information is in addition to the contributions to the SPT noted in the table above. Employer Contributions – U. S. Steel did not make any voluntary or mandatory contributions to the U. S. Steel Retirement Plan Trust in 2020 or 2019. The U. S. Steel Retirement Plan Trust is the funding vehicle for the Company's main defined benefit pension plan. For pension plans not funded by trusts, U. S. Steel made $7 million, $8 million and $20 million of pension payments not funded by trusts in 2020, 2019 and 2018, respectively. Cash payments totaling $46 million, $45 million and $48 million were made for other post-employment benefit payments not funded by trusts in 2020, 2019 and 2018, respectively. In 2020, 2019 and 2018, U. S. Steel continued to use assets from our VEBA trust for represented retiree health care and life insurance benefits to pay USW post-employment benefit claims. Estimated Future Benefit Payments – The following benefit payments, which reflect expected future service as appropriate, are expected to be paid from U. S. Steel’s defined benefit plans: (In millions) Pension Other 2021 $ 499 $ 147 2022 459 146 2023 435 143 2024 421 141 2025 409 138 Years 2026 - 2028 1,867 604 Defined contribution plans U. S. Steel also contributes to several defined contribution plans for its salaried employees. Effective January 1, 2016, all non-represented salaried employees in North America receive pension benefits in the form of a separate retirement account through a defined contribution plan with contribution percentages based upon age, for which company contributions totaled $10 million, $23 million and $23 million in 2020, 2019 and 2018, respectively. U. S. Steel’s matching contributions to salaried employees’ defined contribution plans, which are 100 percent of the employees’ contributions up to six percent of their eligible salary, totaled $8 million, $18 million and $17 million in 2020, 2019 and 2018, respectively. U. S. Steel also maintains non-qualified defined contribution plans to provide benefits which are otherwise limited by the Internal Revenue Code for qualified plans. U. S. Steel’s contributions under these defined contribution plans totaled $1 million, $1 million, and $4 million in 2020, 2019 and 2018, respectively. Most represented employees are eligible to participate in a defined contribution plan where there is no company match on savings except for certain Tubular hourly employees. Effective with the 2015 Labor Agreement, represented hires on or after January 1, 2016 are eligible for a $0.50 per hour savings account contribution. As a result of the 2018 Labor Agreements, the savings account contribution for each hour worked will increase to $0.55 effective January 1, 2019, $0.60 effective January 1, 2020, and $0.65 effective January 1, 2021. These Company contributions for represented employees totaled $4 million, $3 million and $2 million in 2020, 2019 and 2018, respectively. Other post-employment benefits The Company provides benefits to former or inactive employees after employment but before retirement. Certain benefits including workers’ compensation and black lung benefits represent material obligations to the Company and under the guidance for nonretirement post-employment benefits, have historically been treated as accrued benefit obligations. Liabilities for these benefits recorded at December 31, 2020, totaled $115 million as compared to $111 million at December 31, 2019. Liability amounts were developed assuming a discount rate of 2.54% and 3.40% at December 31, 2020 and 2019. Net periodic benefit cost for these benefits is projected to be $16 million in 2021 compared to $20 million in 2020 and $21 million in 2019. Pension Funding In November 2015, pension stabilization legislation further extended a revised interest rate formula to be used to measure defined benefit pension obligations for calculating minimum annual contributions. The new interest rate formula results in higher interest rates for minimum funding calculations as compared to prior law over the next few years, which will improve the funded status of our main defined benefit pension plan and reduce minimum required contributions. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | 19. Asset Retirement Obligations U. S. Steel’s asset retirement obligations (AROs) primarily relate to mine, landfill closure and post-closure costs. The following table reflects changes in the carrying values of AROs for the years ended December 31, 2020 and 2019: December 31, (In millions) 2020 2019 Balance at beginning of year $ 58 $ 60 Additional obligations incurred 5 4 Obligations settled (7) (9) Foreign currency translation effects 1 — Accretion expense 3 3 Balance at end of period $ 60 $ 58 Certain AROs related to disposal costs of the majority of fixed assets at our integrated steel facilities have not been recorded because they have an indeterminate settlement date. These AROs will be initially recognized in the period in which sufficient information exists to estimate their fair value. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 20. Fair Value of Financial Instruments The carrying value of cash and cash equivalents, current accounts and notes receivable, accounts payable, bank checks outstanding, and accrued interest included in the Consolidated Balance Sheet approximate fair value. See Note 16 for disclosure of U. S. Steel’s derivative instruments, which are accounted for at fair value on a recurring basis. Big River Steel 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. The investment purchase also included options where the other Big River Steel equity owners could have required U. S. Steel to purchase their 50.1% ownership interest (Class B Common Put Option) or could have required U. S. Steel to sell its ownership interest (Class B Common Call Option) after the U. S. Steel Call Option expired. On December 8, 2020, U. S. Steel announced that it exercised the U. S. Steel Call Option to acquire the remaining equity of Big River Steel. The purchase of the remaining interest in Big River Steel closed on January 15, 2021 for approximately $723 million in cash and the assumption of liabilities of approximately $50 million. Prior to exercise of the U. S. Steel Call Option, the options were 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 simulation relied on assumptions that included Big River Steel's equity value, volatility, the risk free interest rate and U. S. Steel's credit spread. A significant factor in determining equity value was the discounted forecasted cash flows of Big River Steel. Forecasted cash flows are primarily impacted by the forecasted market price of steel and metallic inputs as well as the expected timing of significant capital expenditures. An updated forecast indicated an increase in the equity value which led to a favorable mark-to-market adjustment impact during 2020. When the U. S. Steel Call Option was exercised on December 8, 2020, the options were legally extinguished and U. S. Steel recorded a contingent forward for the unsettled commitment to purchase the remaining interest in Big River Steel. As this is a contingent forward contract to purchase a business, it is no longer considered a derivative subject to ASC 815, Derivative Instruments and Hedging Activities , and is not subject to subsequent fair value adjustments. The value of the contingent forward asset of $11 million was determined by subtracting the fixed U. S. Steel Call Option strike price from the estimated equity value of the 50.1% interest in Big River Steel as of December 8, 2020. The fair value of the remaining equity in Big River Steel was calculated using a financial model which is considered a Level 3 valuation technique. A significant factor in determining equity value was the discounted forecasted cash flows of Big River Steel. Forecasted cash flows are primarily impacted by the forecasted market price of steel and metallic inputs. The model utilized a weighted average of the income and market approach. The significant inputs under the income approach were the updated forecast, weighted average cost of capital of 11.0% and long-term revenue growth rate of 2.0%. The market approach was primarily impacted by the EBITDA multiple of 8.5. The following table shows the change in fair value by option from the investment purchase date of October 31, 2019 through December 31, 2019 that resulted in a $7 million loss. During the year-ended December 31, 2020, the value of these options were adjusted for fair value changes and then removed and the contingent forward asset discussed above was recorded resulting in a gain that totaled $39 million. The loss and gain amounts were recorded in Other Financial Costs on the Consolidated Statement of Operations. (In millions) Balance Sheet Location Fair Value asset/(liability at Purchase Date (a) Fair Value Fair Value asset/(liability) December 31, 2019 Fair Value Fair Value asset/(liability) U. S. Steel Call Option Investments and Long-Term Receivables $ 162 $ 4 $ 166 $ (166) $ — Class B Common Deferred credits and other noncurrent liabilities $ (181) $ (11) $ (192) $ 192 $ — Class B Common Deferred credits and other noncurrent liabilities $ (2) $ — $ (2) $ 2 $ — Contingent forward asset Investments and Long-Term Receivables $ — $ — $ 11 $ 11 Net Mark to Market Impact $ (7) $ 39 (a) On October 31, 2019 a wholly owned subsidiary of U. S. Steel purchased a 49.9% ownership interest in Big River Steel. Stelco Option for Minntac Mine Interest On April 30, 2020, the Company entered into an Option Agreement with Stelco, Inc. (Stelco), that grants Stelco the option to purchase a 25 percent 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 paid the Company an aggregate amount of $100 million in five $20 million installments during the year-ended December 31, 2020 which are recorded net of transaction costs in the Consolidated Balance Sheet. In the event Stelco exercises the option, Stelco will contribute an additional $500 million to the Joint Venture, which amount shall be remitted solely to U. S. Steel in the form of a one-time special distribution, and the parties will engage in good faith negotiations to finalize the master agreement (pursuant to which Stelco will acquire the Option Interest) and the limited liability company agreement of the Joint Venture. The following table summarizes U. S. Steel’s financial assets and liabilities that were not carried at fair value at December 31, 2020 and 2019. December 31, 2020 December 31, 2019 (In millions) Fair Value Carrying Fair Value Carrying Financial liabilities: Short-term and long-term debt (a) $ 5,323 $ 4,806 $ 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 assets and 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 26. |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | 21. Reclassifications from Accumulated Other Comprehensive Income (AOCI) (In millions) Pension and Foreign Unrealized Gain (Loss) on Derivatives Total Balance at December 31, 2018 $ (1,416) $ 403 $ (13) $ (1,026) Other comprehensive income (loss) before reclassifications 446 (22) (19) 405 Amounts reclassified from AOCI (a) 127 — 16 143 Net current-period other comprehensive income (loss) 573 (22) (3) 548 Balance at December 31, 2019 $ (843) $ 381 $ (16) $ (478) Other comprehensive income (loss) before reclassifications 271 68 (49) 290 Amounts reclassified from AOCI (a) 114 — 27 141 Net current-period other comprehensive income (loss) 385 68 (22) 431 Balance at December 31, 2020 $ (458) $ 449 $ (38) $ (47) (a) See table below for further details. (In millions) (a) Amount reclassified from AOCI Details about AOCI components 2020 2019 2018 Amortization of pension and other benefit items Prior service costs (a) $ (4) $ 31 $ 29 Actuarial losses (a) 129 135 156 Settlements, termination and curtailment gains (a) 2 3 10 UPI purchase accounting adjustment 23 — — Total pensions and other benefits items 150 169 195 Derivative reclassifications to Consolidated Statements of Operations 32 22 (19) Total before tax 182 191 176 Tax provision (41) (48) (42) Net of tax $ 141 $ 143 $ 134 (a) These AOCI components are included in the computation of net periodic benefit cost (see Note 18 for additional details). |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 22. Supplemental Cash Flow Information Year Ended December 31, (In millions) 2020 2019 2018 Net cash (used in) provided by operating activities included: Interest and other financial costs paid (net of amount capitalized) $ (248) $ (151) $ (207) Income taxes refunded (paid) $ 45 $ 38 $ (39) Non-cash investing and financing activities: Change in accrued capital expenditures $ (121) $ (70) $ 135 U. S. Steel common stock issued for employee/non-employee director stock plans $ 19 $ 19 $ 21 Capital expenditures funded by finance lease borrowings $ 31 $ 46 $ — Export Credit Agreement (ECA) financing $ 34 $ — $ — Big River Steel put and call options (a) $ — $ 21 $ — (a) The Big River Steel put and call options amount represents the excess of the Class B Common Put Option and the Class B Common Call Option liabilities over the U. S. Steel Call Option asset from U. S. Steel's acquisition of its 49.9% ownership interest in Big River Steel on October 31, 2019. See Note 20 for further details. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 23. Transactions with Related Parties Related party sales and service transactions are primarily related to equity investees and were $976 million, $1,431 million and $1,420 million in 2020, 2019 and 2018, 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 Consolidated Balance Sheet as both the corresponding receivable and payable amounts between U. S. Steel and UPI were eliminated in consolidation upon acquisition. See Note 5 for further details. Purchases from related parties for steel substrate and outside processing services provided by equity investees amounted to $90 million, $31 million and $29 million during 2020, 2019 and 2018, respectively. Purchases of iron ore pellets from related parties amounted to $78 million, $104 million and $91 million for the years ended December 31, 2020, 2019 and 2018, respectively. Accounts payable to related parties include balances due to PRO-TEC Coating Company (PRO-TEC) of $86 million and $82 million at December 31, 2020 and 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 $19 million and $2 million at December 31, 2020 and 2019, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 24. Leases Operating lease assets consist primarily of office space, heavy mobile equipment used in our mining operations and facilities and equipment under operating service agreements for electricity generation and scrap processing. We also have operating lease assets for light mobile equipment and information technology assets. Significant finance leases include the Fairfield slab caster lease and heavy mobile equipment used in our mining operations (see Note 17 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. Most long-term leases include renewal options and, in certain leases, purchase options. Generally, we are not reasonably certain that these options will be exercised. We have residual value guarantees under certain light mobile equipment leases. There is no impact to our leased assets for residual value guarantees as the potential loss is not probable (see “Other Contingencies” in Note 26 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 Consolidated Balance Sheet as of December 31, 2020. (In millions) Balance Sheet Location December 31, 2020 December 31, 2019 Assets Operating Operating lease assets (a) $ 214 $ 230 Finance Property, plant and equipment (b) 73 56 Total Lease Assets $ 287 $ 286 Liabilities Current Operating Current operating lease liabilities $ 59 $ 60 Finance Current portion of long-term debt 16 11 Non-Current Operating Noncurrent operating lease liabilities 163 177 Finance Long-term debt less unamortized discount and issue costs 65 51 Total Lease Liabilities $ 303 $ 299 (a) Operating lease assets are recorded net of accumulated amortization of $96 million and $50 million as of December 31, 2020 and December 31, 2019, respectively. (b) Finance lease assets are recorded net of accumulated depreciation of $40 million and $27 million as of December 31, 2020 and December 31, 2019, respectively. The following table summarizes lease costs included in our Consolidated Statement of Operations for the years ended December 31, 2020 and December 31, 2019. (In millions) Classification Year Ended December 31, 2020 Year Ended December 31, 2019 Operating Lease Cost (a) Cost of sales $ 67 $ 81 Operating Lease Cost Selling, general and administrative expenses 14 11 Finance Lease Cost Amortization Depreciation, depletion and amortization 14 7 Interest Interest expense 4 3 Total Lease Cost $ 99 $ 102 (a) Operating lease cost recorded in cost of sales includes $7 million and $15 million of variable lease cost for the year ended December 31, 2020 and December 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 December 31, 2020 are shown below. (In millions) Operating Finance Total 2021 $ 73 $ 20 $ 93 2022 54 24 78 2023 42 12 54 2024 33 10 43 2025 24 8 32 After 2025 39 17 56 Total Lease Payments $ 265 $ 91 $ 356 Less: Interest 43 10 53 Present value of lease liabilities $ 222 $ 81 $ 303 Lease terms and discount rates are shown below. December 31, 2020 Weighted average lease term Finance 5 years Operating 5 years Weighted average discount rate Finance 4.94 % Operating 7.45 % Supplemental cash flow information related to leases is as follows: (In millions) Year Ended December 31, 2020 Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 71 $ 72 Operating cash flows from finance leases 4 3 Financing cash flows from finance leases 13 7 Right-of-use assets exchanged for lease liabilities: Operating leases 41 53 Finance leases 31 46 |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | 25. Restructuring and Other ChargesDuring 2020, the Company recorded restructuring and other charges of $138 million, which consists of charges of $66 million for the indefinite idling of a significant portion of Great Lakes Works, and our Keetac mining operations which was restarted in the fourth quarter, $25 million for the indefinite idling of Lorain Tubular Operations and Lone Star Tubular Operations, and $15 million and $32 million for employee benefit costs related to Company-wide headcount reductions and headcount reductions under a voluntary early retirement program offered at USSK, respectively. Cash payments were made related to severance and exit costs of approximately $169 million. A portion of these cash payments, approximately $38 million, were funded by the postretirement benefit trust (VEBA) per an agreement with the United Steelworkers of America. During 2019, U. S. Steel recorded restructuring and other charges of $275 million, which consists of charges of $25 million at USSK for headcount reductions and plant exit costs, $227 million for the indefinite idling of our East Chicago Tin operations, our finishing facility in Dearborn, Michigan, and the intended indefinite idling of a significant portion of Great Lakes Works and $23 million for Company-wide headcount reductions. Cash payments were made related to severance and exit costs of $35 million. During 2018, restructuring and other charges recorded were immaterial. Cash payments were made related to severance and exit costs of $21 million. Charges for restructuring and ongoing cost reduction initiatives are recorded in the period U. S. Steel commits to a restructuring or cost reduction plan, or executes specific actions contemplated by the plan and all criteria for liability recognition have been met. Charges related to the restructuring and cost reductions are reported in restructuring and other charges in the Consolidated Statements of Operations. The activity in the accrued balances incurred in relation to restructuring during the years ended December 31, 2020 and December 31, 2019 were as follows: (in millions) Employee Related Costs Exit Costs Non-cash Charges Total Balance at December 31, 2018 $ — $ 17 $ — $ 17 Additional charges 111 119 45 $ 275 Cash payments/utilization (24) (11) (45) (80) Balance at December 31, 2019 $ 87 $ 125 $ — $ 212 Additional charges 81 53 4 138 Cash payments/utilization (117) (52) (4) (173) Balance at December 31, 2020 $ 51 $ 126 $ — $ 177 Accrued liabilities for restructuring and other cost reduction programs are included in the following balance sheet lines: (in millions) December 31, 2020 December 31, 2019 Accounts payable $ 34 $ 46 Payroll and benefits payable 29 64 Employee benefits 22 23 Deferred credits and other noncurrent liabilities 92 79 Total $ 177 $ 212 |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | 26. Contingencies and Commitments U. S. Steel is the subject of, or party to, a number of pending or threatened legal actions, contingencies and commitments involving a variety of matters, including laws and regulations relating to the environment. Certain of these matters are discussed below. The ultimate resolution of these contingencies could, individually or in the aggregate, be material to the Consolidated Financial Statements. However, management believes that U. S. Steel will remain a viable and competitive enterprise even though it is possible that these contingencies could be resolved unfavorably. U. S. Steel accrues for estimated costs related to existing lawsuits, claims and proceedings when it is probable that it will incur these costs in the future and the costs are reasonably estimable. Asbestos matters – As of December 31, 2020, U. S. Steel was a defendant in approximately 855 active cases involving approximately 2,445 plaintiffs. The vast majority of these cases involve multiple defendants. About 1,540, or approximately 63 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 year and the prior two years: Period ended Opening Claims Dismissed, Settled and Resolved (a) New Closing December 31, 2018 3,315 1,285 290 2,320 December 31, 2019 2,320 195 265 2,390 December 31, 2020 2,390 240 295 2,445 (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 and 2020, 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: Year Ended December 31, (In millions) 2020 2019 Beginning of period $ 186 $ 187 Accruals for environmental remediation deemed probable and reasonably estimable 7 20 Obligations settled (47) (21) End of period $ 146 $ 186 Accrued liabilities for remediation activities are included in the following Consolidated Balance Sheet lines: (In millions) December 31, 2020 December 31, 2019 Accounts payable $ 43 $ 53 Deferred credits and other noncurrent liabilities 103 133 Total $ 146 $ 186 Expenses related to remediation are recorded in cost of sales and were immaterial for the years ended December 31, 2020, December 31, 2019 and December 31, 2018. 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 four 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), and the former steelmaking plant at Joliet, Illinois. As of December 31, 2020, accrued liabilities for these projects totaled $1 million for the costs of studies, investigations, interim measures, design and/or remediation. It is reasonably possible that additional liabilities associated with future requirements regarding studies, investigations, design and remediation for these projects could be as much as $22 million to $36 million. (2) Significant Projects with Defined Scope – Projects with significant accrued liabilities with a defined scope. As of December 31, 2020, there are four significant projects with defined scope greater than or equal to $5 million each, with a total accrued liability of $87 million. These projects are: Gary Resource Conservation and Recovery Act (RCRA) (accrued liability of $25 million), the former Geneva facility (accrued liability of $21 million), the Cherryvale Zinc site (accrued liability of $7 million) and the former Duluth facility St. Louis River Estuary (accrued liability of $34 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 three 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 December 31, 2020 was $5 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 December 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 December 31, 2020 and were based on known scopes of work. Administrative and Legal Costs – As of December 31, 2020, U. S. Steel had an accrued liability of $13 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 2020 and 2019, such capital expenditures totaled $42 million and $123 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 EU Emissions Trading System (EU ETS), USSE'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 December 31, 2020, we have purchased approximately 12.3 million European Union Allowances (EUA) totaling €141 million (approximately $173 million) to cover the estimated Phase III period shortfall of emission allowances. The exact cost of complying with the EU ETS regulations will depend on verified 2020 emissions. In the fourth quarter of 2020 USSE started purchasing allowances for the Phase IV period. As of December 31, 2020, we have pre-purchased approximately 1.5 million EUA totaling €38 million (approximately $47 million). Currently, the overall target is a 40 percent reduction of 1990 emissions by 2030. Ongoing political discussions indicate that an even more stringent target of 60 percent may be instituted. At this time, carbon neutrality of the EU industry is set to be achieved by 2050. 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. Total capital expenditures for projects to comply with or go beyond BAT requirements is €138 million (approximately $169 million) over the actual program period. These costs were partially offset by the EU funding received and may be mitigated over the next measurement periods if USSK complies with certain financial covenants, which are assessed annually. USSK complied with these covenants as of December 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 50 percent of the EU funding received. 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. 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 $146 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 $7 million at December 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 $23 million at December 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 $222 million as of December 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 $133 million and $190 million at December 31, 2020 and December 31, 2019 respectively. Capital Commitments – At December 31, 2020, U. S. Steel’s contractual commitments to acquire property, plant and equipment totaled $583 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): 2021 2022 2023 2024 2025 Later years Total $962 $956 $395 $175 $139 $702 $3,329 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 Total payments relating to unconditional purchase obligations were approximately $553 million in 2020, $653 million in 2019 and $600 million in 2018. |
Common Stock Issued and Repurch
Common Stock Issued and Repurchased | 12 Months Ended |
Dec. 31, 2020 | |
Common Stock Repurchase Program [Abstract] | |
Common Stock Issued and Repurchased | 27. Common Stock Issued and Repurchased On June 22, 2020, U. S. Steel issued 50 million shares of common stock (par value $1 per share) at a price of $8.2075 per share, resulting in net proceeds of approximately $410 million. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (Millions of Dollars) Additions Deductions Description Balance at Charged to Charged Charged to Charged Balance Year ended December 31, 2020: Reserves deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts $ 28 $ 6 $ 2 $ — $ 2 $ 34 Investments and long-term receivables reserve 5 — 3 — 3 5 Deferred tax valuation allowance: Domestic 560 240 2 — 9 793 Foreign 3 — — — — 3 Year ended December 31, 2019: Reserves deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts $ 29 $ — $ — $ — $ 1 $ 28 Investments and long-term receivables reserve 5 — — — — 5 Deferred tax valuation allowance: Domestic 211 349 — — — 560 Foreign 3 — — — — 3 Year ended December 31, 2018: Reserves deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts $ 28 $ 5 $ — $ — $ 4 $ 29 Investments and long-term receivables reserve 11 — — — 6 5 Deferred tax valuation allowance: Domestic 604 — — 393 — 211 Foreign 4 — — 1 — 3 |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles applied in consolidation | Principles applied in consolidation These financial statements include the accounts of U. S. Steel and its majority-owned subsidiaries. Additionally, variable interest entities for which U. S. Steel is the primary beneficiary are included in the Consolidated Financial Statements and their impacts are either partially or completely offset by noncontrolling interests. Intercompany accounts, transactions and profits have been eliminated in consolidation. Investments in entities over which U. S. Steel has significant influence are accounted for using the equity method of accounting and are carried at U. S. Steel’s share of net assets plus loans, advances and our share of earnings less distributions. |
Use of estimates | Use of estimates Generally accepted accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment; intangible assets; the fair value of assets or liabilities acquired in a business combination; valuation allowances for receivables, inventories and deferred income tax assets and liabilities; environmental liabilities; liabilities for potential tax deficiencies; potential litigation claims and settlements; assets and obligations related to employee benefits; put, call option and contingent forward purchase commitment assets and liabilities and restructuring and other charges. Actual results could differ materially from the estimates and assumptions used. |
Sales recognition | Sales recognitionSales are recognized when U. S. Steel's performance obligations are satisfied. Generally, U. S. Steel’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. See Note 6 for further details on U. S. Steel’s revenue. |
Inventories | Inventories Inventories are carried at the lower of cost or net realizable value. Fixed costs related to abnormal production capacity are expensed in the period incurred rather than capitalized into inventory. LIFO (last-in, first-out) is the predominant method of inventory costing for inventories in the United States and FIFO (first-in, first-out) is the predominant method in Europe. The LIFO method of inventory costing was used on 59 percent and 75 percent of consolidated inventories at December 31, 2020 and 2019, respectively. |
Derivative instruments | Derivative instruments From time to time, U. S. Steel may use fixed price forward physical purchase contracts to partially manage our exposure to price risk. Generally, forward physical purchase contracts qualify for the normal purchase normal sales exclusion in Accounting Standards Codification (ASC) 815, Derivatives and Hedging , and are not subject to mark-to-market accounting. U. S. Steel also uses derivatives such as commodity-based financial swaps and foreign currency exchange forward contracts to manage its exposure to purchase and sale price fluctuations and foreign currency exchange rate risk. U. S. Steel elects hedge accounting for some of its derivatives. Under hedge accounting, fluctuations in the value of the derivative are recognized in Accumulated Other Comprehensive Income (AOCI) until the associated underlying is recognized in earnings. When the associated underlying is recognized in earnings, the value of the derivative is |
Financial Instruments | Financial InstrumentsU. S. Steel's purchase of a 49.9% equity ownership interest in Big River Steel on October 31, 2019 included certain call and put options. U. S. Steel marked those options to fair value each reporting 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. On December 8, 2020, U. S. Steel exercised its call option to purchase the remaining interest in Big River Steel. When the U. S. Steel call option was exercised, the options were legally extinguished and a contingent forward purchase commitment was recorded for the value of the unsettled commitment to purchase the remaining interest in Big River Steel. The contingent forward purchase commitment was removed with the close of the Big River Steel purchase which occurred on January 15, 2021. See Note 5 and Note 20 for further details. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and is depreciated on a straight-line basis over the estimated useful lives of the assets. Depletion of mineral properties is based on rates which are expected to amortize cost over the estimated tonnage of minerals to be removed. When property, plant and equipment is sold or otherwise disposed of, any gains or losses are reflected in income. If a loss on disposal is expected, such losses are recognized when the assets are reclassified as assets held for sale or when impaired as part of an asset group’s impairment. Asset Impairment U. S. Steel evaluates impairment of its property, plant and equipment whenever circumstances indicate that the carrying value may not be recoverable. We evaluate the 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 undiscounted cash flows. 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 was recorded for the welded tubular asset group while no impairment was indicated for the seamless tubular asset group. There were no other triggering events that required an impairment evaluation of our long-lived asset groups during the year-ended December 31, 2020. |
Supply Chain Financing | Supply Chain Financing In October 2020, the Company entered into a supply chain financing (SCF) agreement with third party administrators with an initial term of one year to allow participating suppliers, at their sole discretion, to make offers to sell payment obligations of the Company prior to their scheduled due dates at a discounted price to a participating financial institution. The third party administrators entered into a separate one year agreement with the Export Import Bank of the United States (Ex-Im Guarantee) that guarantees 95 percent of the supplier payment obligations sold for up to $200 million. No guarantees are provided by the Company or any of its subsidiaries under the SCF program. The Company's goal is to capture overall supplier savings and improve working capital efficiency and the agreements facilitate the suppliers' ability to sell payment obligations, while providing them with greater working capital flexibility. The Company has no economic interest in the sale of the suppliers' receivables and no direct financial relationship with the financial institution concerning these services. The Company's obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers' decisions to sell amounts under the arrangements. The underlying costs from suppliers that elected to participate in the SCF program are generally recorded in cost of sales in the Company's Consolidated Statement of Operations. Amounts due to suppliers who participate in the SCF program are reflected in accounts payable and accrued expenses on the Company's Consolidated Balance Sheet and payments on the obligations by our suppliers are included in cash used in operating activities in the Consolidated Statement of Cash Flows. |
Environmental remediation | Environmental remediation Environmental expenditures are capitalized if the costs mitigate or prevent future contamination or if the costs improve existing assets’ environmental safety or efficiency. U. S. Steel provides for remediation costs and penalties when the |
Asset retirement obligations | Asset retirement obligations Asset retirement obligations (AROs) are initially recorded at fair value and are capitalized as part of the cost of the related long-lived asset and depreciated in accordance with U. S. Steel’s depreciation policies for property, plant and equipment. The fair value of the obligation is determined as the discounted value of expected future cash flows. Accretion expense is recorded each month to increase this discounted obligation over time. Certain AROs related to disposal costs of the majority of assets at our integrated steel facilities are not recorded because they have an indeterminate settlement date. These AROs will be initially recognized in the period in which sufficient information exists to estimate their fair value. See Note 19 for further details on U. S. Steel's AROs. |
Pensions and postemployment benefits | Pensions and other post-employment benefits U. S. Steel has defined contribution or multi-employer arrangements for pension benefits for more than three-quarters of its employees in the United States and defined benefit pension plans covering the remaining employees. For hires before January 1, 2016, U. S. Steel has defined benefit retiree health care and life insurance plans (Other Benefits) that cover its represented employees in North America upon their retirement. Government-sponsored programs into which U. S. Steel makes required contributions cover the majority of U. S. Steel’s European employees. For more details regarding pension and other post-employment benefits see Note 18 of the Consolidated Financial Statements. The pension and Other Benefits obligations and the related net periodic benefit costs are based on, among other things, assumptions regarding the discount rate, estimated return on plan assets, salary increases, the projected mortality of participants and the current level and future escalation of health care costs. Additionally, U. S. Steel recognizes an obligation to provide post-employment benefits for disability-related claims covering indemnity and medical payments for certain employees in North America. The obligation for these claims and the related periodic costs are measured using actuarial techniques and assumptions. Actuarial gains and losses occur when actual experience differs from any of the many assumptions used to value the benefit plans, or when assumptions change. For pension and Other Benefits, the Company recognizes into income on an annual basis a portion of unrecognized actuarial net gains or losses that exceed 10 percent of the larger of projected benefit obligations or plan assets (the corridor). These unrecognized amounts in excess of the corridor are amortized over the plan participants' average life expectancy or average future service, depending on the demographics of the plan. Unrecognized actuarial net gains and losses for disability-related claims are immediately recognized into income. |
Deferred taxes | Deferred taxesDeferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The realization of deferred tax assets is assessed quarterly based on several interrelated factors. These factors include U. S. Steel’s expectation to generate sufficient future taxable income and the projected time period over which these deferred tax assets will be realized. U. S. Steel records a valuation allowance when necessary to reduce deferred tax assets to the amount that will more likely than not be realized. See Note 11 for further details of deferred taxes. |
Recently Adopted Accounting S_2
Recently Adopted Accounting Standards (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Allowance for Doubtful Accounts | Below is a summary of the allowance for doubtful accounts for the segments. Additional reserve recorded in the twelve month period ended December 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 1 6 Balance at December 31, 2020 17 17 34 |
ASUs Adopted that did not have a Material Impact | U. S. Steel's adoption of the following ASU's did not have a material impact on U. S. Steel's financial position, results of operations or cash flows: Effective Date ASU Description January 1, 2018 2014-09 Revenue from Contracts with Customers January 1, 2018 2017-09 Compensation - Stock Compensation: Scope of Modification Accounting January 1, 2018 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities July 1, 2018 2018-02 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income January 1, 2019 2018-07 Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting January 1, 2019 2018-15 Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs in a Cloud Computing Arrangement That is a Service Contract |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Results of Segment Operations | The results of segment operations are as follows: (In millions) Customer Intersegment Net (Loss) Earnings (Loss) Earnings before Interest and Income Taxes Depreciation, Capital 2020 Flat-Rolled $ 7,071 $ 208 $ 7,279 $ (9) $ (596) $ 496 $ 484 USSE 1,967 3 1,970 — 9 97 79 Tubular 639 7 646 4 (179) 39 159 Total reportable segments 9,677 218 9,895 (5) (766) 632 722 Other Businesses 64 98 162 (94) (39) 11 3 Reconciling Items and Eliminations — (316) (316) (18) (270) — — Total $ 9,741 $ — $ 9,741 $ (117) $ (1,075) $ 643 $ 725 2019 Flat-Rolled $ 9,279 $ 281 $ 9,560 $ 84 $ 196 $ 456 $ 943 USSE 2,417 3 2,420 — (57) 92 153 Tubular 1,188 3 1,191 5 (67) 46 145 Total reportable segments 12,884 287 13,171 89 72 594 1,241 Other Businesses 53 115 168 (10) 23 22 11 Reconciling Items and Eliminations — (402) (402) — (325) — — Total $ 12,937 $ — $ 12,937 $ 79 $ (230) $ 616 $ 1,252 2018 Flat-Rolled $ 9,681 $ 231 $ 9,912 $ 54 $ 883 $ 367 $ 820 USSE 3,205 23 3,228 — 359 87 104 Tubular 1,231 5 1,236 7 (58) 47 45 Total reportable segments 14,117 259 14,376 61 1,184 501 969 Other Businesses 61 125 186 — 55 20 32 Reconciling Items and Eliminations — (384) (384) — (115) — — Total $ 14,178 $ — $ 14,178 $ 61 $ 1,124 $ 521 $ 1,001 |
Schedule of Assets by Segment | A summary of total assets by segment is as follows: December 31, (In millions) 2020 2019 Flat-Rolled $ 7,099 $ 7,267 USSE (a) 5,502 5,360 Tubular 887 1,150 Total reportable segments $ 13,488 $ 13,777 Other Businesses $ 911 $ 1,267 Corporate, reconciling items, and eliminations (b) (2,340) (3,436) Total assets $ 12,059 $ 11,608 (a) Included in the USSE segment assets is goodwill of $4 million as of both December 31, 2020 and 2019. (b) The majority of Corporate, reconciling items, and eliminations total assets is comprised of cash and the elimination of intersegment amounts. |
Schedule of Reconciling Items to EBIT | The detail of reconciling items to consolidated earnings (loss) before interest and income taxes is as follows: (In millions) 2020 2019 2018 Items not allocated to segments: Asset impairment charges (263) — — Gain on previously held investment in UPI 25 — — Tubular inventory impairment charges (24) — — December 24, 2018 Clairton coke making facility fire 6 (50) — Fairless property sale 145 — — Big River Steel debt extinguishment charges (18) — — Big River Steel transaction and other related costs (3) — — United Steelworkers labor agreement signing bonus and related costs — — (81) Granite City Works restart and related costs — — (80) Restructuring and other charges (Note 25) (138) (275) — Granite City Works temporary idling charges — — 8 Gain on equity investee transactions (Note 12) — — 38 Total reconciling items $ (270) $ (325) $ (115) |
Net Sales, Property, Plant and Equipment and Equity Method Investments Based on Location of Operating Segment | Geographic Area: The information below summarizes external sales, property, plant and equipment and equity method investments based on the location of the operating segment to which they relate. (In millions) Year External Assets North America 2020 $ 7,774 $ 5,590 (a) 2019 10,520 5,772 (a) 2018 10,973 4,432 (a) Europe 2020 1,967 993 2019 2,417 947 2018 3,205 919 Total 2020 9,741 6,583 2019 12,937 6,719 2018 14,178 5,351 (a) Assets with a book value of $5,590 million, $5,772 million and $4,432 million were located in the United States at December 31, 2020, 2019 and 2018, respectively. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Sales by Product | The following table disaggregates our revenue by product for each of our reportable business segments for the years ended December 31, 2020, 2019 and 2018, respectively: Customer Sales by Product: (In millions) Year Ended December 31, 2020 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 94 $ 2 $ — $ — $ 96 Hot-rolled sheets 1,273 793 — — 2,066 Cold-rolled sheets 2,102 164 — — 2,266 Coated sheets 2,990 904 — — 3,894 Tubular products — 40 621 — 661 All Other (a) 612 64 18 64 758 Total $ 7,071 $ 1,967 $ 639 $ 64 $ 9,741 (In millions) Year Ended December 31, 2019 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 305 $ 11 $ — $ — $ 316 Hot-rolled sheets 2,504 997 — — 3,501 Cold-rolled sheets 2,512 283 — — 2,795 Coated sheets 2,993 1,006 — — 3,999 Tubular products — 40 1,166 — 1,206 All Other (a) 965 80 22 53 1,120 Total $ 9,279 $ 2,417 $ 1,188 $ 53 $ 12,937 (In millions) Year Ended December 31, 2018 Flat-Rolled USSE Tubular Other Businesses Total Semi-finished $ 156 $ 174 $ — $ — $ 330 Hot-rolled sheets 2,816 1,313 — — 4,129 Cold-rolled sheets 2,709 384 — — 3,093 Coated sheets 3,090 1,164 — — 4,254 Tubular products — 48 1,195 — 1,243 All Other (a) 910 122 36 61 1,129 Total $ 9,681 $ 3,205 $ 1,231 $ 61 $ 14,178 (a) Consists primarily of sales of raw materials and coke making by-products. |
Net Interest and Other Financ_2
Net Interest and Other Financial Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Net Interest and Other Financial Costs | (In millions) 2020 2019 2018 Interest income: Interest income $ (7) $ (17) $ (23) Interest expense and other financial costs: Interest incurred 306 162 175 Less interest capitalized 26 20 7 Total interest expense 280 142 168 Loss on debt extinguishment (a) — — 98 Net periodic benefit (income) costs (other than service cost) (25) 91 69 Foreign currency net gain (b) (15) (17) (19) Financial costs on: Amended Credit Agreement 3 5 5 USSK credit facilities 2 1 3 Other (c) (21) 10 3 Amortization of discounts and deferred financing costs 15 7 8 Total other financial costs (16) 6 — Net interest and other financial costs $ 232 $ 222 $ 312 (a) Represents a net pretax charge of $98 million during 2018 related to the retirement of our 2020 Senior Notes and 2021 Senior Secured Notes. (b) The functional currency for USSE is the euro. Foreign currency net gain is a result of transactions denominated in currencies other than the euro. |
Earnings and Dividends Per Co_2
Earnings and Dividends Per Common Share (Tables) | 12 Months Ended |
Dec. 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: (Dollars in millions, except per share amounts) 2020 2019 2018 Net (loss) earnings attributable to United States Steel Corporation stockholders $ (1,165) $ (630) $ 1,115 Weighted-average shares outstanding (in thousands): Basic 196,721 171,418 176,633 Effect of convertible notes — — — Effect of stock options, restricted stock units and performance awards — — 1,828 Adjusted weighted-average shares outstanding, diluted 196,721 171,418 178,461 Basic (loss) earnings per common share $ (5.92) $ (3.67) $ 6.31 Diluted (loss) earnings per common share $ (5.92) $ (3.67) $ 6.25 |
Antidilutive Securities that were Not Included in Computations of Diluted Loss Per Common Share | The following table summarizes the securities that were antidilutive, and therefore, were not included in the computation of diluted (loss) earnings per common share: (In thousands) 2020 2019 2018 Securities granted under the 2005 Stock Incentive Plan 6,780 4,459 1,631 Securities convertible under the Senior Convertible Notes — 650 — Total 6,780 5,109 1,631 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 12 Months Ended |
Dec. 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 Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows: December 31, (In millions) 2020 2019 2018 Cash and cash equivalents $ 1,985 $ 749 $ 1,000 Restricted cash in other current assets 3 2 3 Long-term restricted cash 130 188 37 Total cash, cash equivalents and restricted cash $ 2,118 $ 939 $ 1,040 |
Schedule of Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within U. S. Steel's Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statement of Cash Flows: December 31, (In millions) 2020 2019 2018 Cash and cash equivalents $ 1,985 $ 749 $ 1,000 Restricted cash in other current assets 3 2 3 Long-term restricted cash 130 188 37 Total cash, cash equivalents and restricted cash $ 2,118 $ 939 $ 1,040 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | (In millions) December 31, 2020 December 31, 2019 Raw materials $ 416 $ 628 Semi-finished products 633 720 Finished products 300 376 Supplies and sundry items 53 61 Total $ 1,402 $ 1,785 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Earnings (Loss) | Components of (loss) earnings (In millions) 2020 2019 2018 United States $ (1,303) $ (381) $ 434 Foreign (4) (71) 378 (Loss) earnings before income taxes $ (1,307) $ (452) $ 812 |
(Benefit) Provision for Income Taxes | Income tax (benefit) provision 2020 2019 2018 (In millions) Current Deferred Total Current Deferred Total Current Deferred Total Federal $ (10) $ (95) $ (105) $ (18) $ 196 $ 178 $ (40) $ (283) $ (323) State and local (3) (24) (27) — 23 23 2 (58) (56) Foreign 1 (11) (10) (6) (17) (23) 64 12 76 Total $ (12) $ (130) $ (142) $ (24) $ 202 $ 178 $ 26 $ (329) $ (303) |
Reconciliation of Federal Statutory Tax to Total Provisions | A reconciliation of the federal statutory tax rate of 21 percent to total (benefit) provision follows: (In millions) 2020 2019 2018 Statutory rate applied to (loss) earnings before income taxes $ (275) $ (95) $ 171 Valuation allowance 367 334 (412) Tax accounting benefit related to increase in OCI (138) — — Excess percentage depletion (31) (46) (48) State and local income taxes after federal income tax effects (47) (36) 8 Effects of foreign operations (10) (23) 74 U.S. impact of foreign operations 1 25 (21) Impact of tax credits (18) 5 (71) Adjustment of prior years' federal income taxes 12 7 — Other (3) 7 (4) Total (benefit) provision $ (142) $ 178 $ (303) |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities resulted from the following: December 31, (In millions) 2020 2019 Deferred tax assets: Federal tax loss carryforwards (expiring in 2035 through 2037) $ 443 $ 176 Federal capital loss carryforwards (expiring 2021) — 27 State tax credit carryforwards (expiring in 2021 through 2029) 16 18 State tax loss carryforwards (expiring in 2021 through 2040) 182 130 Minimum tax credit carryforwards — 19 General business credit carryforwards (expiring in 2026 through 2040) 103 85 Foreign tax loss and credit carryforwards (expiring in 2023 through 2030) 171 170 Employee benefits 71 173 Contingencies and accrued liabilities 52 71 Operating lease liabilities 51 58 Section 59(e) amortization 27 18 Investments in subsidiaries and equity investees — 49 Inventory 21 32 Other temporary differences 46 17 Valuation allowance (796) (563) Total deferred tax assets 387 480 Deferred tax liabilities: Property, plant and equipment 244 368 Operating right-of-use assets 49 58 Investments in subsidiaries and equity investees 23 — Receivables, payables and debt 22 17 Indefinite-lived intangible assets 19 19 Other temporary differences 19 3 Total deferred tax liabilities 376 465 Net deferred tax asset $ 11 $ 15 |
Reconciliation of Unrecognized Tax Benefits | A tabular reconciliation of unrecognized tax benefits follows: (In millions) 2020 2019 2018 Unrecognized tax benefits, beginning of year $ 3 $ 35 $ 42 Increases – tax positions taken in prior years 13 — — Decreases – tax positions taken in prior years — — (2) Settlements — (32) — Lapse of statute of limitations — — (5) Unrecognized tax benefits, end of year $ 16 $ 3 $ 35 |
Investments, Long-Term Receiv_2
Investments, Long-Term Receivables and Equity Investee Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments and Long-Term Receivables | Investments, Long-Term Receivables and Equity Investee Transactions December 31, (In millions) 2020 2019 Equity method investments $ 1,140 $ 1,272 Receivables due after one year, less allowance of $5 in both periods 34 191 Other 3 3 Total $ 1,177 $ 1,466 |
Summarized Financial Information of Investees Accounted for by Equity Method of Accounting | Summarized financial information of all investees accounted for by the equity method of accounting is as follows (amounts represent 100% of investee financial information): (In millions) 2020 2019 2018 Income data – year ended December 31: (a) Net Sales $ 2,485 $ 2,528 $ 2,193 Operating income 12 253 157 Net earnings (124) 235 134 Balance sheet date – December 31: Current Assets $ 960 $ 1,144 $ 642 Noncurrent Assets 3,101 2,976 853 Current liabilities 419 573 348 Noncurrent Liabilities 3,063 2,542 516 (a) We exited Leeds Retail Center, LLC and sold Acero Prime, S.R.L. de CV on May 31, 2018, and October 23, 2018, respectively. The former equity affiliates are included in the income data through the month prior to the date of sale. |
Investees Accounted for using Equity Method | All of our significant investees are located in the U.S. Investees accounted for using the equity method include: Investee December 31, 2020 Interest Big River Steel (a) 49.9 % Chrome Deposit Corporation 50 % Daniel Ross Bridge, LLC 50 % Double G Coatings Company, Inc. 50 % Hibbing Development Company 24.1 % Hibbing Taconite Company (b) 14.7 % Patriot Premium Threading Services, LLC 50 % PRO-TEC Coating Company, LLC 50 % Strategic Investment Fund Partners II (c) 5.2 % Worthington Specialty Processing 49 % (a) U. S. Steel's 49.9% ownership in Big River Steel consists of 47.7535% interests in Big River Steel Holdings LLC and BRS Stock Holdco LLC. U. S. Steel Blocker LLC, a wholly-owned subsidiary of U. S. Steel, holds a 2.1465% interest in both of those entities. (b) Hibbing Taconite Company (Hibbing) is an unincorporated joint venture that is owned, in part, by Hibbing Development Company (HDC), which is accounted for using the equity method. Through HDC we are able to influence the activities of HTC, and as such, its activities are accounted for using the equity method. (c) Strategic Investment Fund Partners II is a limited partnership and in accordance with ASC Topic 323, the financial activities are accounted for using the equity method. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | December 31, (In millions) Useful Lives 2020 2019 Land and depletable property — $ 237 $ 202 Buildings 35 years 1,154 1,105 Machinery and equipment Steel producing 2-30 years 14,417 13,658 Transportation 3-40 years 282 280 Other 5-30 years 92 129 Information technology 5-6 years 796 787 Assets under finance lease 5-15 years 113 83 Construction in process — 613 833 Total 17,704 17,077 Less accumulated depreciation and depletion 12,260 11,630 Net $ 5,444 $ 5,447 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets | Intangible assets are being amortized on a straight-line basis over their estimated useful lives and are detailed below: As of December 31, 2020 As of December 31, 2019 (In millions) Useful Gross Accumulated Impairment (a) Accumulated Net Gross Accumulated Net Customer relationships 22 Years $ 132 $ 55 $ 77 $ — $ 132 $ 76 $ 56 Patents 10-15 Years 22 7 10 5 22 8 14 Energy Contract 10 Years 54 — 5 $ 49 — — — Other 4-20 Years 14 5 9 — 14 9 5 Total amortizable intangible assets $ 222 $ 67 $ 101 $ 54 $ 168 $ 93 $ 75 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Total Stock-Based Compensation Awards Granted | The following table summarizes the total stock-based compensation awards granted during the years 2020, 2019 and 2018: Restricted Stock Units TSR Performance Awards ROCE Performance Awards (a) 2020 Grants 2,640,690 671,390 — 2019 Grants 1,005,500 210,520 527,470 2018 Grants 824,195 79,190 247,510 |
Total Compensation Expense Recognized for Stock-Based Compensation Awards | The following table summarizes the total compensation expense recognized for stock-based compensation awards: (In millions, except per share amounts) Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Stock-based compensation expense recognized: Cost of sales $ 8 $ 9 $ 11 Selling, general and administrative expenses 18 17 21 Decrease in net income 26 26 32 Decrease in basic earnings per share 0.13 0.15 0.14 Decrease in diluted earnings per share 0.13 0.15 0.13 |
Status and Activity of Stock Options | The following table shows a summary of the status and activity of stock options for the year ended December 31, 2020: Shares Weighted- Weighted- Aggregate Outstanding at January 1, 2020 2,351,831 $ 27.08 Granted — $ — Exercised (22,849) $ 14.78 Forfeited or expired (282,746) $ 36.10 Outstanding at December 31, 2020 2,046,236 $ 25.98 3.72 $ 1 Exercisable at December 31, 2020 2,046,236 $ 25.98 3.72 $ 1 Exercisable and expected to vest at December 31, 2020 2,046,236 $ 25.98 3.72 $ 1 |
Performance Awards Outstanding and their Fair Market Value on Respective Grant Date | The following table shows a summary of the performance awards outstanding as of December 31, 2020, and their fair market value on the respective grant date: Performance Period Fair Value Minimum Target Maximum 2020 - 2022 $ 5 — 671,390 1,342,780 2019 - 2021 $ 16 — 632,217 1,264,434 2018 - 2020 $ 13 — 281,693 563,386 |
Status and Activity of Nonvested Stock Awards | The following table shows a summary of the status and activity of nonvested stock awards for the year ended December 31, 2020: Restricted TSR Performance (a) ROCE Performance (a) Total Weighted- Nonvested at January 1, 2020 1,589,824 350,317 692,843 2,632,984 $ 30.72 Granted 2,640,690 671,390 — 3,312,080 8.69 Vested (527,534) — — (527,534) 30.55 Performance adjustment factor (b) — — (101,587) (101,587) 34.82 Forfeited or expired (187,255) (1,556) (26,107) (214,918) 19.00 Nonvested at December 31, 2020 3,515,725 1,020,151 565,149 5,101,025 $ 16.85 (a) The number of shares shown for the performance awards is based on the target number of share awards. (b) Consists of adjustments to vested performance awards to reflect actual performance. The adjustments were required since the original grants of the awards were at 100 percent of the targeted amounts and the awards vested at greater than target. |
Restricted Stock Units and Performance Awards Granted | The following table presents information on RSUs and performance awards granted: 2020 2019 2018 Number of awards granted 3,312,080 1,743,490 1,150,895 Weighted-average grant-date fair value per share $ 8.69 $ 24.46 $ 41.65 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 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 December 31, 2020 and December 31, 2019 : Hedge Contracts Classification December 31, 2020 December 31, 2019 Natural gas (in mmbtus) Commodity purchase swaps 38,801,400 56,613,200 Tin (in metric tons) Commodity purchase swaps 812 145 Zinc (in metric tons) Commodity purchase swaps 25,361 9,819 Electricity (in megawatt hours) Commodity purchase swaps 760,320 — Hot-rolled coils (in tons) Sales swaps 120,000 — Foreign currency (in millions of euros) Foreign exchange forwards € 242 € 282 Foreign currency (in millions of CAD) Foreign exchange forwards $ — $ 25 |
Location and Amounts of Fair Values Related to Derivatives in Financial Statements | The following summarizes the fair value amounts included in our Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019: (In millions) Designated as Hedging Instruments Balance Sheet Location December 31, 2020 December 31, 2019 Sales swaps Accounts payable $ 26 $ — Sales swaps Other long-term liabilities — — Commodity purchase swaps Accounts receivable 5 1 Commodity purchase swaps Accounts payable 10 17 Commodity purchase swaps Investments and long-term receivables — 1 Commodity purchase swaps Other long-term liabilities — 7 Foreign exchange forwards Accounts payable 18 1 Foreign exchange forwards Other long-term liabilities — — Not Designated as Hedging Instruments Commodity purchase swaps Investments and long-term receivables 1 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 2020, 2019, and 2018: (Loss) Gain on Derivatives in AOCI Amount of Loss Recognized in Income (In millions) 2020 2019 2018 Location of Reclassification from AOCI (a) 2020 2019 2018 Sales swaps $ (26) $ 1 $ — Net sales (b) $ — $ (1) $ (13) Commodity purchase swaps 17 (6) (15) Cost of sales (c) (24) (19) (8) Foreign exchange forwards (17) 1 (2) Cost of sales (7) (1) — (a) The earnings impact of our hedging instruments substantially offsets the earnings impact of the related hedged items resulting in immaterial ineffectiveness. (b) U. S. Steel elected cash flow hedge accounting for hot-rolled coil sales swaps effective January 1, 2018 and for iron ore pellet sales swaps effective January 1, 2019. (c) Costs for commodity purchase swaps are recognized in cost of sales as products are sold. |
Location and Amounts of Gains and Losses Related to Derivatives in Financial Instruments | The table below summarizes the impact of derivative activity where hedge accounting has not been elected on our Consolidated Statements of Operations for 2020, 2019 and 2018: Amount of (Loss) Gain Recognized in Income (In millions) Consolidated Statement of Operations Location 2020 2019 2018 Sales swaps (a) Net sales $ — $ — $ (1) Commodity purchase swaps Cost of sales (1) — — Foreign exchange forwards (b) Other financial costs — 17 24 (a) U. S. Steel elected cash flow hedge accounting for hot-rolled coil sales swaps effective January 1, 2018 and for iron ore pellet sales swaps effective January 1, 2019. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | December 31, (In millions) Interest Maturity 2020 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 2025 Senior Secured Notes 12.000 2025 1,056 — Export-Import Credit Agreement Variable 2021 180 — Environmental Revenue Bonds 4.875 - 6.750 2024 - 2050 717 620 Finance leases and all other obligations 2021-2029 81 66 ECA Credit Agreement Variable 2031 113 — Credit Facility Agreement, $2.0 billion Variable 2024 500 600 UPI Amended Credit Facility Variable 2020 — — USSK Credit Agreement Variable 2023 368 393 USSK credit facilities Variable 2021 — — Total debt 5,115 3,779 Less unamortized discount and debt issuance costs 228 138 Less short-term debt and long-term debt due within one year 192 14 Long-term debt $ 4,695 $ 3,627 |
Schedule of Debt Redemption Prices | The Company may redeem the 2025 Senior Secured Notes, in whole or part, at its option on or after June 1, 2022 at the redemption price for such notes as a percentage of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, if redeemed during the twelve-month period beginning on June 1st of each of the years indicated below. Year Redemption Price 2022 106 % 2023 103 % 2024 and thereafter 100 % |
Aggregate Maturities of Debt | Debt Maturities – Aggregate maturities of debt are as follows (in millions): 2021 2022 2023 2024 2025 Later Total $ 196 $ 22 $ 379 $ 568 $ 1,813 $ 2,137 $ 5,115 |
Pensions and Other Benefits (Ta
Pensions and Other Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Details Relating to Pension Benefits and Other Benefits | Details relating to pension benefits and Other Benefits are below. Pension Benefits Other Benefits (In millions) 2020 2019 2020 2019 Change in benefit obligations Benefit obligations at January 1 $ 5,822 $ 5,626 $ 1,876 $ 2,121 Service cost 51 44 12 13 Interest cost 193 237 63 91 UPI acquisition 246 — 56 — Actuarial losses (gains) 400 416 (23) (195) Exchange rate loss 3 1 — — Settlements, curtailments and termination benefits 4 — 4 — Benefits paid (533) (502) (147) (154) Benefit obligations at December 31 $ 6,186 $ 5,822 $ 1,841 $ 1,876 Change in plan assets Fair value of plan at January 1 $ 5,406 $ 4,960 $ 2,025 $ 1,860 Actual return on plan assets 922 948 219 274 UPI acquisition 238 — 1 — Asset reversion — — (38) — Employer contributions — — 1 — Benefits paid from plan assets (531) (502) (97) (109) Fair value of plan assets at December 31 $ 6,035 $ 5,406 $ 2,111 $ 2,025 Funded status of plans at December 31 (151) (416) 270 149 |
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss: 2020 (In millions) 12/31/2019 Amortization Activity 12/31/2020 Pensions Prior Service Cost $ 16 $ (2) $ — $ 14 Actuarial Losses 2,101 (147) (190) 1,764 Other Benefits Prior Service Credit (109) 6 — (103) Actuarial Gains (411) 16 (161) (556) (In millions) (a) Amount reclassified from AOCI Details about AOCI components 2020 2019 2018 Amortization of pension and other benefit items Prior service costs (a) $ (4) $ 31 $ 29 Actuarial losses (a) 129 135 156 Settlements, termination and curtailment gains (a) 2 3 10 UPI purchase accounting adjustment 23 — — Total pensions and other benefits items 150 169 195 Derivative reclassifications to Consolidated Statements of Operations 32 22 (19) Total before tax 182 191 176 Tax provision (41) (48) (42) Net of tax $ 141 $ 143 $ 134 (a) These AOCI components are included in the computation of net periodic benefit cost (see Note 18 for additional details). |
Pension and Other Benefits Recognized in Balance Sheet | As of December 31, 2020 and 2019, the following amounts were recognized in the Consolidated Balance Sheet: Pension Benefits Other Benefits (In millions) 2020 2019 2020 2019 Noncurrent assets (a) 12 — 326 158 Current liabilities (9) (3) (4) (1) Noncurrent liabilities (154) (413) (52) (8) Accumulated other comprehensive loss (b) 1,778 2,117 (659) (520) Net amount recognized $ 1,627 $ 1,701 $ (389) $ (371) (a) Included in noncurrent assets for Other Benefits are $45 million of expected retiree medical and life insurance payments for the next twelve months. (b) Accumulated other comprehensive loss effects associated with accounting for pensions and other benefits in accordance with ASC Topic 715 at December 31, 2020 and December 31, 2019, respectively, are reflected net of tax of $678 million and $800 million respectively, on the Consolidated Statements of Stockholders’ Equity. |
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | The Accumulated Benefit Obligation (ABO) for all defined benefit pension plans was $5,979 million and $5,636 million at December 31, 2020 and 2019, respectively. December 31, (In millions) 2020 2019 Information for pension plans with an accumulated benefit obligation in excess of plan assets: Aggregate accumulated benefit obligations (ABO) $ (5,979) $ (5,636) Aggregate projected benefit obligations (PBO) (6,186) (5,822) Aggregate fair value of plan assets 6,035 5,406 |
Details of Net Periodic Benefit Costs Related to Pension and Other Benefits | Following are the details of net periodic benefit costs related to Pension and Other Benefits: Pension Benefits Other Benefits (In millions) 2020 2019 2018 2020 2019 2018 Components of net periodic benefit cost: Service cost $ 51 $ 44 $ 49 $ 12 $ 13 $ 17 Interest cost 193 237 233 63 91 92 Expected return on plan assets (333) (324) (361) (80) (79) (82) Amortization - prior service costs (credits) 2 2 — (6) 29 29 - actuarial losses (gains) 145 132 152 (16) 3 4 Net periodic benefit cost, excluding below 58 91 73 (27) 57 60 Multiemployer plans (a) 76 77 60 — — — Settlement, termination and curtailment losses 11 11 10 4 — — Net periodic benefit cost $ 145 $ 179 $ 143 $ (23) $ 57 $ 60 (a) Primarily represents pension expense for the SPT covering USW employees hired from National Steel Corporation and new USW employees hired after May 21, 2003. |
Assumptions used to Determine Benefit Obligation and Net Periodic Benefit Cost | Weighted average assumptions used to determine the benefit obligation at December 31 and net periodic benefit cost for the year ended December 31 are detailed below. Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. and Europe U.S. and Europe U.S. U.S. Actuarial assumptions used to determine benefit obligations at December 31: Discount rate 2.72 % 3.35 % 2.80 % 3.43 % Increase in compensation rate 2.62 % 2.60 % N/A N/A Pension Benefits Other Benefits 2020 2019 2018 2020 2019 2018 U.S. and Europe U.S. and Europe U.S. and Europe U.S. U.S. U.S. Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31: Discount rate 3.35 % 4.41 % 4.00 % 3.42 % 4.47 % 4.03 % Expected annual return on plan assets 6.47 % 6.50 % 6.85 % 4.25 % 4.25 % 4.25 % Increase in compensation rate 2.62 % 2.60 % 2.60 % N/A N/A N/A |
Assumed Health Care Cost Trend Rates | 2020 2019 Assumed health care cost trend rates at December 31: U.S. U.S. Health care cost trend rate assumed for next year 6.50% 6.50% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50% 4.50% Year that the rate reaches the ultimate trend rate 2029 2028 |
Schedule of Defined Benefit Plans Disclosures | U. S. Steel’s Pension plan and Other Benefits plan assets are classified as follows: Level 1 Level 2 Level 3 Short-term Investments Corporate Bonds - U.S. & Non U.S. Timberlands Equity Securities - U.S. & International Government Bonds - U.S. & Non U.S. Real Estate Mortgage and asset-backed securities Mineral Interests and Other Alternatives |
Pension and Other Benefits Plan Assets Carried at Fair Value | The fair value of U. S. Steel's pension plan assets by asset category at December 31 were as follows (in millions): 2020 2019 Level 1 Level 2 Level 3 measured at NAV (a) Total Level 1 Level 2 Level 3 measured at NAV (a) Total Asset Category Equity U. S. companies $ 306 $ — $ — $ — $ 306 $ 123 $ — $ — $ — $ 123 International companies 177 — — — 177 7 — — — 7 Total equity 483 — — — 483 130 — — — 130 Fixed Income Corporate Bonds - U.S. — 1,514 — — 1,514 — 1,004 — — 1,004 Corporate Bonds - Non-U.S. — 252 — — 252 — 160 — — 160 U.S. government and agencies — 202 — — 202 — 771 — — 771 Non-U.S. government — 97 — — 97 — 77 — — 77 Mortgage and asset-backed securities — 213 — — 213 — 265 — — 265 Total fixed income — 2,278 — — 2,278 — 2,277 — — 2,277 Alternatives Timberlands — — 269 — 269 — — 283 — 283 Mineral Interests and other alternatives — — 19 — 19 — — 2 — 2 Private equity — — — 231 231 — — — 238 238 Real estate — — 36 205 241 — — 32 240 272 Total alternatives — — 324 436 760 — — — 317 478 795 Commingled Funds — — — 2,289 2,289 — — — 2,170 2,170 Short-Term Investments 173 — — — 173 — — — — — Other (b) 52 — — — 52 34 — — — 34 Total assets at fair value $ 708 $ 2,278 $ 324 $ 2,725 $ 6,035 $ 164 $ 2,277 $ 317 $ 2,648 $ 5,406 (a) In accordance with ASC Topic 820, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. (b) Includes cash, accrued income, and miscellaneous payables. The fair value of U. S. Steel's Other Benefits plan assets by asset category at December 31 were as follows (in millions): 2020 2019 Level 1 Level 2 Level 3 measured at NAV (a) Total Level 1 Level 2 Level 3 measured at NAV (a) Total Asset Category Equity U. S. companies $ 77 $ — $ — $ — $ 77 $ 30 $ — $ — $ — $ 30 International companies 27 — — — 27 19 — — — 19 Total equity 104 — — — 104 49 — — — 49 Fixed Income Corporate Bonds - U.S. — 1,121 — — 1,121 — 1,132 — — 1,132 Corporate Bonds - Non-U.S. — 231 — — 231 — 287 — — 287 U.S. government and agencies — 365 — — 365 — 329 — — 329 Non-U.S. government — 9 — — 9 — 13 — — 13 Mortgage and asset-backed securities — 31 — — 31 — 38 — — 38 Total fixed income — 1,757 — — 1,757 — 1,799 — — 1,799 Alternatives Timberlands — — 35 — 35 — — 35 — 35 Private equity — — — 48 48 — — — 54 54 Real estate — — — 29 29 — — — 32 32 Total alternatives — — 35 77 112 — — — 35 86 121 Short-Term Investments 102 — — — 102 31 — — — 31 Other (b) 36 — — — 36 25 — — — 25 Total assets at fair value $ 242 $ 1,757 $ 35 $ 77 $ 2,111 $ 105 $ 1,799 $ 35 $ 86 $ 2,025 (a) In accordance with ASC Topic 820, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. (b) Includes cash, accrued income, and miscellaneous payables. |
Changes in Fair Value of Pension and Other Benefits Plan Level 3 Assets | The following table sets forth a summary of changes in the fair value of U. S. Steel’s Pension plan Level 3 assets for the years ended December 31, 2020 and 2019: Level 3 assets only (In millions) 2020 2019 Balance at beginning of period $ 317 $ 331 Transfers in and/or out of Level 3 — — Actual return on plan assets: Realized gain 2 8 Net unrealized loss (9) (21) Purchases, sales, issuances and settlements: Purchases 17 1 Sales (3) (2) Balance at end of period $ 324 $ 317 The following table sets forth a summary of changes in the fair value of U. S. Steel’s Other Benefits plan Level 3 assets for the years ended December 31, 2020 and 2019: Level 3 assets only (In millions) 2020 2019 Balance at beginning of period $ 35 $ 35 Transfers in and/or out of Level 3 — — Actual return on plan assets: Realized gain — — Net unrealized loss — — Purchases, sales, issuances and settlements: Purchases 2 — Sales (2) — Balance at end of period $ 35 $ 35 |
Multiemployer Pension Plans | U. S. Steel’s participation in the SPT for the annual periods ended December 31, 2020, 2019 and 2018 is outlined in the table below. Employer Pension Protection Act Zone (a) FIP/RP Status (b) U.S. Steel Surcharge (c) Expiration Date Pension Fund 2020 2019 2020 2019 2018 2020 2019 Steelworkers Pension Trust 23-6648508/499 Green Green No $ 76 $ 77 $ 60 No No September 1, 2022 (a) The zone status is based on information that U. S. Steel received from the plan and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded, while plans in the yellow zone are less than 80 percent funded and plans in the red zone are less than 65 percent funded. (b) Indicates if a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. (c) Indicates whether there were charges to U. S. Steel from the plan. |
Benefit Payments Expected to be Paid from Defined Benefit Plans | Estimated Future Benefit Payments – The following benefit payments, which reflect expected future service as appropriate, are expected to be paid from U. S. Steel’s defined benefit plans: (In millions) Pension Other 2021 $ 499 $ 147 2022 459 146 2023 435 143 2024 421 141 2025 409 138 Years 2026 - 2028 1,867 604 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes in Carrying Values of Asset Retirement Obligations | The following table reflects changes in the carrying values of AROs for the years ended December 31, 2020 and 2019: December 31, (In millions) 2020 2019 Balance at beginning of year $ 58 $ 60 Additional obligations incurred 5 4 Obligations settled (7) (9) Foreign currency translation effects 1 — Accretion expense 3 3 Balance at end of period $ 60 $ 58 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Change in Fair Value by Option from Purchase Date | The following table shows the change in fair value by option from the investment purchase date of October 31, 2019 through December 31, 2019 that resulted in a $7 million loss. During the year-ended December 31, 2020, the value of these options were adjusted for fair value changes and then removed and the contingent forward asset discussed above was recorded resulting in a gain that totaled $39 million. The loss and gain amounts were recorded in Other Financial Costs on the Consolidated Statement of Operations. (In millions) Balance Sheet Location Fair Value asset/(liability at Purchase Date (a) Fair Value Fair Value asset/(liability) December 31, 2019 Fair Value Fair Value asset/(liability) U. S. Steel Call Option Investments and Long-Term Receivables $ 162 $ 4 $ 166 $ (166) $ — Class B Common Deferred credits and other noncurrent liabilities $ (181) $ (11) $ (192) $ 192 $ — Class B Common Deferred credits and other noncurrent liabilities $ (2) $ — $ (2) $ 2 $ — Contingent forward asset Investments and Long-Term Receivables $ — $ — $ 11 $ 11 Net Mark to Market Impact $ (7) $ 39 (a) On October 31, 2019 a wholly owned subsidiary of U. S. Steel purchased a 49.9% ownership interest in Big River Steel. |
Financial Assets and Liabilities Not Carried at Fair Value | The following table summarizes U. S. Steel’s financial assets and liabilities that were not carried at fair value at December 31, 2020 and 2019. December 31, 2020 December 31, 2019 (In millions) Fair Value Carrying Fair Value Carrying Financial liabilities: Short-term and long-term debt (a) $ 5,323 $ 4,806 $ 3,576 $ 3,575 (a) Excludes finance lease obligations. |
Reclassifications from Accumu_2
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | (In millions) Pension and Foreign Unrealized Gain (Loss) on Derivatives Total Balance at December 31, 2018 $ (1,416) $ 403 $ (13) $ (1,026) Other comprehensive income (loss) before reclassifications 446 (22) (19) 405 Amounts reclassified from AOCI (a) 127 — 16 143 Net current-period other comprehensive income (loss) 573 (22) (3) 548 Balance at December 31, 2019 $ (843) $ 381 $ (16) $ (478) Other comprehensive income (loss) before reclassifications 271 68 (49) 290 Amounts reclassified from AOCI (a) 114 — 27 141 Net current-period other comprehensive income (loss) 385 68 (22) 431 Balance at December 31, 2020 $ (458) $ 449 $ (38) $ (47) (a) See table below for further details. |
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss: 2020 (In millions) 12/31/2019 Amortization Activity 12/31/2020 Pensions Prior Service Cost $ 16 $ (2) $ — $ 14 Actuarial Losses 2,101 (147) (190) 1,764 Other Benefits Prior Service Credit (109) 6 — (103) Actuarial Gains (411) 16 (161) (556) (In millions) (a) Amount reclassified from AOCI Details about AOCI components 2020 2019 2018 Amortization of pension and other benefit items Prior service costs (a) $ (4) $ 31 $ 29 Actuarial losses (a) 129 135 156 Settlements, termination and curtailment gains (a) 2 3 10 UPI purchase accounting adjustment 23 — — Total pensions and other benefits items 150 169 195 Derivative reclassifications to Consolidated Statements of Operations 32 22 (19) Total before tax 182 191 176 Tax provision (41) (48) (42) Net of tax $ 141 $ 143 $ 134 (a) These AOCI components are included in the computation of net periodic benefit cost (see Note 18 for additional details). |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Year Ended December 31, (In millions) 2020 2019 2018 Net cash (used in) provided by operating activities included: Interest and other financial costs paid (net of amount capitalized) $ (248) $ (151) $ (207) Income taxes refunded (paid) $ 45 $ 38 $ (39) Non-cash investing and financing activities: Change in accrued capital expenditures $ (121) $ (70) $ 135 U. S. Steel common stock issued for employee/non-employee director stock plans $ 19 $ 19 $ 21 Capital expenditures funded by finance lease borrowings $ 31 $ 46 $ — Export Credit Agreement (ECA) financing $ 34 $ — $ — Big River Steel put and call options (a) $ — $ 21 $ — (a) The Big River Steel put and call options amount represents the excess of the Class B Common Put Option and the Class B Common Call Option liabilities over the U. S. Steel Call Option asset from U. S. Steel's acquisition of its 49.9% ownership interest in Big River Steel on October 31, 2019. See Note 20 for further details. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Operating and Finance Leases by Balance Sheet Location | The following table summarizes the lease amounts included in our Consolidated Balance Sheet as of December 31, 2020. (In millions) Balance Sheet Location December 31, 2020 December 31, 2019 Assets Operating Operating lease assets (a) $ 214 $ 230 Finance Property, plant and equipment (b) 73 56 Total Lease Assets $ 287 $ 286 Liabilities Current Operating Current operating lease liabilities $ 59 $ 60 Finance Current portion of long-term debt 16 11 Non-Current Operating Noncurrent operating lease liabilities 163 177 Finance Long-term debt less unamortized discount and issue costs 65 51 Total Lease Liabilities $ 303 $ 299 (a) Operating lease assets are recorded net of accumulated amortization of $96 million and $50 million as of December 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 Consolidated Statement of Operations for the years ended December 31, 2020 and December 31, 2019. (In millions) Classification Year Ended December 31, 2020 Year Ended December 31, 2019 Operating Lease Cost (a) Cost of sales $ 67 $ 81 Operating Lease Cost Selling, general and administrative expenses 14 11 Finance Lease Cost Amortization Depreciation, depletion and amortization 14 7 Interest Interest expense 4 3 Total Lease Cost $ 99 $ 102 (a) Operating lease cost recorded in cost of sales includes $7 million and $15 million of variable lease cost for the year ended December 31, 2020 and December 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 December 31, 2020 are shown below. (In millions) Operating Finance Total 2021 $ 73 $ 20 $ 93 2022 54 24 78 2023 42 12 54 2024 33 10 43 2025 24 8 32 After 2025 39 17 56 Total Lease Payments $ 265 $ 91 $ 356 Less: Interest 43 10 53 Present value of lease liabilities $ 222 $ 81 $ 303 |
Schedule of Financing Lease Maturities | Lease liability maturities as of December 31, 2020 are shown below. (In millions) Operating Finance Total 2021 $ 73 $ 20 $ 93 2022 54 24 78 2023 42 12 54 2024 33 10 43 2025 24 8 32 After 2025 39 17 56 Total Lease Payments $ 265 $ 91 $ 356 Less: Interest 43 10 53 Present value of lease liabilities $ 222 $ 81 $ 303 |
Schedule of Lease Terms and Discount Rates | Lease terms and discount rates are shown below. December 31, 2020 Weighted average lease term Finance 5 years Operating 5 years Weighted average discount rate Finance 4.94 % Operating 7.45 % |
Schedule of Cash Amounts Paid for Lease Liabilities | Supplemental cash flow information related to leases is as follows: (In millions) Year Ended December 31, 2020 Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 71 $ 72 Operating cash flows from finance leases 4 3 Financing cash flows from finance leases 13 7 Right-of-use assets exchanged for lease liabilities: Operating leases 41 53 Finance leases 31 46 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Activity in Accrued Balances for Restructuring and Other Cost Reduction Programs | The activity in the accrued balances incurred in relation to restructuring during the years ended December 31, 2020 and December 31, 2019 were as follows: (in millions) Employee Related Costs Exit Costs Non-cash Charges Total Balance at December 31, 2018 $ — $ 17 $ — $ 17 Additional charges 111 119 45 $ 275 Cash payments/utilization (24) (11) (45) (80) Balance at December 31, 2019 $ 87 $ 125 $ — $ 212 Additional charges 81 53 4 138 Cash payments/utilization (117) (52) (4) (173) Balance at December 31, 2020 $ 51 $ 126 $ — $ 177 |
Balance Sheet Location of Accrued Liabilities for Restructuring and Other Cost Reduction Programs | Accrued liabilities for restructuring and other cost reduction programs are included in the following balance sheet lines: (in millions) December 31, 2020 December 31, 2019 Accounts payable $ 34 $ 46 Payroll and benefits payable 29 64 Employee benefits 22 23 Deferred credits and other noncurrent liabilities 92 79 Total $ 177 $ 212 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Asbestos Litigation Activity | The following table shows the number of asbestos claims in the current year and the prior two years: Period ended Opening Claims Dismissed, Settled and Resolved (a) New Closing December 31, 2018 3,315 1,285 290 2,320 December 31, 2019 2,320 195 265 2,390 December 31, 2020 2,390 240 295 2,445 |
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: Year Ended December 31, (In millions) 2020 2019 Beginning of period $ 186 $ 187 Accruals for environmental remediation deemed probable and reasonably estimable 7 20 Obligations settled (47) (21) End of period $ 146 $ 186 |
Accrued Liabilities for Remediation Activities Included in Balance Sheet | Accrued liabilities for remediation activities are included in the following Consolidated Balance Sheet lines: (In millions) December 31, 2020 December 31, 2019 Accounts payable $ 43 $ 53 Deferred credits and other noncurrent liabilities 103 133 Total $ 146 $ 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): 2021 2022 2023 2024 2025 Later years Total $962 $956 $395 $175 $139 $702 $3,329 |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 08, 2020 | Oct. 31, 2019 | |
Significant Accounting Policies [Line Items] | ||||||
Percentage of LIFO (last in first out) inventory to total inventory | 59.00% | 75.00% | ||||
Asset impairment charges (Note 1) | $ 263 | $ 0 | $ 0 | |||
Financial assurance guarantees, maximum | $ 7 | |||||
Portion of salaried employees that receive pension benefits through a defined contribution pension plan | three-quarters | |||||
Pension corridor percentage | 10.00% | |||||
Third Party Administrators | ||||||
Significant Accounting Policies [Line Items] | ||||||
Guarantee term | one year | |||||
Export Import Bank | Third Party Administrators | ||||||
Significant Accounting Policies [Line Items] | ||||||
Guarantee term | one year | |||||
Percent of supplier payment obligations guaranteed | 95.00% | |||||
Financial assurance guarantees, maximum | $ 200 | |||||
Welded Tubular Asset Group [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Asset impairment charges (Note 1) | $ 263 | |||||
Tangible Asset Impairment Charges | 196 | |||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 67 | |||||
Big River Steel | ||||||
Significant Accounting Policies [Line Items] | ||||||
Ownership interest | 50.10% | 49.90% |
New Accounting Standards (Detai
New Accounting Standards (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accounting Policies [Abstract] | |
Tax benefit related to recording a loss from continuing operations and income from OCI | $ 138 |
Recently Adopted Accounting S_3
Recently Adopted Accounting Standards - Narrative (Details) | Dec. 31, 2020pool |
Accounting Changes and Error Corrections [Abstract] | |
Number of receivable pools | 2 |
Percent of receivables balance covered by credit insurance | 75.00% |
Recently Adopted Accounting S_4
Recently Adopted Accounting Standards - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at December 31, 2019 | $ 28 | |
Additional reserve | 6 | |
Balance at September 30, 2020 | 28 | $ 34 |
U.S. | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at December 31, 2019 | 12 | |
Additional reserve | 5 | |
Balance at September 30, 2020 | 12 | 17 |
USSE | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at December 31, 2019 | 16 | |
Additional reserve | 1 | |
Balance at September 30, 2020 | $ 16 | $ 17 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - Results o
Segment Information - Results of Segment Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 9,741 | $ 12,937 | $ 14,178 |
(Loss) Earnings from investees | (117) | 79 | 61 |
(Loss) Earnings before Interest and Income Taxes | (1,075) | (230) | 1,124 |
Depreciation, depletion & amortization | 643 | 616 | 521 |
Capital expenditures | 725 | 1,252 | 1,001 |
Flat-Rolled | |||
Segment Reporting Information [Line Items] | |||
Net sales | 7,071 | 9,279 | 9,681 |
USSE | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,967 | 2,417 | 3,205 |
Tubular | |||
Segment Reporting Information [Line Items] | |||
Net sales | 639 | 1,188 | 1,231 |
Total reportable segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 9,677 | 12,884 | 14,117 |
Other Businesses | |||
Segment Reporting Information [Line Items] | |||
Net sales | 64 | 53 | 61 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | (402) | (384) | |
Operating Segments | Flat-Rolled | |||
Segment Reporting Information [Line Items] | |||
Net sales | 7,279 | 9,560 | 9,912 |
(Loss) Earnings from investees | (9) | 84 | 54 |
(Loss) Earnings before Interest and Income Taxes | (596) | 196 | 883 |
Depreciation, depletion & amortization | 496 | 456 | 367 |
Capital expenditures | 484 | 943 | 820 |
Operating Segments | USSE | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,970 | 2,420 | 3,228 |
(Loss) Earnings from investees | 0 | 0 | 0 |
(Loss) Earnings before Interest and Income Taxes | 9 | (57) | 359 |
Depreciation, depletion & amortization | 97 | 92 | 87 |
Capital expenditures | 79 | 153 | 104 |
Operating Segments | Tubular | |||
Segment Reporting Information [Line Items] | |||
Net sales | 646 | 1,191 | 1,236 |
(Loss) Earnings from investees | 4 | 5 | 7 |
(Loss) Earnings before Interest and Income Taxes | (179) | (67) | (58) |
Depreciation, depletion & amortization | 39 | 46 | 47 |
Capital expenditures | 159 | 145 | 45 |
Operating Segments | Total reportable segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 9,895 | 13,171 | 14,376 |
(Loss) Earnings from investees | (5) | 89 | 61 |
(Loss) Earnings before Interest and Income Taxes | (766) | 72 | 1,184 |
Depreciation, depletion & amortization | 632 | 594 | 501 |
Capital expenditures | 722 | 1,241 | 969 |
Operating Segments | Other Businesses | |||
Segment Reporting Information [Line Items] | |||
Net sales | 162 | 168 | 186 |
(Loss) Earnings from investees | (94) | (10) | 0 |
(Loss) Earnings before Interest and Income Taxes | (39) | 23 | 55 |
Depreciation, depletion & amortization | 11 | 22 | 20 |
Capital expenditures | 3 | 11 | 32 |
Intersegment Sales | |||
Segment Reporting Information [Line Items] | |||
Net sales | (316) | (402) | (384) |
Intersegment Sales | Flat-Rolled | |||
Segment Reporting Information [Line Items] | |||
Net sales | 208 | 281 | 231 |
Intersegment Sales | USSE | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3 | 3 | 23 |
Intersegment Sales | Tubular | |||
Segment Reporting Information [Line Items] | |||
Net sales | 7 | 3 | 5 |
Intersegment Sales | Total reportable segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 218 | 287 | 259 |
Intersegment Sales | Other Businesses | |||
Segment Reporting Information [Line Items] | |||
Net sales | 98 | 115 | 125 |
Reconciling Items and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net sales | (316) | ||
(Loss) Earnings from investees | (18) | 0 | 0 |
(Loss) Earnings before Interest and Income Taxes | (270) | (325) | (115) |
Depreciation, depletion & amortization | 0 | 0 | 0 |
Capital expenditures | $ 0 | $ 0 | $ 0 |
Segment Information - Schedule
Segment Information - Schedule of Assets by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 12,059 | $ 11,608 |
Corporate, reconciling items, and eliminations(b) | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | (2,340) | (3,436) |
Flat-Rolled | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 7,099 | 7,267 |
USSE | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,502 | 5,360 |
Goodwill | 4 | 4 |
Tubular | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 887 | 1,150 |
Total reportable segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 13,488 | 13,777 |
Other Businesses | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 911 | $ 1,267 |
Segment Information - Schedul_2
Segment Information - Schedule of Reconciling Items to EBIT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | $ (1,075) | $ (230) | $ 1,124 |
Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | (270) | (325) | (115) |
Asset impairment charges | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | (263) | 0 | 0 |
Fairless property sale | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | 145 | 0 | 0 |
Big River Steel debt extinguishment charges | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | (18) | 0 | 0 |
Big River Steel transaction and other related costs | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | (3) | 0 | 0 |
United Steelworkers labor agreement signing bonus and related costs | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | 0 | 0 | (81) |
Restructuring and other charges (Note 25) | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | (138) | (275) | 0 |
Gain on equity investee transactions (Note 12) | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | 0 | 0 | 38 |
UPI | Gain on previously held investment in UPI | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | 25 | 0 | 0 |
Tubular products | Tubular inventory impairment charges | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | (24) | 0 | 0 |
Clairton | December 24, 2018 Clairton coke making facility fire | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | 6 | (50) | 0 |
Granite City | Granite City Works restart and related costs | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | 0 | 0 | (80) |
Granite City | Granite City Works temporary idling charges | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
(Loss) earnings before interest and income taxes | $ 0 | $ 0 | $ 8 |
Segment Information - Net Sales
Segment Information - Net Sales, Property, Plant and Equipment and Equity Method Investments Based on Location of Operating Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
External Sales | $ 9,741 | $ 12,937 | $ 14,178 |
Assets | 6,583 | 6,719 | 5,351 |
North America | |||
Segment Reporting Information [Line Items] | |||
External Sales | 7,774 | 10,520 | 10,973 |
Assets | 5,590 | 5,772 | 4,432 |
Europe | |||
Segment Reporting Information [Line Items] | |||
External Sales | 1,967 | 2,417 | 3,205 |
Assets | 993 | 947 | 919 |
U.S. | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 5,590 | $ 5,772 | $ 4,432 |
Acquisition and Disposition - A
Acquisition and Disposition - Additional Information (Details) T in Millions, $ in Millions | Jan. 15, 2021USD ($) | Feb. 29, 2020USD ($) | Oct. 31, 2019USD ($) | Dec. 08, 2020 | Nov. 30, 2020T |
Big River Steel | |||||
Business Acquisition [Line Items] | |||||
Steel production capacity | T | 3.3 | ||||
Big River Steel | |||||
Business Acquisition [Line Items] | |||||
Ownership interest | 49.90% | 50.10% | |||
Purchase price | $ 683 | ||||
Remaining ownership interest | 50.10% | ||||
Term option to purchase remaining equity interest | 4 years | ||||
Equity investment asset | $ 710 | ||||
Transaction costs | 27 | ||||
Net asset value of interest acquired | 155 | ||||
Step up adjustments related to various assets | 550 | ||||
Step up adjustments related to property, plant and equipment | 88 | ||||
Step up adjustment for goodwill | $ 460 | ||||
Amortization period of assets acquired | 18 years | ||||
Big River Steel | Subsequent Event | |||||
Business Acquisition [Line Items] | |||||
Cash paid to acquire business | $ 723 | ||||
Liabilities incurred in business acquisition | 50 | ||||
Long-term debt | $ 1,900 | ||||
UPI | |||||
Business Acquisition [Line Items] | |||||
Ownership interest | 50.00% | ||||
Equity investment asset | $ 5 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 3 | ||||
Cash Acquired from Acquisition | 2 | ||||
UPI accounts payable for substrate purchased from U. S. Steel | 135 | ||||
Remeasurement gain | 25 | ||||
Receivables | 44 | ||||
Inventories | 96 | ||||
Accounts payable and accrued liabilities | 19 | ||||
Long-term debt | 55 | ||||
Payroll and employee benefit liabilities | 78 | ||||
Property, plant and equipment | 97 | ||||
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 | ||||
UPI | Energy Contract [Domain] | |||||
Business Acquisition [Line Items] | |||||
Useful lives | 10 years |
Revenue - Disaggregation of Sal
Revenue - Disaggregation of Sales by Product (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 9,741 | $ 12,937 | $ 14,178 |
Semi-finished | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 96 | 316 | 330 |
Hot-rolled sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,066 | 3,501 | 4,129 |
Cold-rolled sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,266 | 2,795 | 3,093 |
Coated sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,894 | 3,999 | 4,254 |
Tubular products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 661 | 1,206 | 1,243 |
All Other (a) | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 758 | 1,120 | 1,129 |
Flat-Rolled | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 7,071 | 9,279 | 9,681 |
Flat-Rolled | Semi-finished | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 94 | 305 | 156 |
Flat-Rolled | Hot-rolled sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,273 | 2,504 | 2,816 |
Flat-Rolled | Cold-rolled sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,102 | 2,512 | 2,709 |
Flat-Rolled | Coated sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,990 | 2,993 | 3,090 |
Flat-Rolled | Tubular products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Flat-Rolled | All Other (a) | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 612 | 965 | 910 |
USSE | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,967 | 2,417 | 3,205 |
USSE | Semi-finished | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2 | 11 | 174 |
USSE | Hot-rolled sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 793 | 997 | 1,313 |
USSE | Cold-rolled sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 164 | 283 | 384 |
USSE | Coated sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 904 | 1,006 | 1,164 |
USSE | Tubular products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 40 | 40 | 48 |
USSE | All Other (a) | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 64 | 80 | 122 |
Tubular | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 639 | 1,188 | 1,231 |
Tubular | Semi-finished | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Tubular | Hot-rolled sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Tubular | Cold-rolled sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Tubular | Coated sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Tubular | Tubular products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 621 | 1,166 | 1,195 |
Tubular | All Other (a) | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 18 | 22 | 36 |
Other Businesses | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 64 | 53 | 61 |
Other Businesses | Semi-finished | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Other Businesses | Hot-rolled sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Other Businesses | Cold-rolled sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Other Businesses | Coated sheets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Other Businesses | Tubular products | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Other Businesses | All Other (a) | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 64 | $ 53 | $ 61 |
Net Interest and Other Financ_3
Net Interest and Other Financial Costs - Net Interest and Other Financial Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 08, 2020 | Oct. 31, 2019 | |
Interest income: | |||||
Interest income | $ (7) | $ (17) | $ (23) | ||
Interest expense and other financial costs: | |||||
Interest incurred | 306 | 162 | 175 | ||
Less interest capitalized | 26 | 20 | 7 | ||
Total interest expense | 280 | 142 | 168 | ||
Loss on debt extinguishment (Note 7) | 0 | 0 | 98 | ||
Net periodic benefit (income) costs (other than service cost) | (25) | 91 | 69 | ||
Foreign currency net gain (b) | (15) | (17) | (19) | ||
Financial costs on: | |||||
Other (c) | (21) | 10 | 3 | ||
Amortization of discounts and deferred financing costs | 15 | 7 | 8 | ||
Total other financial costs | (16) | 6 | 0 | ||
Net interest and other financial costs | 232 | 222 | 312 | ||
Change in fair value of put and call options | (39) | 7 | |||
Big River Steel | |||||
Financial costs on: | |||||
Ownership interest | 50.10% | 49.90% | |||
Amended Credit Agreement | |||||
Financial costs on: | |||||
Credit facilities | 3 | 5 | 5 | ||
USSK credit facilities | |||||
Financial costs on: | |||||
Credit facilities | $ 2 | $ 1 | $ 3 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Net (loss) earnings attributable to United States Steel Corporation stockholders | $ (1,165) | $ (630) | $ 1,115 |
Weighted-average shares outstanding (in thousands): | |||
Basic | 196,721 | 171,418 | 176,633 |
Effect of convertible notes | 0 | 0 | 0 |
Effect of stock options, restricted stock units and performance awards | 0 | 0 | 1,828 |
Adjusted weighted-average shares outstanding, diluted | 196,721 | 171,418 | 178,461 |
Basic (loss) earnings per common share | $ (5.92) | $ (3.67) | $ 6.31 |
Diluted (loss) earnings per common share | $ (5.92) | $ (3.67) | $ 6.25 |
Earnings and Dividends Per Co_4
Earnings and Dividends Per Common Share - Antidilutive Securities that were Not Included in Computation of Diluted Loss Per Common Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted loss per common share (in shares) | 6,780 | 5,109 | 1,631 |
Securities granted under the 2005 Stock Incentive Plan | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted loss per common share (in shares) | 6,780 | 4,459 | 1,631 |
Securities convertible under the Senior Convertible Notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted loss per common share (in shares) | 0 | 650 | 0 |
Earnings and Dividends Per Co_5
Earnings and Dividends Per Common Share - Additional Information (Details) - $ / shares | 3 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||||||||||||
Quarterly dividends per common share (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 1,985 | $ 749 | $ 1,000 | |
Restricted cash in other current assets | 3 | 2 | 3 | |
Long-term restricted cash | 130 | 188 | 37 | |
Total cash, cash equivalents and restricted cash | $ 2,118 | $ 939 | $ 1,040 | $ 1,597 |
Inventories Inventory balances
Inventories Inventory balances (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 416 | $ 628 |
Semi-finished products | 633 | 720 |
Finished products | 300 | 376 |
Supplies and sundry items | 53 | 61 |
Total | $ 1,402 | $ 1,785 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |||
Estimate in excess of current acquisition costs over stated inventory values | $ 848 | $ 735 | |
Change in income from operations as a result of liquidations of LIFO inventories | $ 5 | $ 28 | $ 10 |
Income Taxes - Components of Ea
Income Taxes - Components of Earnings (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
(Loss) earnings before income taxes | $ (1,307) | $ (452) | $ 812 |
United States | |||
Income Taxes [Line Items] | |||
(Loss) earnings before income taxes | (1,303) | (381) | 434 |
Foreign | |||
Income Taxes [Line Items] | |||
(Loss) earnings before income taxes | $ (4) | $ (71) | $ 378 |
Income Taxes - (Benefit) Provis
Income Taxes - (Benefit) Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current (Benefit) Provision for Income Taxes | |||
Current Federal income tax (benefit) provision | $ (10) | $ (18) | $ (40) |
Current state and local Income tax (benefit) provision | (3) | 0 | 2 |
Current foreign income tax (benefit) provision | 1 | (6) | 64 |
Current income tax (benefit) provision | (12) | (24) | 26 |
Deferred (Benefit) Provision for Income Taxes | |||
Deferred Federal income tax (benefit) provision | (95) | 196 | (283) |
Deferred state and local Income tax (benefit) provision | (24) | 23 | (58) |
Deferred foreign income tax (benefit) provision | (11) | (17) | 12 |
Deferred income tax (benefit) provision | (130) | 202 | (329) |
(Benefit) Provision for Income Taxes, Total | |||
Federal income tax (benefit) provision | (105) | 178 | (323) |
State and local Income tax (benefit) provision | (27) | 23 | (56) |
Foreign income tax (benefit) provision | (10) | (23) | 76 |
Total (benefit) provision | $ (142) | $ 178 | $ (303) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Federal Statutory Tax to Total Provisions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate applied to (loss) earnings before income taxes | $ (275) | $ (95) | $ 171 |
Valuation allowance | 367 | 334 | (412) |
Tax accounting benefit related to increase in OCI | (138) | 0 | 0 |
Excess percentage depletion | (31) | (46) | (48) |
State and local income taxes after federal income tax effects | (47) | (36) | 8 |
Effects of foreign operations | (10) | (23) | 74 |
U.S. impact of foreign operations | 1 | 25 | (21) |
Impact of tax credits | (18) | 5 | (71) |
Adjustment of prior years' federal income taxes | 12 | 7 | 0 |
Other | (3) | 7 | (4) |
Total (benefit) provision | $ (142) | $ 178 | $ (303) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets | ||
Minimum tax credit carryforwards | $ 0 | $ 19 |
General business credit carryforwards (expiring in 2026 through 2040) | 103 | 85 |
Foreign tax loss and credit carryforwards (expiring in 2023 through 2030) | 171 | 170 |
Employee benefits | 71 | 173 |
Contingencies and accrued liabilities | 52 | 71 |
Operating lease liabilities | 51 | 58 |
Section 59(e) amortization | 27 | 18 |
Investments in subsidiaries and equity investees | 0 | 49 |
Inventory | 21 | 32 |
Other temporary differences | 46 | 17 |
Valuation allowance | (796) | (563) |
Total deferred tax assets | 387 | 480 |
Deferred tax liabilities: | ||
Property, plant and equipment | 244 | 368 |
Operating right-of-use assets | 49 | 58 |
Investments in subsidiaries and equity investees | 23 | 0 |
Receivables, payables and debt | 22 | 17 |
Indefinite-lived intangible assets | 19 | 19 |
Other temporary differences | 19 | 3 |
Total deferred tax liabilities | 376 | 465 |
Net deferred tax asset | 11 | 15 |
Federal | ||
Deferred Tax Assets | ||
Tax Loss Carryforwards | 443 | 176 |
Federal capital loss carryforwards (expiring 2021) | 0 | 27 |
Valuation allowance | (560) | |
Deferred tax liabilities: | ||
Net deferred tax asset | 12 | |
State | ||
Deferred Tax Assets | ||
Tax Loss Carryforwards | 182 | 130 |
State tax credit carryforwards (expiring in 2021 through 2029) | $ 16 | $ 18 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of unrecognized tax benefits [Roll Forward]: | |||
Unrecognized tax benefits, beginning of year | $ 3 | $ 35 | $ 42 |
Increases – tax positions taken in prior years | 13 | 0 | 0 |
Decreases – tax positions taken in prior years | 0 | 0 | (2) |
Settlements | 0 | (32) | 0 |
Lapse of statute of limitations | 0 | 0 | (5) |
Unrecognized tax benefits, end of year | $ 16 | $ 3 | $ 35 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||||
Tax benefit related to recording a loss from continuing operations and income from OCI | $ 138 | |||
Tax expense for an updated estimate to tax reserves related to an unrecognized tax benefit | 13 | |||
Tax benefit related to partial reversal of valuation allowance | $ 374 | |||
Tax benefit related to reversal of the valuation allowance related to current year activity | 38 | |||
Non-cash charge to tax expense related to projected deferred tax asset outcome | 229 | |||
Net deferred tax asset | 11 | $ 15 | ||
Valuation allowance on net deferred tax asset | 796 | 563 | ||
Unrecognized tax benefits | 16 | $ 35 | 3 | $ 42 |
Total amount of unrecognized tax benefits that, if recognized, would affect effective tax rate | 15 | 2 | ||
Accrued liabilities, interest on unrecognized tax benefits | 2 | 2 | ||
Domestic Country | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Liabilities, Net | 7 | |||
Deferred Tax Liabilities, Valuation Allowance | 793 | |||
Net deferred tax asset | 12 | |||
Valuation allowance on net deferred tax asset | 560 | |||
Foreign | ||||
Income Taxes [Line Items] | ||||
Net deferred tax asset | 18 | 3 | ||
Valuation allowance on net deferred tax asset | $ 3 | $ 3 |
Investments, Long-Term Receiv_3
Investments, Long-Term Receivables and Equity Investee Transactions - Schedule of Investments and Long-Term Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Equity method investments | $ 1,140 | $ 1,272 |
Receivables due after one year, less allowance of $5 in both periods | 34 | 191 |
Other | 3 | 3 |
Total | 1,177 | 1,466 |
Receivables due after one year, allowance | $ 5 | $ 5 |
Investments, Long-Term Receiv_4
Investments, Long-Term Receivables and Equity Investee Transactions - Summarized Financial Information of Investees Accounted for by Equity Method of Accounting (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 9,741 | $ 12,937 | $ 14,178 |
(Loss) Earnings before Interest and Income Taxes | (1,075) | (230) | 1,124 |
Net (loss) earnings attributable to United States Steel Corporation | (1,165) | (630) | 1,115 |
Current Assets | 4,432 | 3,813 | |
Current liabilities | 2,656 | 2,625 | |
Equity Method Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Net sales | 2,485 | 2,528 | 2,193 |
(Loss) Earnings before Interest and Income Taxes | 12 | 253 | 157 |
Net (loss) earnings attributable to United States Steel Corporation | (124) | 235 | 134 |
Current Assets | 960 | 1,144 | 642 |
Noncurrent Assets | 3,101 | 2,976 | 853 |
Current liabilities | 419 | 573 | 348 |
Noncurrent Liabilities | $ 3,063 | $ 2,542 | $ 516 |
Investments, Long-Term Receiv_5
Investments, Long-Term Receivables and Equity Investee Transactions - Investees Accounted for using Equity Method (Details) | Dec. 31, 2020 | Oct. 31, 2019 |
Big River Steel | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 49.90% | |
Big River Steel | U.S. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 49.90% | |
Chrome Deposit Corporation | U.S. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
Daniel Ross Bridge, LLC | U.S. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
Double G Coatings Company, Inc. | U.S. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
Hibbing Development Company | U.S. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 24.10% | |
Hibbing Taconite Company(b) | U.S. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 14.70% | |
Patriot Premium Threading Services, LLC | U.S. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
PRO-TEC Coating Company, LLC | U.S. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
Strategic Investment Fund Partners II(c) | U.S. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 5.20% | |
Worthington Specialty Processing | U.S. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 49.00% | |
Big River Steel Holdings LLC | U.S. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 47.7535% | |
BRS Stock Holdco LLC. U.S. Steel Blocker LLC | U.S. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 2.1465% |
Investments, Long-Term Receiv_6
Investments, Long-Term Receivables and Equity Investee Transactions - Additional Information (Details) - USD ($) $ in Millions | Jan. 15, 2021 | Feb. 29, 2020 | Jan. 01, 2020 | Oct. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 08, 2020 |
Schedule of Investments [Line Items] | ||||||||
Income from investees | $ (117) | $ 79 | $ 61 | |||||
Dividends and partnership distributions received from equity investees | 5 | 13 | ||||||
UPI | ||||||||
Schedule of Investments [Line Items] | ||||||||
Step-up to fair value of previously held investment | 25 | |||||||
Ownership interest | 50.00% | |||||||
Equity investment asset | $ 5 | |||||||
Big River Steel | ||||||||
Schedule of Investments [Line Items] | ||||||||
Ownership interest | 49.90% | 50.10% | ||||||
Purchase price | $ 683 | |||||||
Equity investment asset | 710 | |||||||
Transaction costs | $ 27 | |||||||
Big River Steel | Subsequent Event | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cash paid to acquire business | $ 723 | |||||||
Liabilities incurred in business acquisition | $ 50 | |||||||
Feralloy Processing Company [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Gain (loss) on sale of equity investments | $ 6 | |||||||
Ownership percentage | 49.00% | |||||||
Leeds Retail Center, LLC | ||||||||
Schedule of Investments [Line Items] | ||||||||
Gain (loss) on sale of equity investments | 18 | |||||||
Acero Prime, S.R.L. de CV | ||||||||
Schedule of Investments [Line Items] | ||||||||
Gain (loss) on sale of equity investments | $ 20 | |||||||
Ownership percentage | 40.00% | |||||||
Patriot Premium Threading Services, LLC | Variable Interest Entity, Not Primary Beneficiary | ||||||||
Schedule of Investments [Line Items] | ||||||||
Earnings distribution percentage | 100.00% | |||||||
Period for exchange of certain fixed payments | 3 years | |||||||
Fixed payment earnings distribution percentage before taxes and interest | 10.00% | |||||||
Prepaid asset | $ 33 | 33 | ||||||
Prepaid liability | 6 | 6 | ||||||
Other assets related to variable interest entity | $ 28 | $ 30 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Land and depletable property | $ 237 | $ 202 |
Buildings | 1,154 | 1,105 |
Steel producing | 14,417 | 13,658 |
Transportation | 282 | 280 |
Other | 92 | 129 |
Information technology | 796 | 787 |
Assets under finance lease | 113 | 83 |
Construction in process | 613 | 833 |
Total | 17,704 | 17,077 |
Less accumulated depreciation and depletion | 12,260 | 11,630 |
Net | $ 5,444 | $ 5,447 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of long-lived assets | 35 years | |
Steel producing | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of long-lived assets | 2 years | |
Steel producing | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of long-lived assets | 30 years | |
Transportation | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of long-lived assets | 3 years | |
Transportation | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of long-lived assets | 40 years | |
Other | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of long-lived assets | 5 years | |
Other | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of long-lived assets | 30 years | |
Information technology | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of long-lived assets | 5 years | |
Information technology | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of long-lived assets | 6 years | |
Assets under finance lease | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of long-lived assets | 5 years | |
Assets under finance lease | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of long-lived assets | 15 years |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Finance Lease and Sale Leaseback Transactions, Accumulated Depreciation and Depletion | $ 40 | $ 27 |
Intangible Assets - Amortizable
Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 222 | $ 168 |
Accumulated Impairment (a) | 67 | |
Accumulated Amortization | 101 | 93 |
Net Amount | $ 54 | 75 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives (in years) | 22 years | |
Gross Carrying Amount | $ 132 | 132 |
Accumulated Impairment (a) | 55 | |
Accumulated Amortization | 77 | 76 |
Net Amount | 0 | 56 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22 | 22 |
Accumulated Impairment (a) | 7 | |
Accumulated Amortization | 10 | 8 |
Net Amount | $ 5 | 14 |
Patents | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives (in years) | 10 years | |
Patents | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives (in years) | 15 years | |
Energy Contract | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives (in years) | 10 years | |
Gross Carrying Amount | $ 54 | 0 |
Accumulated Impairment (a) | 0 | |
Accumulated Amortization | 5 | 0 |
Net Amount | 49 | 0 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14 | 14 |
Accumulated Impairment (a) | 5 | |
Accumulated Amortization | 9 | 9 |
Net Amount | $ 0 | $ 5 |
Other | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives (in years) | 4 years | |
Other | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives (in years) | 20 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization expense | $ 8 | $ 8 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 6 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 6 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 6 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 6 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 6 | |
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | 24 | |
Water Rights | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Carrying amount of acquired water rights with indefinite lives | $ 75 | $ 75 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Total Stock-Based Compensation Awards Granted (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Number of awards granted (in shares) | 3,312,080 | ||
Restricted Stock Units | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Number of awards granted (in shares) | 2,640,690 | 1,005,500 | 824,195 |
TSR Performance Awards | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Number of awards granted (in shares) | 671,390 | 210,520 | 79,190 |
ROCE Performance Awards (a) | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Number of awards granted (in shares) | 0 | 527,470 | 247,510 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Total Compensation Expense Recognized for Stock-Based Compensation Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-based compensation expense recognized: | |||
Stock-based compensation expense | $ 26 | $ 26 | $ 32 |
Decrease in basic earnings per share | $ 0.13 | $ 0.15 | $ 0.14 |
Decrease in diluted earnings per share | $ 0.13 | $ 0.15 | $ 0.13 |
Cost of sales | |||
Stock-based compensation expense recognized: | |||
Stock-based compensation expense | $ 8 | $ 9 | $ 11 |
Selling, general and administrative expenses | |||
Stock-based compensation expense recognized: | |||
Stock-based compensation expense | $ 18 | $ 17 | $ 21 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Status and Activity of Stock Options (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Shares [Roll Forward] | |
Outstanding at beginning of period (in shares) | shares | 2,351,831 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (22,849) |
Forfeited or expired (in shares) | shares | (282,746) |
Outstanding at end of period (in shares) | shares | 2,046,236 |
Exercisable at end of period (in shares) | shares | 2,046,236 |
Exercisable and expected to vest at end of period (in shares) | shares | 2,046,236 |
Weighted- Average Exercise Price (per share) | |
Outstanding at beginning of period (in USD per share) | $ / shares | $ 27.08 |
Granted (in USD per share) | $ / shares | 0 |
Exercised (in USD per share) | $ / shares | 14.78 |
Forfeited or expired (in USD per share) | $ / shares | 36.10 |
Outstanding at end of period (in USD per share) | $ / shares | 25.98 |
Exercisable at end of period (in USD per share) | $ / shares | 25.98 |
Exercisable and expected to vest at end of a period (in USD per share) | $ / shares | $ 25.98 |
Weighted- Average Remaining Contractual Term (in years) | |
Outstanding at end of period | 3 years 8 months 19 days |
Exercisable at end of period | 3 years 8 months 19 days |
Exercisable and expected to vest at end of period | 3 years 8 months 19 days |
Aggregate Intrinsic Value | |
Outstanding at end of period | $ | $ 1 |
Exercisable at end of period | $ | 1 |
Exercisable and expected to vest at end of period | $ | $ 1 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Performance Awards Outstanding and their Fair Market Value on Respective Grant Date (Details) - TSR Awards $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
2020 - 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair Value | $ | $ 5 |
Minimum Shares (in shares) | 0 |
Target Shares (in shares) | 671,390 |
Maximum Shares (in shares) | 1,342,780 |
2019 - 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair Value | $ | $ 16 |
Minimum Shares (in shares) | 0 |
Target Shares (in shares) | 632,217 |
Maximum Shares (in shares) | 1,264,434 |
2018 - 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair Value | $ | $ 13 |
Minimum Shares (in shares) | 0 |
Target Shares (in shares) | 281,693 |
Maximum Shares (in shares) | 563,386 |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans - Status and Activity of Nonvested Stock Awards (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nonvested Stock Awards [Roll Forward] | |||
Nonvested, beginning of period (in shares) | 2,632,984 | ||
Granted (in shares) | 3,312,080 | ||
Vested (in shares) | (527,534) | ||
Performance adjustment factor (in shares) | (101,587) | ||
Forfeited or expired (in shares) | (214,918) | ||
Nonvested, end of period (in shares) | 5,101,025 | 2,632,984 | |
Weighted- Average Grant-Date Fair Value | |||
Beginning of period (in USD per share) | $ 30.72 | ||
Granted (in USD per share) | 8.69 | ||
Vested (in USD per share) | 30.55 | ||
Performance adjustment factor (in USD per share) | 34.82 | ||
Forfeited or expired (in USD per share) | 19 | ||
End of period (in USD per share) | $ 16.85 | $ 30.72 | |
Percentage of original grants of awards to targeted amounts | 100.00% | ||
Restricted Stock Units | |||
Nonvested Stock Awards [Roll Forward] | |||
Nonvested, beginning of period (in shares) | 1,589,824 | ||
Granted (in shares) | 2,640,690 | 1,005,500 | 824,195 |
Vested (in shares) | (527,534) | ||
Performance adjustment factor (in shares) | 0 | ||
Forfeited or expired (in shares) | (187,255) | ||
Nonvested, end of period (in shares) | 3,515,725 | 1,589,824 | |
TSR Performance Awards | |||
Nonvested Stock Awards [Roll Forward] | |||
Nonvested, beginning of period (in shares) | 350,317 | ||
Granted (in shares) | 671,390 | 210,520 | 79,190 |
Vested (in shares) | 0 | ||
Performance adjustment factor (in shares) | 0 | ||
Forfeited or expired (in shares) | (1,556) | ||
Nonvested, end of period (in shares) | 1,020,151 | 350,317 | |
ROCE Performance Awards | |||
Nonvested Stock Awards [Roll Forward] | |||
Nonvested, beginning of period (in shares) | 692,843 | ||
Granted (in shares) | 0 | ||
Vested (in shares) | 0 | ||
Performance adjustment factor (in shares) | (101,587) | ||
Forfeited or expired (in shares) | (26,107) | ||
Nonvested, end of period (in shares) | 565,149 | 692,843 |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans - Restricted Stock Units and Performance Awards Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards granted (in shares) | 3,312,080 | ||
Weighted average grant date fair value (in USD per share) | $ 16.85 | $ 30.72 | |
Restricted Stock Units and Performance Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards granted (in shares) | 3,312,080 | 1,743,490 | 1,150,895 |
Weighted average grant date fair value (in USD per share) | $ 8.69 | $ 24.46 | $ 41.65 |
Stock-Based Compensation Plan_8
Stock-Based Compensation Plans - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 28, 2020 | Apr. 25, 2017 | Apr. 26, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation costs related to nonvested stocks | $ 12 | |||||
Weighted average period for recognizing nonvested stock based compensation costs | 20 months | |||||
Stock options exercised, total intrinsic value | $ 27 | |||||
Shares vested, fair value | $ 16 | $ 21 | $ 14 | |||
2005 Stock Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for future grant (in shares) | 6,092,033 | |||||
Reduction in the number of shares available per equity award other than stock option outstanding (in shares) | 1.78 | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation plans, vesting period | 3 years | |||||
Share-based compensation plans, term | 10 years | |||||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation plans, vesting period | 3 years | |||||
TSR Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation plans, vesting period | 3 years | |||||
Performance Period Weighting Year One, Year Two, Year Three (Individually) | 20.00% | |||||
Performance Period Weighting All Three Years | 40.00% | |||||
Vesting of performance awards as percentage to threshold award | 50.00% | |||||
Vesting of performance awards as percentage to target award | 100.00% | |||||
Vesting of performance awards as percentage to maximum award | 200.00% | |||||
ROCE Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation plans, vesting period | 3 years | |||||
Vesting of performance awards as percentage to threshold award | 50.00% | |||||
Vesting of performance awards as percentage to target award | 100.00% | |||||
Vesting of performance awards as percentage to maximum award | 200.00% | |||||
Performance period weighting year one | 20.00% | |||||
Performance period weighting year two | 30.00% | |||||
Performance period weighting year three | 50.00% | |||||
Omnibus Incentive Compensation Plan 2016 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate number of shares to be issued (in shares) | 7,200,000 | |||||
Additional shares authorized (in shares) | 4,700,000 | 6,300,000 | ||||
Cliff Vesting | Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation plans, vesting period | 3 years |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - Cash Flow Hedges € in Millions, $ in Millions | Dec. 31, 2020EUR (€)TMMBTU | Dec. 31, 2020CAD ($)TMMBTU | Dec. 31, 2019EUR (€)TMMBTU | Dec. 31, 2019CAD ($)TMMBTU |
Foreign exchange forwards | ||||
Derivative [Line Items] | ||||
Notional amount of derivatives | € 242 | $ 0 | € 282 | $ 25 |
Natural Gas | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | MMBTU | 38,801,400 | 38,801,400 | 56,613,200 | 56,613,200 |
Tin | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 812 | 812 | 145 | 145 |
Zinc | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 25,361 | 25,361 | 9,819 | 9,819 |
Electricity | Commodity purchase swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 760,320 | 760,320 | 0 | 0 |
Hot-rolled Coil | Sales swaps | ||||
Derivative [Line Items] | ||||
Quantities of derivatives held | 120,000 | 120,000 | 0 | 0 |
Derivative Instruments - Locati
Derivative Instruments - Location and Amounts of Fair Values Related to Derivatives in Financial Statements (Details) - Cash Flow Hedges - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts payable | Sales swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, liabilities | $ 26 | $ 0 |
Accounts payable | Commodity purchase swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, liabilities | 10 | 17 |
Accounts payable | Foreign exchange forwards | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, liabilities | 18 | 1 |
Accounts receivable | Commodity purchase swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, assets | 5 | 1 |
Investments and long-term receivables | Commodity purchase swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, assets | 0 | 1 |
Derivatives not designated as hedging instruments, assets | 1 | 4 |
Other long-term liabilities | Sales swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, liabilities | 0 | 0 |
Other long-term liabilities | Commodity purchase swaps | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, liabilities | 0 | 7 |
Other long-term liabilities | Foreign exchange forwards | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, liabilities | $ 0 | $ 0 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Effect of Hedge Accounting on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain on Derivatives in AOCI | $ (26) | $ 1 | $ 0 |
Sales swaps | Net sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss Recognized in Income | 0 | (1) | (13) |
Commodity purchase swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain on Derivatives in AOCI | 17 | (6) | (15) |
Commodity purchase swaps | Cost of sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss Recognized in Income | (24) | (19) | (8) |
Foreign exchange forwards | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) Gain on Derivatives in AOCI | (17) | 1 | (2) |
Foreign exchange forwards | Cost of sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss Recognized in Income | $ (7) | $ (1) | $ 0 |
Derivative Instruments - Loca_2
Derivative Instruments - Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales swaps | Net sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Income | $ 0 | $ 0 | $ (1) |
Commodity purchase swaps | Cost of sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Income | (1) | 0 | 0 |
Foreign exchange forwards | Other financial costs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Income | $ 0 | $ 17 | $ 24 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Derivative, Remaining Maturity | 12 months | |
Cost of sales | ||
Derivative [Line Items] | ||
Current contract values of derivative instruments | $ 49 | |
Foreign exchange forwards | Maximum | ||
Derivative [Line Items] | ||
Term of derivative contract | 12 months | |
Sales swaps | Maximum | ||
Derivative [Line Items] | ||
Term of derivative contract | 12 months | |
Commodity purchase swaps | Maximum | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Term of derivative contract | 12 months | |
Commodity purchase swaps | Maximum | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Term of derivative contract | 25 months |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Debt | $ 5,115,000,000 | $ 3,779,000,000 |
Less unamortized discount and debt issuance costs | 228,000,000 | 138,000,000 |
Less short-term debt and long-term debt due within one year | 192,000,000 | 14,000,000 |
Long-term debt | 4,695,000,000 | 3,627,000,000 |
2037 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt | $ 350,000,000 | 350,000,000 |
Interest rates percentages | 6.65% | |
2026 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt | $ 650,000,000 | 650,000,000 |
Interest rates percentages | 6.25% | |
2026 Senior Convertible Notes | ||
Debt Instrument [Line Items] | ||
Debt | $ 350,000,000 | 350,000,000 |
Interest rates percentages | 5.00% | |
2025 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt | $ 750,000,000 | 750,000,000 |
Interest rates percentages | 6.875% | |
2025 Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Debt | $ 1,056,000,000 | 0 |
Interest rates percentages | 12.00% | |
Export-Import Credit Agreement | ||
Debt Instrument [Line Items] | ||
Debt | $ 180,000,000 | 0 |
Interest rate type | Variable | |
Environmental Revenue Bonds | ||
Debt Instrument [Line Items] | ||
Debt | $ 717,000,000 | 620,000,000 |
Environmental Revenue Bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rates percentages | 4.875% | |
Environmental Revenue Bonds | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rates percentages | 6.75% | |
Finance leases and all other obligations | ||
Debt Instrument [Line Items] | ||
Debt | $ 81,000,000 | 66,000,000 |
ECA Credit Agreement | ||
Debt Instrument [Line Items] | ||
Debt | $ 113,000,000 | 0 |
Interest rate type | Variable | |
Credit Facility Agreement, $2.0 billion | ||
Debt Instrument [Line Items] | ||
Debt | $ 500,000,000 | 600,000,000 |
Interest rate type | Variable | |
Maximum borrowing capacity under credit facility | $ 2,000,000,000 | |
UPI Amended Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt | $ 0 | 0 |
Interest rate type | Variable | |
USSK Credit Agreement | ||
Debt Instrument [Line Items] | ||
Debt | $ 368,000,000 | 393,000,000 |
Interest rate type | Variable | |
USSK credit facilities | ||
Debt Instrument [Line Items] | ||
Debt | $ 0 | $ 0 |
Interest rate type | Variable |
Debt - Schedule of Debt Redempt
Debt - Schedule of Debt Redemption Prices (Details) - 2025 Senior Secured Notes - Secured Debt | May 29, 2020 |
2022 | |
Debt Instrument [Line Items] | |
Redemption price | 106.00% |
2023 | |
Debt Instrument [Line Items] | |
Redemption price | 103.00% |
2024 and thereafter | |
Debt Instrument [Line Items] | |
Redemption price | 100.00% |
Debt - Aggregate Maturities of
Debt - Aggregate Maturities of Debt (Details) $ in Millions | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 196 |
2022 | 22 |
2023 | 379 |
2024 | 568 |
2025 | 1,813 |
Later Years | 2,137 |
Total | $ 5,115 |
Debt - Additional Information (
Debt - Additional Information (Details) | Sep. 30, 2020USD ($) | May 29, 2020USD ($) | Feb. 19, 2020 | Dec. 31, 2020USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Feb. 02, 2021 | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) |
Debt Instrument [Line Items] | ||||||||||
Debt | 17. Debt December 31, (In millions) Interest Maturity 2020 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 2025 Senior Secured Notes 12.000 2025 1,056 — Export-Import Credit Agreement Variable 2021 180 — Environmental Revenue Bonds 4.875 - 6.750 2024 - 2050 717 620 Finance leases and all other obligations 2021-2029 81 66 ECA Credit Agreement Variable 2031 113 — Credit Facility Agreement, $2.0 billion Variable 2024 500 600 UPI Amended Credit Facility Variable 2020 — — USSK Credit Agreement Variable 2023 368 393 USSK credit facilities Variable 2021 — — Total debt 5,115 3,779 Less unamortized discount and debt issuance costs 228 138 Less short-term debt and long-term debt due within one year 192 14 Long-term debt $ 4,695 $ 3,627 Export-Import Credit Agreement On September 30, 2020, U. S. Steel and its subsidiary, United States Steel International, Inc., as the borrowers, entered into an Export-Import Transaction Specific Loan and Security Agreement (Export-Import Credit Agreement) with the lenders party thereto from time to time and PNC Bank, National Association (PNC), as agent for the lenders, under which it borrowed $250 million, and received proceeds of approximately $240 million, net of transaction fees of approximately $10 million. The Export-Import Credit Agreement provides for up to $250 million of term loans, which mature on August 30, 2021, unless sooner terminated or extended by the borrowers to July 30, 2022. The maturity of the term loans under the Export-Import Credit Agreement may be extended only if the loan facility continues to be eligible for coverage (at a 95% level) under the Ex-Im Guarantee (as defined in the Export-Import Credit Agreement) and each lender consents to such extension. Interest on the term loans will accrue at a contract rate of 2.50% plus the applicable LIBOR rate. The obligations under the Export-Import Credit Agreement are secured by receivables (collateral) under certain iron ore pellet export contracts. The Export-Import Credit Agreement permits voluntary prepayments and requires mandatory prepayments with net cash proceeds of dispositions of collateral. The Export-Import Credit Agreement also contains certain customary covenants and restrictions, including restrictions on sale of assets, restrictions on incurring liens upon collateral and a requirement that the borrowers comply with the Ex-Im Borrower Agreement (entered into on September 30, 2020 by the borrowers in favor of Ex-Im Bank, the lenders and PNC, as agent for the lenders). 2025 Senior Secured Notes On May 29, 2020, U. S. Steel issued $1.056 billion aggregate principal amount of 12.000% Senior Secured Notes due June 1, 2025 (2025 Senior Secured Notes) in a 144A private transaction exempt from the registration requirements of the Securities Act of 1933, as amended. The notes were issued at a price equal to 94.665% of their face value. U. S. Steel received net proceeds from the offering of approximately $977 million after fees of approximately $23 million related to underwriting and third party expenses. The notes will pay interest semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. The notes are fully and unconditionally guaranteed on a senior secured basis by all of our existing and future direct and indirect material domestic subsidiaries (other than certain subsidiaries excluded in the indenture). The notes and notes guarantees are secured by first priority-liens, subject to permitted liens, on substantially all of U. S. Steel’s domestic assets, other than certain excluded assets per the terms of the notes indenture and exclusive of the collateral required under the Credit Facility Agreement. The Company may redeem the 2025 Senior Secured Notes, in whole or part, at its option on or after June 1, 2022 at the redemption price for such notes as a percentage of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, if redeemed during the twelve-month period beginning on June 1st of each of the years indicated below. Year Redemption Price 2022 106 % 2023 103 % 2024 and thereafter 100 % Prior to June 1, 2022, the Company may redeem up to 35% of the original aggregate principal amount of the 2025 Senior Secured Notes with the net cash proceeds of one or more equity offerings for a price of 112.000% of principal amount of the 2025 Senior Secured Notes plus accrued and unpaid interest, if any, to the applicable date of redemption. Upon the occurrence of certain assets sales, we are required to apply asset sale proceeds towards investments in assets that constitute Notes collateral. If all asset sale proceeds are not invested within one year, or such longer period as permitted by the indenture, the Company may be required to offer to repurchase the 2025 Senior Secured Notes up to an amount of asset sale proceeds that remain uninvested at a price of 100% of the principal amount thereof, plus accrued and unpaid interest if any to the date of such purchase. The indenture pursuant to which the 2025 Senior Secured Notes were issued contains limitations on the incurrence of additional debt secured by liens and additional customary covenants and other obligations. Export Credit Agreement Funding of U. S. Steel’s vendor supported Export Credit Agreement (ECA) occurred on February 19, 2020. U. S. Steel had borrowed $113 million under the ECA as of December 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 at the Mon Valley Works facility in Braddock, Pennsylvania. Credit Facility Agreement As of December 31, 2020, there was $505 million drawn under the $2.0 billion Fifth Amended and Restated Credit Facility Agreement (Credit Facility Agreement), of which $5 million was utilized for letters of credit. 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 December 31, 2020, the Company 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. In addition, since the value of our inventory and trade accounts receivable less specified reserves calculated in accordance with the Credit Facility Agreement do not support the full amount of the facility at December 31, 2020, the amount available to the Company under this facility was further reduced by $351 million. The availability under the Credit Facility Agreement was $944 million as of December 31, 2020. The Credit Facility Agreement provides for borrowings at interest rates based on defined, short-term market rates plus a margin 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. Availability under this facility may be impacted by additional footprint decisions that are made to the extent the value of the collateral pool of inventory and accounts receivable that support our borrowing availability are reduced. 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. On September 30, 2020, U. S. Steel entered into an Amendment No. 1 (the “Amendment”) to the Credit Facility Agreement with the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, to permit U. S. Steel and United States Steel International Inc. to enter into, and grant the applicable collateral pursuant to, the Export-Import Credit Agreement. U. S. Steel Košice ( USSK) credit facilities At December 31, 2020, USSK had borrowings of €300 million (approximately $368 million) under its €460 million (approximately $564 million) revolving credit facility (USSK Credit Agreement). At December 31, 2019, USSK had borrowings of €350 million (approximately $393 million) under its €460 million (approximately $517 million) revolving credit facility. The USSK Credit Agreement contains certain USSK specific financial covenants including a minimum subordinated intercompany indebtedness and 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 covenant compliance requirements are not met and the covenants are not amended or waived, noncompliance may result in an event of default, in which case 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. An event of default under the USSK Credit Agreement could also result in an event of default under the Credit Facility Agreement. The USSK Credit Agreement contains customary representations and warranties, terms and conditions, 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 USSK Credit Facility Agreement also contains customary events of default, including a cross-default upon acceleration of material indebtedness of USSK and its subsidiaries. At December 31, 2020, USSK had no borrowings under its €20 million and €10 million credit facilities (collectively approximately $37 million) and the availability was approximately $28 million due to approximately $9 million of customs and other guarantees outstanding. Each of these facilities bear interest at short-term rate market rates plus a margin and contain customary terms and conditions. USS-POSCO Industries Credit Facility The USS-POSCO Industries (UPI) Amended Credit Facility agreement was terminated on July 17, 2020 and the outstanding borrowings were repaid using cash on hand. Upon termination of the UPI Amended Credit Facility, UPI was added as a subsidiary guarantor to the Credit Facility Agreement, which increased the amount of collateral and availability under the Credit Facility Agreement. Change in control event If there is a change in control of U. S. Steel: (a) debt obligations totaling $4,317 million as of December 31, 2020 may be declared due and payable; and (b) the Credit Facility Agreement and the USSK credit facilities may be terminated and any amounts outstanding declared due and payable. Debt Maturities – Aggregate maturities of debt are as follows (in millions): 2021 2022 2023 2024 2025 Later Total $ 196 $ 22 $ 379 $ 568 $ 1,813 $ 2,137 $ 5,115 | |||||||||
Export-Import Credit Agreement | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of debt | $ 250,000,000 | |||||||||
Proceeds from Short-term Debt | 240,000,000 | |||||||||
Payments of Financing Costs | 10,000,000 | |||||||||
Maximum borrowing capacity under credit facility | $ 250,000,000 | |||||||||
Debt Instrument, Term, Eligibility Threshold For Term Extension | 95.00% | |||||||||
Export-Import Credit Agreement | Line of Credit | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||
2025 Senior Secured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 12.00% | 12.00% | ||||||||
2025 Senior Secured Notes | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of debt | $ 1,056,000,000 | |||||||||
Stated interest rate | 12.00% | |||||||||
Debt Instrument, Issuance Price As A Percent of Face Value | 94.665% | |||||||||
Proceeds from Issuance of Secured Debt | $ 977,000,000 | |||||||||
Payments of Debt Issuance Costs | $ 23,000,000 | |||||||||
Debt Instrument, Redemption, Conditional Percent Of Principal Amount To Be Redeemed | 100.00% | |||||||||
2025 Senior Secured Notes | Secured Debt | Debt Instrument, Redemption, Period One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption, Percent Of The Original Principal Amount That May Be Redeemed | 35.00% | |||||||||
Redemption price | 112.00% | |||||||||
ECA Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Line of Credit, borrowings | $ 113,000,000 | |||||||||
Long-term Line Of Credit, Payment Period | 6 months | |||||||||
Credit Facility Agreement, $2.0 billion | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity under credit facility | 2,000,000,000 | |||||||||
Long-term Line of Credit, borrowings | 505,000,000 | |||||||||
Letters of credit | 5,000,000 | |||||||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 200,000,000 | |||||||||
Line of Credit Facility, Capacity Available for Trade Purchases | 351,000,000 | |||||||||
Available borrowing capacity | $ 944,000,000 | |||||||||
Length Debt Maturity Could be Extended if Liquidity Conditions are not Met | 91 days | |||||||||
Credit Facility Agreement, $2.0 billion | Covenant Requirement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed coverage charge ratio, minimum | 1 | 1 | ||||||||
Fixed Charge Coverage Ratio Maximum | 1 | 1 | ||||||||
Percentage of total debt | 10.00% | 10.00% | ||||||||
Credit agreement, upper range of outstanding debt | $ 200,000,000 | |||||||||
USSK Credit Agreement | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity under credit facility | 564,000,000 | € 460,000,000 | $ 517,000,000 | € 460,000,000 | ||||||
Long-term Line of Credit, borrowings | 368,000,000 | 300,000,000 | $ 393,000,000 | € 350,000,000 | ||||||
USSK credit facilities | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity under credit facility | 37,000,000 | |||||||||
Long-term Line of Credit, borrowings | 0 | |||||||||
Available borrowing capacity | 28,000,000 | |||||||||
Customs and other guarantees outstanding | 9,000,000 | |||||||||
USSK €20 Million Unsecured Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity under credit facility | € | 20,000,000 | |||||||||
USSK €10 Million Unsecured Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity under credit facility | € | € 10,000,000 | |||||||||
Maximum | ECA Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Line Of Credit, Payment Period | 8 years | |||||||||
Maximum | Change in Control Debt Obligations | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Obligations under financing arrangements | $ 4,317,000,000 | |||||||||
Subsequent Event | 2025 Senior Secured Notes | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 12.00% | |||||||||
Subsequent Event | USSK Credit Agreement | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Net Debt to EBITDA Ratio Maximum | 3.5 | 6.5 |
Pensions and Other Benefits - D
Pensions and Other Benefits - Details Relating to Pension Benefits and Other Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits | |||
Change in benefit obligations [Roll Forward] | |||
Benefit obligations at January 1 | $ 5,822 | $ 5,626 | |
Service cost | 51 | 44 | $ 49 |
Interest cost | 193 | 237 | 233 |
UPI acquisition | 246 | 0 | |
Actuarial losses (gains) | 400 | 416 | |
Exchange rate loss | 3 | 1 | |
Settlements, curtailments and termination benefits | 4 | 0 | |
Benefits paid | (533) | (502) | |
Benefit obligations at December 31 | 6,186 | 5,822 | 5,626 |
Change in plan assets | |||
Fair value of plan at January 1 | 5,406 | 4,960 | |
Actual return on plan assets | 922 | 948 | |
UPI acquisition | 238 | 0 | |
Asset reversion | 0 | 0 | |
Employer contributions | 0 | 0 | |
Benefits paid from plan assets | (531) | (502) | |
Fair value of plan assets at December 31 | 6,035 | 5,406 | 4,960 |
Funded status of plans at December 31 | (151) | (416) | |
Other Benefits | |||
Change in benefit obligations [Roll Forward] | |||
Benefit obligations at January 1 | 1,876 | 2,121 | |
Service cost | 12 | 13 | 17 |
Interest cost | 63 | 91 | 92 |
UPI acquisition | 56 | 0 | |
Actuarial losses (gains) | (23) | (195) | |
Exchange rate loss | 0 | 0 | |
Settlements, curtailments and termination benefits | 4 | 0 | |
Benefits paid | (147) | (154) | |
Benefit obligations at December 31 | 1,841 | 1,876 | 2,121 |
Change in plan assets | |||
Fair value of plan at January 1 | 2,025 | 1,860 | |
Actual return on plan assets | 219 | 274 | |
UPI acquisition | 1 | 0 | |
Asset reversion | (38) | 0 | |
Employer contributions | 1 | 0 | |
Benefits paid from plan assets | (97) | (109) | |
Fair value of plan assets at December 31 | 2,111 | 2,025 | $ 1,860 |
Funded status of plans at December 31 | $ 270 | $ 149 |
Pensions and Other Benefits - A
Pensions and Other Benefits - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Prior Service Cost | Pension Benefits | |
Accumulated Other Comprehensive Income [Roll Forward] | |
Defined Benefit Plan costs in Accumulated Other Comprehensive, beginning balance | $ 16 |
Amortization | (2) |
Activity | 0 |
Defined Benefit Plan costs in Accumulated Other Comprehensive, ending balance | 14 |
Prior Service Cost | Other Benefits | |
Accumulated Other Comprehensive Income [Roll Forward] | |
Defined Benefit Plan costs in Accumulated Other Comprehensive, beginning balance | (109) |
Amortization | 6 |
Activity | 0 |
Defined Benefit Plan costs in Accumulated Other Comprehensive, ending balance | (103) |
Actuarial (gains) losses | Pension Benefits | |
Accumulated Other Comprehensive Income [Roll Forward] | |
Defined Benefit Plan costs in Accumulated Other Comprehensive, beginning balance | 2,101 |
Amortization | (147) |
Activity | (190) |
Defined Benefit Plan costs in Accumulated Other Comprehensive, ending balance | 1,764 |
Actuarial (gains) losses | Other Benefits | |
Accumulated Other Comprehensive Income [Roll Forward] | |
Defined Benefit Plan costs in Accumulated Other Comprehensive, beginning balance | (411) |
Amortization | 16 |
Activity | (161) |
Defined Benefit Plan costs in Accumulated Other Comprehensive, ending balance | $ (556) |
Pensions and Other Benefits - P
Pensions and Other Benefits - Pension and Other Benefits Recognized in Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||
Accumulated other comprehensive loss effects associated with accounting for pensions and other benefits in accordance with ASC Topic 715 | $ 678 | $ 800 |
Pension Benefits | ||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||
Noncurrent assets (a) | 12 | 0 |
Current liabilities | (9) | (3) |
Noncurrent liabilities | (154) | (413) |
Accumulated other comprehensive loss (b) | 1,778 | 2,117 |
Net amount recognized | 1,627 | 1,701 |
Other Benefits | ||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||
Noncurrent assets (a) | 326 | 158 |
Current liabilities | (4) | (1) |
Noncurrent liabilities | (52) | (8) |
Accumulated other comprehensive loss (b) | (659) | (520) |
Net amount recognized | (389) | $ (371) |
Retiree medical and life insurance | Other Benefits | ||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||
Noncurrent assets (a) | $ 45 |
Pensions and Other Benefits - I
Pensions and Other Benefits - Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||
Aggregate accumulated benefit obligations (ABO) | $ (5,979) | $ (5,636) |
Aggregate projected benefit obligations (PBO) | (6,186) | (5,822) |
Aggregate fair value of plan assets | $ 6,035 | $ 5,406 |
Pensions and Other Benefits -_2
Pensions and Other Benefits - Details of Net Periodic Benefit Costs Related to Pension and Other Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of net periodic benefit cost: | |||
Net periodic benefit cost | $ (25) | $ 91 | $ 69 |
Pension Benefits | |||
Components of net periodic benefit cost: | |||
Service cost | 51 | 44 | 49 |
Interest cost | 193 | 237 | 233 |
Expected return on plan assets | (333) | (324) | (361) |
Amortization - prior service costs (credits) | 2 | 2 | 0 |
Amortization - actuarial losses | 145 | 132 | 152 |
Net periodic benefit cost, excluding below | 58 | 91 | 73 |
Multiemployer plans (a) | 76 | 77 | 60 |
Settlement, termination and curtailment losses | 11 | 11 | 10 |
Net periodic benefit cost | 145 | 179 | 143 |
Other Benefits | |||
Components of net periodic benefit cost: | |||
Service cost | 12 | 13 | 17 |
Interest cost | 63 | 91 | 92 |
Expected return on plan assets | (80) | (79) | (82) |
Amortization - prior service costs (credits) | (6) | 29 | 29 |
Amortization - actuarial losses | (16) | 3 | 4 |
Net periodic benefit cost, excluding below | (27) | 57 | 60 |
Multiemployer plans (a) | 0 | 0 | 0 |
Settlement, termination and curtailment losses | 4 | 0 | 0 |
Net periodic benefit cost | $ (23) | $ 57 | $ 60 |
Pensions and Other Benefits -_3
Pensions and Other Benefits - Assumptions used to Determine Benefit Obligation and Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits | |||
Actuarial assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 2.72% | 3.35% | |
Increase in compensation rate | 2.62% | 2.60% | |
Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31: | |||
Discount rate | 3.35% | 4.41% | 4.00% |
Expected annual return on plan assets | 6.47% | 6.50% | 6.85% |
Increase in compensation rate | 2.62% | 2.60% | 2.60% |
Other Benefits | |||
Actuarial assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 2.80% | 3.43% | |
Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31: | |||
Discount rate | 3.42% | 4.47% | 4.03% |
Expected annual return on plan assets | 4.25% | 4.25% | 4.25% |
Pensions and Other Benefits -_4
Pensions and Other Benefits - Assumed Health Care Cost Trend Rates (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Assumed health care cost trend rates | ||
Health care cost trend rate assumed for next year | 6.50% | 6.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Pensions and Other Benefits -_5
Pensions and Other Benefits - Pension Plan and Other Plan Assets Carried at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | $ 6,035 | $ 5,406 | $ 4,960 |
Pension Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 708 | 164 | |
Pension Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 2,278 | 2,277 | |
Pension Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 324 | 317 | |
Pension Benefits | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 2,725 | 2,648 | |
Pension Benefits | Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 483 | 130 | |
Pension Benefits | Equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 483 | 130 | |
Pension Benefits | Equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Equity | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | U. S. companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 306 | 123 | |
Pension Benefits | U. S. companies | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 306 | 123 | |
Pension Benefits | U. S. companies | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | U. S. companies | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | U. S. companies | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 177 | 7 | |
Pension Benefits | International companies | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 177 | 7 | |
Pension Benefits | International companies | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | International companies | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | International companies | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 2,278 | 2,277 | |
Pension Benefits | Fixed Income | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Fixed Income | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 2,278 | 2,277 | |
Pension Benefits | Fixed Income | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Fixed Income | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Corporate Bonds - U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 1,514 | 1,004 | |
Pension Benefits | Corporate Bonds - U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Corporate Bonds - U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 1,514 | 1,004 | |
Pension Benefits | Corporate Bonds - U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Corporate Bonds - U.S. | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Corporate Bonds - Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 252 | 160 | |
Pension Benefits | Corporate Bonds - Non-U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Corporate Bonds - Non-U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 252 | 160 | |
Pension Benefits | Corporate Bonds - Non-U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Corporate Bonds - Non-U.S. | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | U.S. government and agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 202 | 771 | |
Pension Benefits | U.S. government and agencies | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | U.S. government and agencies | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 202 | 771 | |
Pension Benefits | U.S. government and agencies | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | U.S. government and agencies | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Non-U.S. government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 97 | 77 | |
Pension Benefits | Non-U.S. government | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Non-U.S. government | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 97 | 77 | |
Pension Benefits | Non-U.S. government | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Non-U.S. government | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Mortgage and asset-backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 213 | 265 | |
Pension Benefits | Mortgage and asset-backed securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Mortgage and asset-backed securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 213 | 265 | |
Pension Benefits | Mortgage and asset-backed securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Mortgage and asset-backed securities | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Alternatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 760 | 795 | |
Pension Benefits | Alternatives | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Alternatives | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Alternatives | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 324 | 317 | |
Pension Benefits | Alternatives | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 436 | 478 | |
Pension Benefits | Timberlands | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 269 | 283 | |
Pension Benefits | Timberlands | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Timberlands | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Timberlands | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 269 | 283 | |
Pension Benefits | Timberlands | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Mineral Interests and other alternatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 19 | 2 | |
Pension Benefits | Mineral Interests and other alternatives | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Mineral Interests and other alternatives | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Mineral Interests and other alternatives | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 19 | 2 | |
Pension Benefits | Mineral Interests and other alternatives | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 231 | 238 | |
Pension Benefits | Private equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Private equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Private equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Private equity | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 231 | 238 | |
Pension Benefits | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 241 | 272 | |
Pension Benefits | Real estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 36 | 32 | |
Pension Benefits | Real estate | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 205 | 240 | |
Pension Benefits | Commingled Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 2,289 | 2,170 | |
Pension Benefits | Commingled Funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Commingled Funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Commingled Funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Commingled Funds | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 2,289 | 2,170 | |
Pension Benefits | Short-Term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 173 | 0 | |
Pension Benefits | Short-Term Investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 173 | 0 | |
Pension Benefits | Short-Term Investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Short-Term Investments | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Short-Term Investments | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 52 | 34 | |
Pension Benefits | Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 52 | 34 | |
Pension Benefits | Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Pension Benefits | Other | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 2,111 | 2,025 | $ 1,860 |
Other Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 242 | 105 | |
Other Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 1,757 | 1,799 | |
Other Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 35 | 35 | |
Other Benefits | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 77 | 86 | |
Other Benefits | Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 104 | 49 | |
Other Benefits | Equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 104 | 49 | |
Other Benefits | Equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Equity | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | U. S. companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 77 | 30 | |
Other Benefits | U. S. companies | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 77 | 30 | |
Other Benefits | U. S. companies | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | U. S. companies | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | U. S. companies | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 27 | 19 | |
Other Benefits | International companies | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 27 | 19 | |
Other Benefits | International companies | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | International companies | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | International companies | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 1,757 | 1,799 | |
Other Benefits | Fixed Income | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Fixed Income | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 1,757 | 1,799 | |
Other Benefits | Fixed Income | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Fixed Income | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Corporate Bonds - U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 1,121 | 1,132 | |
Other Benefits | Corporate Bonds - U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Corporate Bonds - U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 1,121 | 1,132 | |
Other Benefits | Corporate Bonds - U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Corporate Bonds - U.S. | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Corporate Bonds - Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 231 | 287 | |
Other Benefits | Corporate Bonds - Non-U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Corporate Bonds - Non-U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 231 | 287 | |
Other Benefits | Corporate Bonds - Non-U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Corporate Bonds - Non-U.S. | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | U.S. government and agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 365 | 329 | |
Other Benefits | U.S. government and agencies | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | U.S. government and agencies | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 365 | 329 | |
Other Benefits | U.S. government and agencies | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | U.S. government and agencies | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Non-U.S. government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 9 | 13 | |
Other Benefits | Non-U.S. government | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Non-U.S. government | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 9 | 13 | |
Other Benefits | Non-U.S. government | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Non-U.S. government | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Mortgage and asset-backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 31 | 38 | |
Other Benefits | Mortgage and asset-backed securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Mortgage and asset-backed securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 31 | 38 | |
Other Benefits | Mortgage and asset-backed securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Mortgage and asset-backed securities | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Alternatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 112 | 121 | |
Other Benefits | Alternatives | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Alternatives | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Alternatives | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 35 | 35 | |
Other Benefits | Alternatives | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 77 | 86 | |
Other Benefits | Timberlands | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 35 | ||
Other Benefits | Timberlands | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Timberlands | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Timberlands | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 35 | 35 | |
Other Benefits | Timberlands | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 48 | 54 | |
Other Benefits | Private equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Private equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Private equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Private equity | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 48 | 54 | |
Other Benefits | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 29 | 32 | |
Other Benefits | Real estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Real estate | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 29 | 32 | |
Other Benefits | Short-Term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 102 | 31 | |
Other Benefits | Short-Term Investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 102 | 31 | |
Other Benefits | Short-Term Investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Short-Term Investments | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Short-Term Investments | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 36 | 25 | |
Other Benefits | Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 36 | 25 | |
Other Benefits | Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | 0 | 0 | |
Other Benefits | Other | Measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets at fair value | $ 0 | $ 0 |
Pensions and Other Benefits - C
Pensions and Other Benefits - Changes in Fair Value of Pension Plan and Other Benefit Plan Level 3 Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | ||
Pension Plan Assets [Roll Forward] | ||
Balance at beginning of period | $ 317 | $ 331 |
Transfers in and/or out of Level 3 | 0 | 0 |
Actual return on plan assets: | ||
Realized gain | 2 | 8 |
Net unrealized loss | (9) | (21) |
Purchases, sales, issuances and settlements: | ||
Purchases | 17 | 1 |
Sales | (3) | (2) |
Balance at end of period | 324 | 317 |
Other Benefits | ||
Pension Plan Assets [Roll Forward] | ||
Balance at beginning of period | 35 | 35 |
Transfers in and/or out of Level 3 | 0 | 0 |
Actual return on plan assets: | ||
Realized gain | 0 | 0 |
Net unrealized loss | 0 | 0 |
Purchases, sales, issuances and settlements: | ||
Purchases | 2 | 0 |
Sales | (2) | 0 |
Balance at end of period | $ 35 | $ 35 |
Pensions and Other Benefits - M
Pensions and Other Benefits - Multiemployer Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer Identification Number/ Pension Plan Number | 23-6648508/499 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status Pending/Implemented | No | ||
U.S. Steel Contributions | $ 76 | $ 77 | $ 60 |
Surcharge Imposed | No | No | |
Expiration Date of Collective Bargaining Agreement | Sep. 1, 2022 | ||
Steelworkers Pension Trust | Green Zone | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded percentage under the Pension Protection Act | 80.00% | ||
Steelworkers Pension Trust | Yellow Zone | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded percentage under the Pension Protection Act | 80.00% | ||
Steelworkers Pension Trust | Red Zone | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded percentage under the Pension Protection Act | 65.00% |
Pensions and Other Benefits - B
Pensions and Other Benefits - Benefit Payments Expected to be Paid from Defined Benefit Plans (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Benefits | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
2020 | $ 499 |
2021 | 459 |
2022 | 435 |
2023 | 421 |
2024 | 409 |
Years 2026 - 2028 | 1,867 |
Other Benefits | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
2020 | 147 |
2021 | 146 |
2022 | 143 |
2023 | 141 |
2024 | 138 |
Years 2026 - 2028 | $ 604 |
Pensions and Other Benefits -_6
Pensions and Other Benefits - Additional Information (Details) - USD ($) | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | Nov. 13, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2008 | Feb. 29, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Portion of employees included In multiemployer plan | 75.00% | |||||||||
Portion of represented employees covered by SPT | 67.00% | |||||||||
Portion of costs for retiree health benefits limited to a per capital dollar maximum | 75.00% | |||||||||
Collective bargaining agreement term | 4 years | |||||||||
Increase to defined benefit plan pension liability due to 2018 labor agreements | $ 26,000,000 | |||||||||
Discount rate used for calculating benefit obligation | 2.54% | 3.40% | ||||||||
Defined benefit plans, accumulated benefit obligation | $ 5,979,000,000 | $ 5,636,000,000 | ||||||||
Defined Contribution Plan, Eligible Amount Contributed Per Hour | $ 0.60 | $ 0.55 | 0.50 | |||||||
Net periodic benefit cost, other postretirement benefit plans | $ 20,000,000 | $ 21,000,000 | ||||||||
UPI | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Ownership interest | 50.00% | |||||||||
Forecast | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Future projected benefit cost, other postretirement benefit plans | $ 16,000,000 | |||||||||
Pension Benefits | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Discount rate used for calculating benefit obligation | 2.72% | 3.35% | 4.41% | |||||||
Defined benefit plans, expected net periodic benefit cost | $ 87,000,000 | |||||||||
Expected annual return on plan assets | 6.47% | 6.50% | 6.85% | |||||||
Pension Benefits | UPI | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Benefit liability | $ 8,000,000 | |||||||||
Pension Benefits | United States Steel Pension Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Target allocation for plan assets | 45.00% | |||||||||
Expected annual return on plan assets | 6.50% | |||||||||
Pension Benefits | UPI Pension Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Target allocation for plan assets | 60.00% | |||||||||
Expected annual return on plan assets | 5.75% | |||||||||
Pension Benefits | Forecast | United States Steel Pension Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Expected annual return on plan assets | 6.90% | |||||||||
Pension Benefits | Forecast | UPI Pension Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Expected annual return on plan assets | 5.35% | |||||||||
Other Benefits | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Discount rate used for calculating benefit obligation | 2.80% | 3.43% | 4.47% | |||||||
Defined benefit plans, expected net periodic benefit cost | $ (72,000,000) | |||||||||
Target allocation for plan assets | 90.00% | |||||||||
Expected annual return on plan assets | 4.25% | 4.25% | 4.25% | |||||||
Other Benefits | UPI | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Benefit liability | $ 55,000,000 | |||||||||
Steelworkers Pension Trust | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined benefit plans, expected net periodic benefit cost | $ 73,000,000 | |||||||||
Employer contribution amount for each employee hour worked | $ 3.50 | $ 3.35 | ||||||||
Total amortization period of losses | 29 years | 15 years | ||||||||
Unfunded Defined Benefit Pension Plans | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Payments for pension benefits | $ 7,000,000 | $ 8,000,000 | $ 20,000,000 | |||||||
Unfunded Other Postretirement Benefit Plans | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Payments for pension benefits | 46,000,000 | 45,000,000 | 48,000,000 | |||||||
Defined Contribution Pension Plan | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined contribution plan expense | $ 10,000,000 | 23,000,000 | 23,000,000 | |||||||
Percentage of employee's percentage contributions, matched by employer | 100.00% | |||||||||
Percentage of employee's pay matched by employer | 6.00% | |||||||||
Defined Contribution Pension Matching Contribution | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined contribution plan expense | $ 8,000,000 | 18,000,000 | 17,000,000 | |||||||
Supplemental Thrift Plan | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined contribution plan expense | 1,000,000 | 1,000,000 | 4,000,000 | |||||||
Canadian Hourly Employees Savings Match | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined contribution plan expense | 4,000,000 | 3,000,000 | $ 2,000,000 | |||||||
Other Postemployment Benefit | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Accrued employee benefits | $ 115,000,000 | $ 111,000,000 | ||||||||
Minimum | Steelworkers Pension Trust | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Proportion of single plan contribution as to total combined contribution | 5.00% | 5.00% | 5.00% | |||||||
Subsequent Event | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Contribution Plan, Eligible Amount Contributed Per Hour | $ 0.65 |
Asset Retirement Obligations -
Asset Retirement Obligations - Changes in Carrying Values of Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligations [Roll Forward] | ||
Balance at beginning of year | $ 58 | $ 60 |
Additional obligations incurred | 5 | 4 |
Obligations settled | (7) | (9) |
Foreign currency translation effects | 1 | 0 |
Accretion expense | 3 | 3 |
Balance at end of period | $ 60 | $ 58 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Change in Fair Value by Option from Purchase Date (Details) - USD ($) $ in Millions | 2 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2020 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value Mark to Market gain/(loss) | $ (7) | $ 39 |
Contingent forward asset | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair value asset/liability, beginning balance | 0 | |
Fair Value Mark to Market gain/(loss) | 0 | 11 |
Fair value asset/liability, ending balance | 0 | 11 |
Call Option | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair value asset/liability, beginning balance | 162 | 166 |
Fair Value Mark to Market gain/(loss) | 4 | (166) |
Fair value asset/liability, ending balance | 166 | 0 |
Common Class B | Call Option | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair value asset/liability, beginning balance | (2) | (2) |
Fair Value Mark to Market gain/(loss) | 0 | 2 |
Fair value asset/liability, ending balance | (2) | 0 |
Common Class B | Put Option | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair value asset/liability, beginning balance | (181) | (192) |
Fair Value Mark to Market gain/(loss) | (11) | 192 |
Fair value asset/liability, ending balance | $ (192) | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments -Financial Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value | ||
Financial liabilities: | ||
Short-term and long-term debt (a) | $ 5,323 | $ 3,576 |
Carrying Amount | ||
Financial liabilities: | ||
Short-term and long-term debt (a) | $ 4,806 | $ 3,575 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Details) $ in Millions | Jan. 15, 2021USD ($) | Apr. 30, 2020USD ($)installment | Oct. 31, 2019 | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 08, 2020USD ($) |
Business Acquisition [Line Items] | ||||||
Gain (loss) on change in fair value recorded in the Statement of Operations | $ (7) | $ 39 | ||||
Weighted-Average Cost of Capital | Level 3 | Valuation, Income Approach [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Measurement input | 0.110 | |||||
Long-term Revenue Growth Rate | Level 3 | Valuation, Income Approach [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Measurement input | 0.020 | |||||
EBITDA Multiple | Level 3 | Valuation, Income Approach [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Measurement input | 8.5 | |||||
Big River Steel | ||||||
Business Acquisition [Line Items] | ||||||
Contingent forward asset | $ 11 | |||||
Ownership interest acquired | 49.90% | 50.10% | ||||
Big River Steel | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Cash paid to acquire business | $ 723 | |||||
Liabilities incurred in business acquisition | $ 50 | |||||
Big River Steel | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of ownership in equity investees | 49.90% | |||||
Call period | 4 years | |||||
Big River Steel | Other Big River Steel Equity Owners | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of ownership in equity investees | 50.10% | |||||
Stelco | Minntac Mine | ||||||
Business Acquisition [Line Items] | ||||||
Noncontrolling Interest, Purchase Option, Interest In Investment Offered Under Option | 25.00% | |||||
Noncontrolling Interest, Purchase Option, Aggregate Value Of Option | $ 100 | |||||
Noncontrolling Interest, Purchase Option, Number Of Installments | installment | 5 | |||||
Noncontrolling Interest, Purchase Option, Installment Amount | $ 20 | |||||
Noncontrolling Interest, Purchase Option, Additional Contribution Upon Exercise | $ 500 |
Reclassifications from Accumu_3
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning of period | $ (478) | $ (1,026) | |
Other comprehensive income (loss) before reclassifications | 290 | 405 | |
Amounts reclassified from AOCI (a) | 141 | 143 | |
Total other comprehensive income (loss), net of tax | 431 | 548 | $ (181) |
Balance, end of period | (47) | (478) | (1,026) |
Pension and Other Benefit Items | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning of period | (843) | (1,416) | |
Other comprehensive income (loss) before reclassifications | 271 | 446 | |
Amounts reclassified from AOCI (a) | 114 | 127 | |
Total other comprehensive income (loss), net of tax | 385 | 573 | |
Balance, end of period | (458) | (843) | (1,416) |
Foreign Currency Items | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning of period | 381 | 403 | |
Other comprehensive income (loss) before reclassifications | 68 | (22) | |
Amounts reclassified from AOCI (a) | 0 | 0 | |
Total other comprehensive income (loss), net of tax | 68 | (22) | |
Balance, end of period | 449 | 381 | 403 |
Unrealized Gain (Loss) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance, beginning of period | (16) | (13) | |
Other comprehensive income (loss) before reclassifications | (49) | (19) | |
Amounts reclassified from AOCI (a) | 27 | 16 | |
Total other comprehensive income (loss), net of tax | (22) | (3) | |
Balance, end of period | $ (38) | $ (16) | $ (13) |
Reclassifications from Accumu_4
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Detail of Amounts Reclassified From Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
(Loss) earnings before income taxes | $ (1,307) | $ (452) | $ 812 |
Tax provision | 142 | (178) | 303 |
Net of tax | (1,165) | (630) | 1,115 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
(Loss) earnings before income taxes | 182 | 191 | 176 |
Tax provision | (41) | (48) | (42) |
Net of tax | 141 | 143 | 134 |
Pension and Other Benefit Items | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Prior service costs (a) | (4) | 31 | 29 |
Actuarial losses (a) | 129 | 135 | 156 |
Settlements, termination and curtailment gains (a) | 2 | 3 | 10 |
UPI purchase accounting adjustment | 23 | 0 | 0 |
Total pensions and other benefits items | 150 | 169 | 195 |
Unrealized Gain (Loss) on Derivatives | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Derivative reclassifications to Consolidated Statements of Operations | $ 32 | $ 22 | $ (19) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 08, 2020 | Oct. 31, 2019 | |
Net cash used in operating activities included: | |||||
Interest and other financial costs paid (net of amount capitalized) | $ (248) | $ (151) | $ (207) | ||
Income taxes refunded (paid) | 45 | 38 | (39) | ||
Non-cash investing and financing activities: | |||||
Change in accrued capital expenditures | (121) | (70) | 135 | ||
U. S. Steel common stock issued for employee/non-employee director stock plans | 19 | 19 | 21 | ||
Capital expenditures funded by finance lease borrowings | 31 | 46 | 0 | ||
Export Credit Agreement (ECA) financing | 34 | 0 | 0 | ||
Big River Steel put and call options (a) | $ 0 | $ 21 | $ 0 | ||
Big River Steel | |||||
Business Acquisition [Line Items] | |||||
Ownership interest | 50.10% | 49.90% |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 29, 2020 | |
Related Party Transaction [Line Items] | ||||
Related party sales and service transactions | $ 976 | $ 1,431 | $ 1,420 | |
Accounts payable to related parties | 105 | 84 | ||
USS-POSCO Industries (UPI) | ||||
Related Party Transaction [Line Items] | ||||
UPI accounts payable for substrate purchased from U. S. Steel | $ 135 | |||
Outside processing services | ||||
Related Party Transaction [Line Items] | ||||
Purchases from related parties | 90 | 31 | 29 | |
Taconite pellets | ||||
Related Party Transaction [Line Items] | ||||
Purchases from related parties | 78 | 104 | $ 91 | |
PRO-TEC Coating Company, LLC | ||||
Related Party Transaction [Line Items] | ||||
Accounts payable to related parties | 86 | 82 | ||
Other related parties | ||||
Related Party Transaction [Line Items] | ||||
Accounts payable to related parties | $ 19 | $ 2 |
Leases - Schedule of Leases by
Leases - Schedule of Leases by Balance Sheet Location (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease assets | $ 214 | $ 230 |
Assets under finance lease | 73 | 56 |
Total Lease Assets | 287 | 286 |
Current operating lease liabilities | 59 | 60 |
Current finance lease liabilities | 16 | 11 |
Noncurrent operating lease liabilities | 163 | 177 |
Noncurrent finance lease liabilities | 65 | 51 |
Total Lease Liabilities | 303 | 299 |
Operating Lease, Right-of-Use Asset, Accumulated Amortization | 96 | 50 |
Finance lease, Accumulated Depreciation | $ 40 | $ 27 |
Leases - Schedule of Operating
Leases - Schedule of Operating and Finance Lease Costs by Income Statement Location (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Right-Of-Use Asset, Depreciation, Depletion And Amortization | $ 14 | $ 7 |
Finance Lease, Right-Of-Use Asset, Interest | 4 | 3 |
Total Lease Cost | 99 | 102 |
Variable Lease, Cost | 7 | 15 |
Cost of sales | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Cost | 67 | 81 |
Selling, general and administrative expenses | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Cost | $ 14 | $ 11 |
Leases - Schedule of Operatin_2
Leases - Schedule of Operating and Finance Lease Maturities (Details) $ in Millions | Dec. 31, 2020USD ($) |
Operating | |
2021 | $ 73 |
2022 | 54 |
2023 | 42 |
2024 | 33 |
2025 | 24 |
After 2025 | 39 |
Total Lease Payments | 265 |
Less: Interest | 43 |
Present value of lease liabilities | 222 |
Finance | |
2021 | 20 |
2022 | 24 |
2023 | 12 |
2024 | 10 |
2025 | 8 |
After 2025 | 17 |
Total Lease Payments | 91 |
Less: Interest | 10 |
Present value of lease liabilities | 81 |
Total | |
2021 | 93 |
2022 | 78 |
2023 | 54 |
2024 | 43 |
2025 | 32 |
After 2025 | 56 |
Total Lease Payments | 356 |
Less: Interest | 53 |
Present value of lease liabilities | $ 303 |
Leases - Schedule of Lease Term
Leases - Schedule of Lease Terms and Discount Rates (Details) | Dec. 31, 2020 |
Weighted Average Lease Term [Abstract] | |
Finance - Weighted average lease term | 5 years |
Operating - Weighted average lease term | 5 years |
Weighted Average Discount Rate [Abstract] | |
Finance - Weighted average discount rate | 4.94% |
Operating - Weighted average discount rate | 7.45% |
Leases - Schedule of Cash Amoun
Leases - Schedule of Cash Amounts Paid for Lease Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 71 | $ 72 | |
Operating cash flows from finance leases | 4 | 3 | |
Financing cash flows from finance leases | 13 | 7 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 41 | 53 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 31 | $ 46 | $ 0 |
Restructuring and Other Charg_3
Restructuring and Other Charges - Activity in Accrued Balances for Restructuring and Other Cost Reduction Programs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Balance at beginning of period | $ 212 | $ 17 | |
Additional charges | 138 | 275 | $ 0 |
Cash payments/utilization | (173) | (80) | |
Balance at end of period | 177 | 212 | 17 |
Employee Related Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance at beginning of period | 87 | 0 | |
Additional charges | 81 | 111 | |
Cash payments/utilization | (117) | (24) | |
Balance at end of period | 51 | 87 | 0 |
Exit Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance at beginning of period | 125 | 17 | |
Additional charges | 53 | 119 | |
Cash payments/utilization | (52) | (11) | |
Balance at end of period | 126 | 125 | 17 |
Non-cash Charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance at beginning of period | 0 | 0 | |
Additional charges | 4 | 45 | |
Cash payments/utilization | (4) | (45) | |
Balance at end of period | $ 0 | $ 0 | $ 0 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Balance Sheet Location of Accrued Liabilities for Restructuring and Other Cost Reduction Programs (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restructuring Cost and Reserve [Line Items] | |||
Accrued liabilities for restructuring and other reduction programs | $ 177 | $ 212 | $ 17 |
Accounts payable | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued liabilities for restructuring and other reduction programs | 34 | 46 | |
Payroll and benefits payable | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued liabilities for restructuring and other reduction programs | 29 | 64 | |
Employee benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued liabilities for restructuring and other reduction programs | 22 | 23 | |
Deferred credits and other noncurrent liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued liabilities for restructuring and other reduction programs | $ 92 | $ 79 |
Restructuring and Other Charg_5
Restructuring and Other Charges -Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | $ 138 | $ 275 | $ 0 |
Business Exit And Severance Costs | 35 | $ 21 | |
Payments for Restructuring | 173 | 80 | |
Keetac Mining And Great Lakes Works Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 66 | ||
Lorain Tubular Operations And Lone Star Tubular Operations Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 25 | ||
Company Wide Headcount Reductions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 15 | ||
Voluntary Early Retirement Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 32 | ||
Business Exit And Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | 169 | ||
Business Exit And Employee Severance | Postretirement Benefit Trust (VEBA) | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | 38 | ||
U.S. Steel Kosice Restructuring Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 25 | ||
Idling | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 53 | 119 | |
Payments for Restructuring | $ 52 | 11 | |
Idling | East Chicago Restructuring Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 227 | ||
Headcount Reductions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | $ 23 |
Contingencies and Commitments -
Contingencies and Commitments - Asbestos Litigation Activity (Details) - Asbestos Matters - Claim_Group | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Contingency Accrual [Roll Forward] | |||
Opening Number of Claims | 2,390 | 2,320 | 3,315 |
Claims Dismissed, Settled and Resolved (a) | 240 | 195 | 1,285 |
New Claims | 295 | 265 | 290 |
Closing Number of Claims | 2,445 | 2,390 | 2,320 |
Contingencies and Commitments_2
Contingencies and Commitments - Changes in Accrued Liabilities for Remediation Activities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Change in Accrued Liabilities for Remediation Activities [Roll Forward] | ||
Beginning of period | $ 186 | $ 187 |
Accruals for environmental remediation deemed probable and reasonably estimable | 7 | 20 |
Obligations settled | (47) | (21) |
End of period | $ 146 | $ 186 |
Contingencies and Commitments_3
Contingencies and Commitments - Accrued Liabilities for Remediation Activities Included in Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Line Items] | |||
Accrued liabilities for remediation activities | $ 146 | $ 186 | $ 187 |
Accounts payable | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Accrued liabilities for remediation activities | 43 | 53 | |
Deferred credits and other noncurrent liabilities | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Accrued liabilities for remediation activities | $ 103 | $ 133 |
Contingencies and Commitments_4
Contingencies and Commitments - Payments for Contracts with Remaining Terms in Excess of One Year (Details) $ in Millions | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 962 |
2022 | 956 |
2023 | 395 |
2024 | 175 |
2025 | 139 |
Later years | 702 |
Total | $ 3,329 |
Contingencies and Commitments_5
Contingencies and Commitments - Additional Information (Details) claim in Thousands, € in Millions, Allowances in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($)AllowancesClaim_GroupFacilityPlaintiffProject | Dec. 31, 2020EUR (€)AllowancesPlaintiff | Dec. 31, 2019USD ($)Claim_Group | Dec. 31, 2018USD ($)Claim_Groupclaim | Dec. 31, 2017Claim_Group | |
Loss Contingencies [Line Items] | |||||
Number of cases dismissed | claim | 1 | ||||
Accrued liabilities for remediation activities | $ 146,000,000 | $ 186,000,000 | $ 187,000,000 | ||
Accrued liabilities for post-closure site monitoring and other costs | 23,000,000 | ||||
Accrued liability for administrative and legal costs | $ 13,000,000 | ||||
Number of years of projected administrative and legal costs included in accrual | 3 years | 3 years | |||
Capital expenditures | $ 42,000,000 | 123,000,000 | |||
Final allocation for emissions allowances during NAP III period | Allowances | 48 | 48 | |||
Emissions allowances purchased | Allowances | 12.3 | ||||
Cost of emissions allowances purchased | $ 173,000,000 | € 141 | |||
Emissions allowances pre-purchased | Allowances | 1.5 | ||||
Cost of emissions allowances pre-purchased | $ 47,000,000 | € 38 | |||
Financial assurance guarantees, maximum | 7,000,000 | ||||
Residual value of equipment | 23,000,000 | ||||
Residual value liability | 0 | ||||
Restricted cash | 133,000,000 | 190,000,000 | |||
Contract commitments to acquire property, plant and equipment | 583,000,000 | ||||
Total payment under take-or-pay contracts | 553,000,000 | $ 653,000,000 | $ 600,000,000 | ||
Gateway Energy and Coke Company, LLC | |||||
Loss Contingencies [Line Items] | |||||
Maximum default payment on termination of agreement | $ 110,000,000 | ||||
Minimum | |||||
Loss Contingencies [Line Items] | |||||
Projected percentage remediation costs may exceed accrued liabilities | 20.00% | 20.00% | |||
Estimated capital expenditures of complying with BAT over 2017 to 2020 period | $ 169,000,000 | € 138 | |||
Unconditional purchase obligation term | 2 years | 2 years | |||
Maximum | |||||
Loss Contingencies [Line Items] | |||||
Projected percentage remediation costs may exceed accrued liabilities | 30.00% | 30.00% | |||
Unconditional purchase obligation term | 15 years | 15 years | |||
Asbestos Matters | |||||
Loss Contingencies [Line Items] | |||||
Active cases brought against U.S. Steel | Claim_Group | 855 | 800 | |||
Number of claims pending in jurisdictions | Claim_Group | 2,445 | 2,390 | 2,320 | 3,315 | |
Number of plaintiffs involved | Plaintiff | 1,540 | 1,540 | |||
Percentage of claims pending in jurisdictions | 63.00% | ||||
Projects with Ongoing Study and Scope Development | |||||
Loss Contingencies [Line Items] | |||||
Environmental remediation projects | Facility | 4 | ||||
Accrued liabilities for remediation activities | $ 1,000,000 | ||||
Projects with Ongoing Study and Scope Development | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Environment exit costs, possible additional loss | 22,000,000 | ||||
Projects with Ongoing Study and Scope Development | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Environment exit costs, possible additional loss | $ 36,000,000 | ||||
Other Project With Defined Scope | |||||
Loss Contingencies [Line Items] | |||||
Environmental remediation projects | Project | 4 | ||||
Accrued liabilities for remediation activities | $ 87,000,000 | ||||
Other Project 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 | 25,000,000 | ||||
Geneva Project | |||||
Loss Contingencies [Line Items] | |||||
Accrued liabilities for remediation activities | 21,000,000 | ||||
Cherryvale Zinc Site | |||||
Loss Contingencies [Line Items] | |||||
Accrued liabilities for remediation activities | 7,000,000 | ||||
St Louis Estuary Project | |||||
Loss Contingencies [Line Items] | |||||
Accrued liabilities for remediation activities | $ 34,000,000 | ||||
Environmental Remediation Other Projects | |||||
Loss Contingencies [Line Items] | |||||
Environmental remediation projects | Facility | 3 | ||||
Accrued liabilities for remediation activities | $ 5,000,000 | ||||
Environmental Remediation Other Projects | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Accrued liabilities for remediation activities | 1,000,000 | ||||
Environmental Remediation Other Projects | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Accrued liabilities for remediation activities | 5,000,000 | ||||
Environmental Remediation Projects Less Than One Million | |||||
Loss Contingencies [Line Items] | |||||
Accrued liabilities for remediation activities | 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 | $ 222,000,000 |
Common Stock Issued and Repur_2
Common Stock Issued and Repurchased - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 22, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 |
Subsidiary, Sale of Stock [Line Items] | |||||
Common stock, par value (in USD per share) | $ 1 | $ 1 | |||
Net proceeds from public offering of common stock (Note 27) | $ 410 | $ 0 | $ 0 | ||
Stock repurchase program, authorized amount | $ 300 | ||||
Common stock repurchased (in shares) | 5,289,475 | ||||
Value of shares repurchased | $ 88 | ||||
Public Offering | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of shares issued (in shares) | 50,000,000 | ||||
Common stock, par value (in USD per share) | $ 1 | ||||
Price per share (in USD per share) | $ 8.2075 | ||||
Net proceeds from public offering of common stock (Note 27) | $ 410 |
Subsequent Event (Details)
Subsequent Event (Details) € in Millions, shares in Millions, T in Millions | Feb. 10, 2021EUR (€) | Feb. 05, 2021USD ($)shares | Jan. 29, 2021EUR (€) | Jan. 15, 2021USD ($) | Jan. 15, 2021EUR (€) | Oct. 31, 2019USD ($) | Mar. 07, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 08, 2021USD ($) | Feb. 02, 2021USD ($) | Jan. 22, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 08, 2020 | Nov. 30, 2020T | May 29, 2020USD ($) | Dec. 31, 2019EUR (€) |
Subsequent Event [Line Items] | ||||||||||||||||||
Net proceeds from sale of stock | $ 410,000,000 | $ 0 | $ 0 | |||||||||||||||
Aggregate principal amount oustanding | $ 5,115,000,000 | |||||||||||||||||
Forecast | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Number of shares issued (in shares) | shares | 48.3 | |||||||||||||||||
Net proceeds from sale of stock | $ 790,000,000 | |||||||||||||||||
Over-allotment option term | 30 days | |||||||||||||||||
2025 Senior Secured Notes | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Stated interest rate | 12.00% | 12.00% | ||||||||||||||||
2025 Senior Secured Notes | Secured Debt | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Stated interest rate | 12.00% | |||||||||||||||||
Aggregate principal amount of debt | $ 1,056,000,000 | |||||||||||||||||
USSK Credit Agreement | Revolving Credit Facility | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Long-term Line of Credit, borrowings | $ 368,000,000 | $ 393,000,000 | € 300 | € 350 | ||||||||||||||
Credit Facility Agreement, $2.0 billion | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Long-term Line of Credit, borrowings | $ 505,000,000 | |||||||||||||||||
Big River Steel(a) | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Steel production capacity | T | 3.3 | |||||||||||||||||
Subsequent Event | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Number of shares issued (in shares) | shares | 42 | |||||||||||||||||
Net proceeds from sale of stock | $ 687,000,000 | |||||||||||||||||
Subsequent Event | 6.625% Senior Secured Notes | Secured Debt | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Stated interest rate | 6.625% | |||||||||||||||||
Aggregate principal amount of debt | $ 900,000,000 | |||||||||||||||||
Subsequent Event | 4.50% Arkansas Development Finance Authority Bonds | Bonds | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Stated interest rate | 4.50% | |||||||||||||||||
Aggregate principal amount of debt | $ 487,000,000 | |||||||||||||||||
Subsequent Event | Green Bonds | Bonds | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Stated interest rate | 4.75% | |||||||||||||||||
Aggregate principal amount of debt | $ 265,000,000 | |||||||||||||||||
Subsequent Event | Other Debt, Including Loans and Leases | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Aggregate principal amount of debt | 200,000,000 | |||||||||||||||||
Subsequent Event | 2029 Senior Notes | Senior Notes | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Aggregate principal amount of debt | $ 750,000,000 | |||||||||||||||||
Subsequent Event | 2025 Senior Secured Notes | Secured Debt | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Stated interest rate | 12.00% | |||||||||||||||||
Principal amount outstanding redeemed | $ 370,000,000 | |||||||||||||||||
Aggregate principal amount oustanding | $ 687,000,000 | |||||||||||||||||
Subsequent Event | USSK Credit Agreement | Revolving Credit Facility | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Repayments of Lines of Credit | 61,000,000 | € 50 | ||||||||||||||||
Subsequent Event | Big River Credit Facility | Revolving Credit Facility | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Long-term Line of Credit, borrowings | € | € 50 | |||||||||||||||||
Subsequent Event | Credit Facility Agreement, $2.0 billion | Revolving Credit Facility | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Repayments of Lines of Credit | € | € 250 | € 100 | ||||||||||||||||
Big River Steel(a) | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Ownership interest | 49.90% | 50.10% | ||||||||||||||||
Purchase price | $ 683,000,000 | |||||||||||||||||
Remaining ownership interest | 50.10% | |||||||||||||||||
Term option to purchase remaining equity interest | 4 years | |||||||||||||||||
Big River Steel(a) | Subsequent Event | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Cash paid to acquire business | 723,000,000 | |||||||||||||||||
Liabilities incurred in business acquisition | 50,000,000 | |||||||||||||||||
Long-term debt | $ 1,900,000,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 28 | $ 29 | $ 28 |
Additions, Charged to Costs and Expenses | 6 | 0 | 5 |
Additions, Charged to Other Accounts | 2 | 0 | 0 |
Deductions, Charged to Costs and Expenses | 0 | 0 | 0 |
Deductions, Charged to Other Accounts | 2 | 1 | 4 |
Balance at End of Period | 34 | 28 | 29 |
Investments and long-term receivables reserve | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 5 | 5 | 11 |
Additions, Charged to Costs and Expenses | 0 | 0 | 0 |
Additions, Charged to Other Accounts | 3 | 0 | 0 |
Deductions, Charged to Costs and Expenses | 0 | 0 | 0 |
Deductions, Charged to Other Accounts | 3 | 0 | 6 |
Balance at End of Period | 5 | 5 | 5 |
Domestic deferred tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 560 | 211 | 604 |
Additions, Charged to Costs and Expenses | 240 | 349 | 0 |
Additions, Charged to Other Accounts | 2 | 0 | 0 |
Deductions, Charged to Costs and Expenses | 0 | 0 | 393 |
Deductions, Charged to Other Accounts | 9 | 0 | 0 |
Balance at End of Period | 793 | 560 | 211 |
Foreign deferred tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 3 | 3 | 4 |
Additions, Charged to Costs and Expenses | 0 | 0 | 0 |
Additions, Charged to Other Accounts | 0 | 0 | 0 |
Deductions, Charged to Costs and Expenses | 0 | 0 | 1 |
Deductions, Charged to Other Accounts | 0 | 0 | 0 |
Balance at End of Period | $ 3 | $ 3 | $ 3 |