Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 23, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | X | |
Entity Registrant Name | UNITED STATES STEEL CORP | |
Entity Central Index Key | 1,163,302 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 146,249,443 |
Consolidated Statement Of Opera
Consolidated Statement Of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales: | ||||
Net sales | $ 2,509 | $ 4,128 | $ 5,455 | $ 8,297 |
Net sales to related parties (Note 19) | 391 | 272 | 717 | 551 |
Total | 2,900 | 4,400 | 6,172 | 8,848 |
Operating expenses (income): | ||||
Cost of sales (excludes items shown below) | 2,792 | 4,097 | 5,858 | 8,135 |
Selling, general and administrative expenses | 107 | 143 | 209 | 281 |
Depreciation, depletion and amortization | 138 | 165 | 282 | 331 |
Earnings from investees | (17) | (57) | (23) | (53) |
Loss on write-down of retained interest in USSC (Note 22) | 255 | 0 | 255 | 0 |
Restructuring and other charges (Note 20) | 19 | 18 | 172 | 18 |
Net gain on disposal of assets (Note 21) | (1) | (1) | (1) | (21) |
Other income, net | (1) | 0 | (1) | 0 |
Total | 3,292 | 4,365 | 6,751 | 8,691 |
(Loss) earnings before interest and income taxes (EBIT) | (392) | 35 | (579) | 157 |
Interest expense | 53 | 60 | 104 | 121 |
Interest income | 0 | (1) | 0 | (2) |
Other financial costs | 2 | 5 | 13 | 14 |
Net interest and other financial costs (Note 7) | 55 | 64 | 117 | 133 |
(Loss) earnings before income taxes | (447) | (29) | (696) | 24 |
Income tax benefit (Note 9) | (186) | (11) | (360) | (10) |
Net (loss) earnings | (261) | (18) | (336) | 34 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net (loss) earnings attributable to United States Steel Corporation | $ (261) | $ (18) | $ (336) | $ 34 |
Earnings (loss) per share attributable to United States Steel Corporation stockholders: | ||||
Basic (in dollars per share) | $ (1.79) | $ (0.12) | $ (2.31) | $ 0.23 |
Diluted (in dollars per share) | $ (1.79) | $ (0.12) | $ (2.31) | $ 0.23 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) earnings | $ (261) | $ (18) | $ (336) | $ 34 |
Other comprehensive (loss) income, net of tax: | ||||
Changes in foreign currency translation adjustments | 25 | (12) | (78) | (14) |
Changes in pension and other employee benefit accounts | 44 | 72 | 87 | 122 |
Total other comprehensive income, net of tax | 69 | 60 | 9 | 108 |
Comprehensive (loss) income including noncontrolling interest | (192) | 42 | (327) | 142 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive (loss) income attributable to United States Steel Corporation | $ (192) | $ 42 | $ (327) | $ 142 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 1,210 | $ 1,354 |
Receivables, less allowance of $28 and $45 | 1,270 | 1,632 |
Receivables from related parties, less allowance of $235 and $218 (Note 19) | 227 | 310 |
Inventories (Note 12) | 2,330 | 2,496 |
Deferred income tax benefits (Note 9) | 353 | 602 |
Other current assets | 46 | 37 |
Total current assets | 5,436 | 6,431 |
Property, plant and equipment | 14,703 | 15,139 |
Less accumulated depreciation and depletion | 10,272 | 10,565 |
Total property, plant and equipment, net | 4,431 | 4,574 |
Investments and long-term receivables, less allowance of $8 in both periods | 564 | 577 |
Long-term receivables from related parties, less allowance of $1,415 and $1,188 | 108 | 362 |
Intangibles – net (Note 5) | 200 | 204 |
Deferred income tax benefits (Note 9) | 365 | 46 |
Other noncurrent assets | 109 | 120 |
Total assets | 11,213 | 12,314 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 1,678 | 1,870 |
Accounts payable to related parties (Note 19) | 133 | 131 |
Bank checks outstanding | 12 | 1 |
Payroll and benefits payable | 879 | 1,003 |
Accrued taxes | 126 | 134 |
Accrued interest | 52 | 52 |
Short-term debt and current maturities of long-term debt (Note 14) | 362 | 378 |
Total current liabilities | 3,242 | 3,569 |
Long-term debt, less unamortized discount (Note 14) | 3,124 | 3,120 |
Employee benefits | 952 | 1,117 |
Deferred income tax liabilities (Note 9) | 16 | 301 |
Deferred credits and other noncurrent liabilities | 398 | 407 |
Total liabilities | $ 7,732 | $ 8,514 |
Contingencies and commitments (Note 21) | ||
Stockholders’ Equity (Note 17): | ||
Common stock (150,925,911 shares issued) (Note 11) | $ 151 | $ 151 |
Treasury stock, at cost (4,691,339 and 5,270,872 shares) | (345) | (396) |
Additional paid-in capital | 3,596 | 3,623 |
Retained earnings | 1,510 | 1,862 |
Accumulated other comprehensive loss (Note 18) | (1,432) | (1,441) |
Total United States Steel Corporation stockholders’ equity | 3,480 | 3,799 |
Noncontrolling interests | 1 | 1 |
Total liabilities and stockholders’ equity | $ 11,213 | $ 12,314 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Receivables, allowance | $ 28 | $ 45 |
Investments and long-term receivables, allowance | $ 8 | $ 8 |
Common stock, shares issued | 150,925,911 | 150,925,911 |
Treasury stock, shares | 4,691,339 | 5,270,872 |
Affiliated Entity [Member] | ||
Receivables, allowance | $ 235 | $ 218 |
Investments and long-term receivables, allowance | $ 0 | $ 0 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net (loss) earnings | $ (336) | $ 34 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 282 | 331 |
Loss on write-down of retained interest in USSC (Note 22) | 255 | 0 |
Restructuring and other charges (Note 20) | 172 | 18 |
Provision for doubtful accounts | 16 | (1) |
Pensions and other postretirement benefits | (24) | (59) |
Deferred income taxes | (345) | 16 |
Net gain on disposal of assets (Note 21) | (1) | (21) |
Distributions received, net of equity investees earnings | (18) | (52) |
Changes in: | ||
Current receivables | 371 | (102) |
Inventories | 142 | 341 |
Current accounts payable and accrued expenses | (287) | 594 |
Income taxes receivable/payable | 18 | 153 |
Bank checks outstanding | 11 | 44 |
All other, net | (9) | 55 |
Net cash provided by operating activities | 215 | 1,353 |
Investing activities: | ||
Capital expenditures | (276) | (186) |
Acquisitions | (25) | 0 |
Disposal of assets | 1 | 26 |
Change in restricted cash, net | 7 | 15 |
Investments, net | (2) | (2) |
Net cash used in investing activities | (295) | (147) |
Financing activities: | ||
Repayment of long-term debt | (18) | (322) |
Receipts from exercise of stock options | (1) | (1) |
Dividends paid | (15) | (15) |
Net cash used in financing activities | (32) | (336) |
Effect of exchange rate changes on cash | (32) | (3) |
Net (decrease) increase in cash and cash equivalents | (144) | 867 |
Cash and cash equivalents at beginning of year | 1,354 | 604 |
Cash and cash equivalents at end of period | $ 1,210 | $ 1,471 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies United States Steel Corporation (U. S. Steel or the Company) produces and sells steel products, including flat-rolled and tubular products, in North America and Central Europe. Operations in North America also include iron ore and coke production facilities, railroad services and real estate operations. Operations in Europe also include coke production facilities. The consolidated results for the three and six months ended June 30, 2015 do not reflect the results of U. S. Steel Canada Inc. (USSC) due to USSC’s filing for creditor protection pursuant to Canada’s Companies’ Creditors Arrangement Act (CCAA) on September 16, 2014. The consolidated statement of operations and the consolidated statement of comprehensive income (loss) for the three and six months ended June 30, 2014 and the consolidated statement of cash flows for the six months ended June 30, 2014 include the results for USSC. The year-end consolidated balance sheet data was derived from audited statements but does not include all disclosures required for complete financial statements by accounting principles generally accepted in the United States of America (U.S. GAAP). The other information in these financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair statement of the results for the periods covered. All such adjustments are of a normal recurring nature unless disclosed otherwise. These financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. Additional information is contained in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2014 , which should be read in conjunction with these financial statements. |
New Accounting Standards (Notes
New Accounting Standards (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Standards | New Accounting Standards On July 22, 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11). ASU 2015-11 requires an entity to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. ASU 2015-11 will not apply to inventories that are measured using either the last-in, first-out (LIFO) method or the retail inventory method. ASU 2015-11 is effective for public entities for financial statements issued for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years; early application is permitted. U. S. Steel is evaluating the financial statement implications of adopting ASU 2015-11. On April 7, 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU 2015-03 changes the presentation of debt issuance costs in financial statements and requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. ASU 2015-03 is effective for public entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years; early application is permitted. An entity is required to apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. U. S. Steel is evaluating the financial statement implications of adopting ASU 2015-03. On August 27, 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 explicitly requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Prior to the issuance of this standard, there was no guidance in U.S. GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern or to provide related footnote disclosures. ASU 2014-15 is effective for all entities for interim and annual periods ending after December 15, 2016; early application is permitted. U. S. Steel does not expect any financial statement impact relating to the adoption of this ASU. On May 28, 2014, the FASB and the International Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016; early application is not permitted. On July 9, 2015, the FASB decided on a one year deferral of the effective date of ASU 2014-09, but to permit entities to adopt the standard on the original effective date if they choose. U. S. Steel is evaluating the financial statement implications of adopting ASU 2014-09. |
Segment Information (Notes)
Segment Information (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information U. S. Steel has three reportable segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular). The results of our railroad and real estate businesses that do not constitute reportable segments are combined and disclosed in the Other Businesses category. The Flat-Rolled segment information subsequent to September 16, 2014 does not include USSC. Transactions between U. S. Steel and USSC subsequent to USSC applying for relief from its creditors pursuant to CCAA (CCAA filing) are considered related party transactions. Effective January 1, 2015, the Flat-Rolled segment has been realigned to better serve customer needs through the creation of commercial entities to specifically address customers in the automotive, consumer, industrial, service center and mining market sectors. This realignment did not affect the Company's reportable segments. 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 (EBIT). EBIT for reportable segments and Other Businesses does not include net interest and other financial costs (income), income taxes, postretirement benefit expenses (other than service cost and amortization of prior service cost for active employees) and certain other items that management believes are not indicative of future results. Information on segment assets is not disclosed, as it is not reviewed by the chief operating decision maker. The accounting principles applied at the operating segment level in determining EBIT are generally the same as those applied at the consolidated financial statement level. The transfer value for steel rounds from Flat-Rolled to Tubular is based on cost. All other intersegment sales and transfers are accounted for at market-based prices and are eliminated at the corporate consolidation level. Corporate-level selling, general and administrative expenses and costs related to certain former businesses are allocated to the reportable segments and Other Businesses based on measures of activity that management believes are reasonable. The results of segment operations for three months ended June 30, 2015 and 2014 are: (In millions) Three Months Ended June 30, 2015 Customer Intersegment Net Earnings EBIT Flat-Rolled $ 2,125 $ 69 $ 2,194 $ 17 $ (64 ) USSE 600 1 601 — 20 Tubular 160 — 160 2 (66 ) Total reportable segments 2,885 70 2,955 19 (110 ) Other Businesses 15 25 40 (2 ) 6 Reconciling Items and Eliminations — (95 ) (95 ) — (288 ) Total $ 2,900 $ — $ 2,900 $ 17 $ (392 ) Three Months Ended June 30, 2014 Flat-Rolled $ 2,938 $ 325 $ 3,263 $ 56 $ 30 USSE 757 43 800 — 38 Tubular 686 1 687 3 47 Total reportable segments 4,381 369 4,750 59 115 Other Businesses 19 34 53 (2 ) 17 Reconciling Items and Eliminations — (403 ) (403 ) — (97 ) Total $ 4,400 $ — $ 4,400 $ 57 $ 35 The results of segment operations for the six months ended June 30, 2015 and 2014 are: (In millions) Six Months Ended June 30, 2015 Customer Intersegment Net Earnings EBIT Flat-Rolled $ 4,318 $ 173 $ 4,491 $ 22 $ (131 ) USSE 1,292 1 1,293 — 57 Tubular 531 — 531 4 (65 ) Total reportable segments 6,141 174 6,315 26 (139 ) Other Businesses 31 54 85 (3 ) 14 Reconciling Items and Eliminations — (228 ) (228 ) — (454 ) Total $ 6,172 $ — $ 6,172 $ 23 $ (579 ) Six Months Ended June 30, 2014 Flat-Rolled $ 5,965 $ 628 $ 6,593 $ 50 $ 115 USSE 1,516 44 1,560 — 70 Tubular 1,329 2 1,331 5 71 Total reportable segments 8,810 674 9,484 55 256 Other Businesses 38 68 106 (2 ) 30 Reconciling Items and Eliminations — (742 ) (742 ) — (129 ) Total $ 8,848 $ — $ 8,848 $ 53 $ 157 The following is a schedule of reconciling items to EBIT: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Items not allocated to segments: Postretirement benefit expense (a) $ (14 ) $ (32 ) $ (27 ) $ (64 ) Other items not allocated to segments: Loss on write-down of retained interest in USSC (Note 22) (255 ) — (255 ) — Restructuring and other charges (b) (19 ) — (19 ) — Loss on shutdown of coke production facilities (b) — — (153 ) — Litigation reserves (Note 21) — (70 ) — (70 ) Loss on assets held for sale (b) — (14 ) — (14 ) Curtailment gain (Note 6) — 19 — 19 Total other items not allocated to segments (274 ) (65 ) (427 ) (65 ) Total reconciling items $ (288 ) $ (97 ) $ (454 ) $ (129 ) (a) Consists of the net periodic benefit cost elements, other than service cost and amortization of prior service cost for active employees, associated with our defined pension, retiree health care and life insurance benefit plans. (b) Included in Restructuring and Other Charges on the Consolidated Statements of Operations. See Note 20 to the Consolidated Financial Statements. |
Acquisition (Notes)
Acquisition (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On May 29, 2015, the Company purchased the 50 percent joint venture interest in Double Eagle Steel Coating Company (DESCO) that it did not previously own for $25 million . DESCO's electrolytic galvanizing line (EGL) has become part of the larger operational footprint of U. S. Steel's Great Lakes Works within the Flat-Rolled segment. The EGL is increasing our ability to provide industry leading advanced high strength steels, including Gen 3 grades under development, as well as to provide high quality exposed steel for automotive body and closure applications. The Company's previously held 50 percent equity interest of $3 million was recorded at fair market value resulting in a net gain of approximately $3 million which has been recognized in the earnings from investees line in the consolidated statement of operations. Goodwill of approximately $3 million was recognized and is included as a component of other noncurrent assets in the Company's consolidated balance sheet. The fair value of the DESCO acquisition was measured using both cost and market approaches, Level 2 inputs, in accordance with ASC No. 820, Fair Value Measurement . Transaction costs associated with the acquisition were insignificant. The amount of revenue recognized in the consolidated statement of operations as a result of the acquisition was not significant to the three month period ended June 30, 2015. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets are being amortized on a straight-line basis over their estimated useful lives and are detailed below: As of June 30, 2015 As of December 31, 2014 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 22-23 Years $ 132 $ 49 $ 83 $ 132 $ 46 $ 86 Other 2-20 Years 23 14 9 23 13 10 Total amortizable intangible assets $ 155 $ 63 $ 92 $ 155 $ 59 $ 96 Identifiable intangible assets with finite lives are reviewed for impairment whenever events or circumstances indicate that the carrying values may not be recoverable. The carrying amount of acquired water rights with indefinite lives as of June 30, 2015 and December 31, 2014 totaled $75 million . The water rights are tested for impairment annually in the third quarter. U. S. Steel performed a qualitative impairment evaluation of its water rights for 2014. The 2014 and prior year tests indicated the water rights were not impaired. During 2013, U. S. Steel acquired indefinite-lived intangible assets for $12 million and entered into an agreement to make future payments contingent upon certain factors. The aggregate purchase price was $36 million , and U. S. Steel allocated $33 million to indefinite-lived intangible assets, based upon their estimated fair value. The liability for contingent consideration is reassessed each quarter. The maximum potential liability for contingent consideration is $53 million . As of June 30, 2015 , U. S. Steel has recorded a liability of $24 million to reflect the estimated fair value of the contingent consideration. Contingent consideration was valued using a probability weighted discounted cash flow using both Level 2 inputs based on 2013 Standard and Poor’s Bond Guide as well as Level 3, significant other unobservable inputs, based on internal forecasts and the weighted average cost of capital derived from market data. Amortization expense was $2 million in the three months ended June 30, 2015 and $3 million in the three months ended June 30, 2014 . Amortization expense was $4 million in the six months ended June 30, 2015 and $5 million in the six months ended June 30, 2014 . The estimated future amortization expense of identifiable intangible assets during the next five years is $3 million for the remaining portion of 2015 and $7 million each year from 2016 to 2019 . |
Pensions and Other Benefits (No
Pensions and Other Benefits (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pensions and Other Benefits | Pensions and Other Benefits The following table reflects the components of net periodic benefit cost for the three months ended June 30, 2015 and 2014 : Pension Other (In millions) 2015 2014 2015 2014 Service cost $ 27 $ 27 $ 6 $ 6 Interest cost 65 109 25 37 Expected return on plan assets (111 ) (154 ) (39 ) (34 ) Amortization of prior service cost 5 5 (1 ) (4 ) Amortization of actuarial net loss (gain) 64 71 1 (1 ) Net periodic benefit cost, excluding below 50 58 (8 ) 4 Multiemployer plans 16 19 — — Settlement, termination and curtailment losses/(gains) 2 8 — (19 ) Net periodic benefit cost $ 68 $ 85 $ (8 ) $ (15 ) The following table reflects the components of net periodic benefit cost for the six months ended June 30, 2015 and 2014 : Pension Other (In millions) 2015 2014 2015 2014 Service cost $ 53 $ 54 $ 11 $ 12 Interest cost 131 218 49 73 Expected return on plan assets (221 ) (307 ) (77 ) (69 ) Amortization of prior service cost 9 11 (3 ) (7 ) Amortization of actuarial net loss (gain) 128 141 3 (2 ) Net periodic benefit cost, excluding below 100 117 (17 ) 7 Multiemployer plans 34 37 — — Settlement, termination and curtailment losses/(gains) 5 15 — (19 ) Net periodic benefit cost $ 139 $ 169 $ (17 ) $ (12 ) Settlements and Curtailments During the first six months of 2015 , the non-qualified pension plan incurred settlement charges of $5 million due to lump sum payments for certain individuals. In 2014, pension settlements were recorded in the non-qualified pension plan related to the retirement of several U. S. Steel executives that occurred throughout 2013. In accordance with Internal Revenue Code requirements, these executives were required to wait six months before receiving their non-qualified pension payments. A curtailment gain of $19 million was recognized in the three months ended June 30, 2014 due to a change to the post retirement medical benefits for non-union, pre-Medicare retirees that will take effect after 2017. Employer Contributions During the first six months of 2015 , U. S. Steel made cash payments of $33 million to the Steelworkers’ Pension Trust and $14 million of pension payments not funded by trusts. During the first six months of 2015 , cash payments of $89 million were made for other postretirement benefit payments not funded by trusts. In addition, U. S. Steel made a required contribution of $10 million in the first six months of 2015 to our trust for represented retiree health care and life insurance benefits. Company contributions to defined contribution plans totaled $11 million and $12 million in the three months ended June 30, 2015 and 2014 , respectively. Company contributions to defined contribution plans totaled $21 million and $24 million for the six months ended June 30, 2015 and 2014 , respectively. Non-retirement postemployment benefits U. S. Steel incurred costs of approximately $25 million and $40 million for the three and six months ended June 30, 2015 related to the accrual of employee costs for supplemental unemployment benefits and the continuation of health care benefits and life insurance coverage for employees associated with the temporary idling of certain facilities and reduced production at others. Payments for these benefits during the three and six months ended June 30, 2015 were $13 million and $14 million , respectively. There were no significant similar costs incurred during the three and six months ended June 30, 2014 . Pension Funding In November 2013, U. S. Steel's Board of Directors authorized voluntary contributions to U. S. Steel's trusts for pensions and other benefits of up to $300 million through the end of 2015. In August 2014, U. S. Steel made a voluntary contribution of $140 million to our main U.S. defined benefit plan. |
Net Interest and Other Financia
Net Interest and Other Financial Costs (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Net Interest and Other Financial Costs | Net Interest and Other Financial Costs Net interest and other financial costs includes interest expense (net of capitalized interest), interest income, financing costs, derivatives gains and losses and foreign currency remeasurement gains and losses. Foreign currency gains and losses are primarily a result of foreign currency denominated assets and liabilities that require remeasurement and the impacts of euro-U.S. dollar derivatives activity. See Note 13 for additional information on U. S. Steel’s use of derivatives to mitigate its foreign currency exchange rate exposure. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans U. S. Steel has outstanding stock-based compensation awards that were granted by the Compensation & Organization Committee of the Board of Directors (the Committee) under the 2005 Stock Incentive Plan (the Plan), which is more fully described in Note 13 of the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2014. An aggregate of 21,250,000 shares of U. S. Steel common stock may be issued under the Plan. As of June 30, 2015 , 2,629,736 shares were available for future grants. During the first quarter of 2014, the Committee added return on capital employed (ROCE) as a second performance measure for the Performance Awards as permitted under the terms of the Plan. Prior to the addition of the ROCE awards, performance awards were based solely on a total shareholder return (TSR) metric. ROCE awards granted are measured on a weighted average basis of the Company’s consolidated worldwide EBIT, as adjusted, divided by consolidated worldwide capital employed, as adjusted, over a three year period. 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 at approximately 50 percent at the threshold level, 100 percent at the target level and 200 percent at the maximum level. Amounts in between the threshold percentages are interpolated. Compensation expense associated with the ROCE awards will be contingent based upon the achievement of the specified ROCE metric as outlined in the Plan and will be adjusted on a quarterly basis to reflect the probability of achieving the ROCE metric. Recent grants of stock-based compensation consist of stock options, restricted stock units, and TSR and ROCE performance awards. Stock options are generally issued at the market price of the underlying stock on the date of the grant. Upon exercise of stock options, shares of U. S. Steel common stock are issued from treasury stock. The following table is a general summary of the awards made under the Plan. 2015 2014 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Stock Options 1,638,540 $ 10.02 1,496,440 $ 9.93 Restricted Stock Units 794,370 $ 24.71 724,510 $ 24.29 Performance Awards: (c) TSR 273,560 $ 24.95 282,770 $ 22.09 ROCE (d) — $ — 262,800 $ 23.76 (a) The share amounts shown in this table do not reflect an adjustment for estimated forfeitures. (b) Represents the per share weighted-average for all grants during the quarter. (c) The number of performance awards shown represents the target value of the award. (d) In lieu of ROCE equity awards being granted in 2015, the Company granted cash settled ROCE incentives to certain members of executive management. U. S. Steel recognized pretax stock-based compensation expense in the amount of $12 million and $8 million in the three month periods ended June 30, 2015 and 2014 , respectively, and $23 million and $17 million in the first six months of 2015 and 2014 , respectively. As of June 30, 2015 , total future compensation expense related to nonvested stock-based compensation arrangements was $54 million , and the weighted average period over which this expense is expected to be recognized is approximately 1.4 years . 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. The stock options vest ratably over a three -year service period and have a term of ten years. Black-Scholes Assumptions (a) 2015 Grants 2014 Grants Grant date price per share of option award $ 24.74 $ 24.29 Exercise price per share of option award $ 24.74 $ 24.29 Expected annual dividends per share, at grant date $ 0.20 $ 0.20 Expected life in years 5.0 5.0 Expected volatility 47 % 49 % Risk-free interest rate 1.639 % 1.621 % Grant date fair value per share of unvested option awards as calculated from above $ 10.02 $ 9.93 (a) The assumptions represent a weighted average of all grants during the year. The expected annual dividends per share are based on the latest annualized dividend rate at the date of grant; the expected life in years is determined primarily from historical stock option exercise data; the expected volatility is based on the historical volatility of U. S. Steel stock; and the risk-free interest rate is based on the U.S. Treasury strip rate for the expected life of the option. Restricted stock units generally vest ratably over three years. The fair value of the restricted stock units is the average market price of the underlying common stock on the date of the grant. TSR performance awards vest at the end of a three -year performance period as a function of U. S. Steel's total shareholder return compared to the total shareholder return of a group of peer companies over the three -year performance period. TSR performance awards can vest at between zero and 200 percent of the target award. The fair value of the TSR performance awards is calculated using a Monte-Carlo simulation. ROCE performance awards vest at the end of a three -year performance period contingent upon meeting the specified ROCE metric. ROCE performance awards can vest at between zero and 200 percent of the target award. The fair value of the ROCE performance awards is the average market price of the underlying common stock on the date of grant. |
Income Taxes (Notes)
Income Taxes (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Tax provision For the six months ended June 30, 2015 and 2014 , we recorded a tax benefit of $360 million on our pretax loss of $696 million and a tax benefit of $10 million on our pretax income of $24 million , respectively. The tax provision reflects a benefit for percentage depletion in excess of cost depletion for iron ore that we produce and consume or sell. Included in the tax provision is a net benefit of $31 million relating to the adjustment of certain tax reserves in the first six months of 2015. The tax provision does not reflect any tax benefit for pretax losses in Canada, prior to the deconsolidation on September 16, 2014, which is a jurisdiction where we had recorded a full valuation allowance on deferred tax assets. The tax benefit for the first six months of 2015 is based on an estimated annual effective rate, which requires management to make its best estimate of annual pretax income or loss. During the year, management regularly updates forecasted annual pretax results for the various countries in which we operate based on changes in factors such as prices, shipments, product mix, plant operating performance and cost estimates. To the extent that actual 2015 pretax results for U.S. and foreign income or loss vary from estimates applied herein, the actual tax provision or benefit recognized in 2015 could be materially different from the forecasted amount used to estimate the tax provision for the six months ended June 30, 2015 . Unrecognized tax benefits Unrecognized tax benefits are the differences between a tax position taken, or expected to be taken, in a tax return and the benefit recognized for accounting purposes pursuant to the guidance in Accounting Standards Codification (ASC) Topic 740 on income taxes. The total amount of gross unrecognized tax benefits was $80 million at June 30, 2015 and $112 million at December 31, 2014 . The change in unrecognized tax benefits reflects a net decrease primarily due to the conclusion of certain tax examinations. The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $21 million as of June 30, 2015 and $59 million as of December 31, 2014 . U. S. Steel records interest related to uncertain tax positions as a part of net interest and other financial costs in the consolidated statement of operations. Any penalties are recognized as part of selling, general and administrative expenses. As of June 30, 2015 and December 31, 2014 , U. S. Steel had accrued liabilities of $2 million and $7 million , respectively, for interest related to uncertain tax positions. U. S. Steel currently does not have a liability for tax penalties. Deferred taxes As of June 30, 2015 , the net domestic deferred tax asset was $701 million compared to $318 million at December 31, 2014 . A substantial amount of U. S. Steel’s domestic deferred tax assets relates to employee benefits that will become deductible for tax purposes over an extended period of time as cash contributions are made to employee benefit plans and retiree benefits are paid in the future. We continue to believe it is more likely than not that the net domestic deferred tax asset will be realized. As of June 30, 2015 , the net foreign deferred tax asset was $1 million , net of an established valuation allowance of $5 million . At December 31, 2014 , the net foreign deferred tax asset was $29 million , net of an established valuation allowance of $5 million . The net foreign deferred tax asset will fluctuate as the value of the U.S. dollar changes with respect to the euro. |
Significant Equity Investments
Significant Equity Investments (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Significant Equity Investments | Significant Equity Investments Summarized unaudited income statement information for our significant equity investments for the six months ended June 30, 2015 and 2014 is reported below (amounts represent 100% of investee financial information): (In millions) 2015 2014 Net sales $ 1,466 $ 1,675 Cost of sales 1,228 1,399 Earnings before interest and income taxes 199 240 Net earnings 191 228 Net earnings attributable to significant equity investments 191 228 U. S. Steel's portion of the equity in net earnings of the significant equity investments above was $ 15 million and $ 46 million for the six months ended June 30, 2015 and 2014 , respectively, which is included in the earnings from investees line on the Consolidated Statement of Operations. |
(Notes)
(Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings and Dividends Per Common Share | Earnings and Dividends Per Common Share Earnings Per Share Attributable to United States Steel Corporation Stockholders Basic earnings per common share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per common share assumes the exercise of stock options, the vesting of restricted stock units and performance awards and the conversion of convertible notes, 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 2019 (2019 Senior Convertible Notes) due to our current intent and policy, among other factors, to settle the principal amount of the 2019 Senior Convertible Notes in cash upon conversion. The "if-converted" method was used to calculate the dilutive effect of the 2014 Senior Convertible Notes due May 2014 (2014 Senior Convertible Notes). The computations for basic and diluted earnings per common share from continuing operations are as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions, except per share amounts) 2015 2014 2015 2014 Net (loss) earnings attributable to United States Steel Corporation stockholders $ (261 ) $ (18 ) $ (336 ) $ 34 Plus earnings effect of assumed conversion-interest on convertible notes — — — — Net (loss) earnings after assumed conversion $ (261 ) $ (18 ) $ (336 ) $ 34 Weighted-average shares outstanding (in thousands): Basic 145,962 144,884 145,848 144,821 Effect of convertible notes — — — 280 Effect of stock options, restricted stock units and performance awards — — — 1,043 Adjusted weighted-average shares outstanding, diluted 145,962 144,884 145,848 146,144 Basic earnings per common share $ (1.79 ) $ (0.12 ) $ (2.31 ) $ 0.23 Diluted earnings per common share $ (1.79 ) $ (0.12 ) $ (2.31 ) $ 0.23 The following table summarizes the securities that were antidilutive, and therefore, were not included in the computations of diluted earnings per common share: Three Months Ended June 30, Six Months Ended (In thousands) 2015 2014 2015 2014 Securities granted under the 2005 Stock Incentive Plan 9,139 8,630 9,139 3,775 Securities convertible under the Senior Convertible Notes (a) — 4,993 — 7,446 Total 9,139 13,623 9,139 11,221 (a) On May 15, 2014, we redeemed the remaining $322 million principal amount due under the 2014 Senior Convertible Notes. If the redemption had occurred on January 1, 2014, the antidilutive securities would be zero for the six months ended June 30, 2014 . Dividends Paid Per Share The dividend for each of the first and second quarters of 2015 and 2014 was five cents per common share. |
Inventories (Notes)
Inventories (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are carried at the lower of cost or market. The first-in, first-out method is the predominant method of inventory costing in Europe. The last-in, first-out (LIFO) method is the predominant method of inventory costing in the United States. At June 30, 2015 and December 31, 2014 , the LIFO method accounted for 79 percent and 78 percent of total inventory values, respectively. (In millions) June 30, 2015 December 31, 2014 Raw materials $ 832 $ 801 Semi-finished products 935 1,053 Finished products 494 563 Supplies and sundry items 69 79 Total $ 2,330 $ 2,496 Current acquisition costs were estimated to exceed the above inventory values by $1.0 billion at both June 30, 2015 and December 31, 2014 , respectively. As a result of the liquidation of LIFO inventories, cost of sales decreased and EBIT increased by $1 million and $2 million in the three months ended June 30, 2015 and June 30, 2014 , respectively. Cost of sales increased and EBIT decreased by $3 million and $7 million in the six months ended June 30, 2015 and June 30, 2014 , respectively, as a result of liquidation of LIFO inventories. Inventory includes $67 million and $69 million of property held for residential or commercial development as of June 30, 2015 and December 31, 2014 , respectively. |
Derivative Instruments (Notes)
Derivative Instruments (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments U. S. Steel is exposed to foreign currency exchange rate risks as a result of our European operations. USSE’s revenues are primarily in euros and costs are primarily in U.S. dollars and euros. In addition, foreign cash requirements have been, and in the future may be, funded by intercompany loans, creating intercompany monetary assets and liabilities in currencies other than the functional currency of the entities involved, which can affect income when remeasured at the end of each period. U. S. Steel uses euro forward sales contracts with maturities no longer than 12 months to exchange euros for U.S. dollars to manage our currency requirements and exposure to foreign currency exchange rate fluctuations. Derivative instruments are required to be recognized at fair value in the consolidated balance sheet. U. S. Steel has not elected to designate these euro forward sales contracts as hedges. Therefore, changes in their fair value are recognized immediately in the consolidated results of operations. The gains and losses recognized on the euro forward sales contracts may also partially offset the accounting remeasurement gains and losses recognized on intercompany loans. As of June 30, 2015 , U. S. Steel held euro forward sales contracts with a total notional value of approximately $282 million . We mitigate the risk of concentration of counterparty credit risk by purchasing our forward sales contracts from several counterparties. Additionally, U. S. Steel uses fixed-price forward physical purchase contracts to partially manage our exposure to price risk related to the purchases of natural gas and certain nonferrous metals used in the production process. During 2015 and 2014, the forward physical purchase contracts for natural gas and nonferrous metals qualified for the normal purchases and normal sales exemption described in ASC Topic 815 and were not subject to mark-to-market accounting. The following summarizes the location and amounts of the fair values and gains or losses related to derivatives included in U. S. Steel's consolidated financial statements as of June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 2015 and 2014 : Fair Value Fair Value (In millions) Balance Sheet June 30, 2015 December 31, 2014 Foreign exchange forward contracts Accounts receivable $ 21 $ 31 Foreign exchange forward contracts Accounts payable $ 3 $ — (In millions) Statement of Amount of Gain (Loss) Amount of Gain (Loss) Three Months Ended June 30, 2015 Six Months Ended Foreign exchange forward contracts Other financial $ (11 ) $ 32 (In millions) Statement of Amount of Gain Amount of Gain Three Months Ended Six Months Ended June 30, 2014 Foreign exchange forward contracts Other financial $ 3 $ 3 In accordance with the guidance found in ASC Topic 820 on fair value measurements and disclosures, the fair value of our euro forward sales contracts 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. |
Debt (Notes)
Debt (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt (In millions) Interest Rates % Maturity June 30, 2015 December 31, 2014 2037 Senior Notes 6.65 2037 $ 350 $ 350 2022 Senior Notes 7.50 2022 400 400 2021 Senior Notes 6.875 2021 275 275 2020 Senior Notes 7.375 2020 600 600 2018 Senior Notes 7.00 2018 500 500 2017 Senior Notes 6.05 2017 450 450 2019 Senior Convertible Notes 2.75 2019 316 316 Environmental Revenue Bonds 5.38 - 6.88 2015 - 2042 532 549 Recovery Zone Facility Bonds 6.75 2040 70 70 Fairfield Caster Lease 2022 32 33 Other capital leases and all other obligations 2019 1 — Amended Credit Agreement Variable 2016 — — USSK Revolver Variable 2016 — — USSK credit facilities Variable 2015 - 2016 — — Total Debt 3,526 3,543 Less unamortized discount 40 45 Less short-term debt and long-term debt due within one year (a) 362 378 Long-term debt $ 3,124 $ 3,120 To the extent not otherwise discussed below, information concerning the Senior Notes, the Senior Convertible Notes and other listed obligations can be found in Note 15 of the audited financial statements in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2014. 2019 Senior Convertible Notes The 2019 Senior Convertible Notes were reclassified to current because the CCAA filing by USSC on September 16, 2014 is an event of default under the terms of the Province Note loan agreement between USSC and the Province of Ontario. The failure of USSC to pay the Province Note constitutes an event of default under the indenture for the 2019 Senior Convertible Notes that enables the trustee or the holders of not less than 25 percent of the 2019 Senior Convertible Notes to declare them immediately due and payable. That has not occurred, but if it does, U. S. Steel intends to settle the 2019 Senior Convertible Notes in cash. U. S. Steel has been advised that notice of this default has been given to the holders of the 2019 Senior Convertible Notes by the trustee. Amended Credit Agreement As of June 30, 2015 , there were no amounts drawn on the $875 million credit facility agreement (Amended Credit Agreement) and inventory values calculated in accordance with the Amended Credit Agreement supported the full $875 million of the facility. Under the Amended Credit Agreement, U. S. Steel must maintain a fixed charge coverage ratio (as further defined in the Amended Credit Agreement) of at least 1.00 to 1.00 for the most recent four consecutive quarters when availability under the Amended Credit Agreement is less than the greater of 10 percent of the total aggregate commitments and $87.5 million . Since availability was greater than $87.5 million , compliance with the fixed charge coverage ratio covenant was not applicable. The Amended Credit Agreement expires in July 2016. Receivables Purchase Agreement As of June 30, 2015 , U. S. Steel has a Receivables Purchase Agreement (RPA) under which trade accounts receivable are sold, on a daily basis without recourse, to U. S. Steel Receivables, LLC (USSR), a wholly owned, bankruptcy-remote, special purpose entity. As U. S. Steel accesses this facility, USSR sells senior undivided interests in the receivables to third parties, while maintaining a subordinated undivided interest in a portion of the receivables. U. S. Steel has agreed to continue servicing the sold receivables at market rates. At June 30, 2015 and December 31, 2014 , eligible accounts receivable supported $367 million and $625 million of availability, respectively, under the RPA and there were no receivables sold to third-parties under this facility. The subordinated retained interest was $367 million and $625 million at June 30, 2015 and December 31, 2014 , respectively. Availability under the RPA was $317 million at June 30, 2015 and $576 million at December 31, 2014 , due to letters of credit outstanding of $50 million and $49 million , respectively. USSR pays the third-parties a discount based on the third-parties’ borrowing costs plus incremental fees. We paid approximately $1 million for each of the three months ended June 30, 2015 and 2014 and approximately $2 million for each of the six months ended June 30, 2015 and 2014 , relating to fees on the RPA. These costs are included in other financial costs in the consolidated statement of operations. Generally, the facility provides that as payments are collected from the sold accounts receivables, USSR may elect to have the third-parties reinvest the proceeds in new eligible accounts receivable. As there was no activity under this facility during the six months ended June 30, 2015 and 2014 , there were no collections reinvested. The eligible accounts receivable and receivables sold to third party conduits are summarized below: (In millions) June 30, 2015 December 31, 2014 Balance of accounts receivable-net, eligible for sale to third-parties $ 683 $ 1,013 Accounts receivable sold to third-parties — — Balance included in Receivables on the balance sheet of U. S. Steel $ 683 $ 1,013 The net book value of U. S. Steel’s retained interest in the receivables represents the best estimate of the fair market value due to the short-term nature of the receivables. The retained interest in the receivables is recorded net of the allowance for bad debts, which historically have not been significant. The facility may be terminated on the occurrence and failure to cure certain events, including, among others, failure of USSR to maintain certain ratios related to the collectability of the receivables and failure to make payment under its material debt obligations, and may also be terminated upon a change of control. The facility expires in July 2016 . Third Amended and Restated Credit Agreement On July 27, 2015, the Company entered into a five -year Third Amended and Restated Credit Agreement (Third Amended and Restated Credit Agreement) replacing the Company's Amended Credit Agreement, and concurrently terminated the RPA. The Third Amended and Restated Credit Agreement increases the amount of the facility to $1.5 billion . 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 Third Amended and Restated Credit Agreement. Borrowings are secured by liens on all domestic inventory, trade accounts receivable, and other related assets. Similar to the Amended Credit Agreement, U. S. Steel must maintain a fixed charge coverage ratio of at least 1.00 to 1.00 when availability under the Third Amended and Restated Credit Agreement is less than the greater of 10 percent of the total aggregate commitments and $150 million . The Third Amended and Restated Credit Agreement establishes a borrowing base formula, which limits the amounts U. S. Steel can borrow to a percent of the value of certain domestic inventory and trade receivables less specified reserves. The Third Amended and Restated Credit Agreement provides for borrowings at interest rates based on defined, short-term market rates plus a spread based on availability and includes other customary terms and conditions including restrictions on our ability to create certain liens and to consolidate, merge or transfer all, or substantially all, of our assets. See Part II, Item 5 - Other Information for further detail. U. S. Steel Košice ( USSK) revolver and credit facilities At June 30, 2015 , USSK had no borrowings under its €200 million (approximately $224 million ) unsecured revolving credit facility (the USSK Credit Agreement). The USSK Credit Agreement contains certain USSK financial covenants (as further defined in the USSK Credit Agreement), including maximum Leverage, maximum Net Debt to Tangible Net Worth, and minimum Interest Cover ratios. The covenants are measured semi-annually for the period covering the last twelve calendar months. USSK may not draw on the USSK Credit Agreement if it does not comply with any of the financial covenants until the next measurement date. At June 30, 2015 , USSK had full availability under the USSK Credit Agreement. The USSK Credit Agreement expires in July 2016. At June 30, 2015 , USSK had no borrowings under its €20 million and €10 million unsecured credit facilities (collectively approximately $33 million ) and the availability was approximately $32 million due to approximately $1 million of customs and other guarantees outstanding. Change in control event If there is a change in control of U. S. Steel, the following may occur: (a) debt obligations totaling $2,891 million as of June 30, 2015 (including the Senior Notes and Senior Convertible Notes) may be declared immediately due and payable; (b) the Amended Credit Agreement, the RPA and the USSK Credit Agreement may be terminated and any amounts outstanding declared immediately due and payable; and (c) U. S. Steel may be required to either repurchase the leased Fairfield Works slab caster for $34 million or provide a letter of credit to secure the remaining obligation. |
Asset Retirement Obligations (N
Asset Retirement Obligations (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations U. S. Steel’s asset retirement obligations (AROs) primarily relate to mine and landfill closure and post-closure costs. The following table reflects changes in the carrying values of AROs: (In millions) June 30, 2015 December 31, 2014 Balance at beginning of year $ 48 $ 59 Additional obligations incurred 40 (a) 6 Obligations settled — (19 ) (b) Foreign currency translation effects (1 ) (2 ) Accretion expense 1 4 Balance at end of period $ 88 $ 48 (a) Additional AROs relate to the permanent closure of the coke production facilities at Gary Works and Granite City Works. (b) Includes $16 million as a result of the deconsolidation of USSC as of the end of the day on September 15, 2014. 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 (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of cash and cash equivalents, current accounts and notes receivable, investments and long-term receivables, accounts payable, bank checks outstanding, and accrued interest included in the consolidated balance sheet approximate fair value. See Note 13 for disclosure of U. S. Steel’s derivative instruments, which are accounted for at fair value on a recurring basis. The following table summarizes U. S. Steel’s financial assets and liabilities that were not carried at fair value at June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 3,628 $ 3,454 $ 3,740 $ 3,466 (a) Excludes capital lease obligations. The following methods and assumptions were used to estimate the fair value of financial instruments included in the table above: Long-term debt : Fair value was determined using Level 2 inputs which were derived from quoted market prices and is based on the yield on public debt where available or current borrowing rates available for financings with similar terms and maturities. Fair value of the financial 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 21. |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Statement of Changes in Stockholders' Equity | Statement of Changes in Stockholders’ Equity The following table reflects the first six months of 2015 and 2014 reconciliation of the carrying amount of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests: Six Months Ended June 30, 2015 (In millions) Total Retained Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 3,800 $ 1,862 $ (1,441 ) $ 151 $ (396 ) $ 3,623 $ 1 Comprehensive income (loss): Net loss (336 ) (336 ) Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 87 87 Currency translation adjustment (78 ) (78 ) Employee stock plans 24 51 (27 ) Dividends paid on common stock (15 ) (15 ) Other (1 ) (1 ) Balance at June 30, 2015 $ 3,481 $ 1,510 $ (1,432 ) $ 151 $ (345 ) $ 3,596 $ 1 Six Months Ended June 30, 2014 (In millions) Total Retained Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 3,376 $ 1,789 $ (1,752 ) $ 151 $ (480 ) $ 3,667 $ 1 Comprehensive income (loss): Net earnings 34 34 Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 122 122 Currency translation adjustment (14 ) (14 ) Employee stock plans 11 40 (29 ) Dividends paid on common stock (15 ) (15 ) Balance at June 30, 2014 $ 3,514 $ 1,808 $ (1,644 ) $ 151 $ (440 ) $ 3,638 $ 1 |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | Reclassifications from Accumulated Other Comprehensive Income (AOCI) (In millions) (a) Pension and Foreign Other Total Balance at December 31, 2014 $ (1,852 ) $ 416 $ (5 ) $ (1,441 ) Other comprehensive (loss) income before reclassifications (1 ) (78 ) (3 ) (82 ) Amounts reclassified from AOCI 88 (b) — 3 91 Net current-period other comprehensive income 87 (78 ) — 9 Balance at June 30, 2015 $ (1,765 ) $ 338 $ (5 ) $ (1,432 ) (a) All amounts are net of tax. Amounts in parentheses indicate decreases in AOCI. (b) See table below for further details. Amount reclassified from AOCI Three Months Ended June 30, Six Months Ended June 30, (In millions) (a) Details about AOCI components 2015 2014 2015 2014 Amortization of pension and other benefit items Prior service costs (b) $ (4 ) $ (1 ) $ (6 ) $ (4 ) Actuarial losses (b) (65 ) (70 ) (131 ) (139 ) Settlement, termination and curtailment (losses)/gains (b) (2 ) 11 (5 ) 4 Total before tax (71 ) (60 ) (142 ) (139 ) Tax benefit 27 25 54 55 Net of tax $ (44 ) $ (35 ) $ (88 ) $ (84 ) (a) Amounts in parentheses indicate decreases in AOCI. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details). |
Transactions with Related Parti
Transactions with Related Parties (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Transactions with Related Parties Net sales to related parties and receivables from related parties primarily reflect sales of steel products to equity investees and USSC after the CCAA filing on September 16, 2014. Generally, transactions are conducted under long-term market-based contractual arrangements. Related party sales and service transactions were $391 million and $272 million for the three months ended June 30, 2015 and 2014 , respectively and $717 million and $551 million for the six months ended June 30, 2015 and 2014 , respectively. Purchases from related parties for outside processing services provided by equity investees and steel products from USSC after the CCAA filing on September 16, 2014 amounted to $111 million and $15 million for the three months ended June 30, 2015 and 2014 , respectively and $211 million and $30 million for the six months ended June 30, 2015 and 2014 , respectively. Purchases of iron ore pellets from related parties amounted to $57 million and $61 million for the three months ended June 30, 2015 and 2014 , respectively and $87 million and $115 million for the six months ended June 30, 2015 and 2014 , respectively. Accounts payable to related parties include balances due to PRO-TEC Coating Company (PRO-TEC) of $84 million and $78 million at June 30, 2015 and December 31, 2014 , respectively for invoicing and receivables collection services provided by U. S. Steel. 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, including USSC after the CCAA filing on September 16, 2014, totaled $49 million and $53 million at June 30, 2015 and December 31, 2014 , respectively. |
Restructuring and Other Charges
Restructuring and Other Charges (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges During the three months ended June 30, 2015 , the Company recorded a net charge of $19 million , which is reported in restructuring and other charges in the consolidated statement of operations, for employee related costs, including costs for severance, supplemental unemployment benefits (SUB) and continuation of health care benefits as well as other shutdown costs, primarily environmental. Favorable adjustments for changes in estimates on restructuring reserves were made for $18 million , primarily related to employee and environmental costs associated with the shutdown of our cokemaking operations at Gary Works and Granite City Works. During the six months ended June 30, 2015 , the Company recorded a net charge of $172 million , which is reported in restructuring and other charges in the consolidated statement of operations, primarily related to the permanent shutdown of the cokemaking operations at Gary Works and Granite City Works, within our Flat-Rolled segment. In addition to the write-down of the assets, the charge also includes employee related costs, including costs for severance, SUB and continuation of health care benefits as well as other shutdown costs, primarily environmental. Favorable adjustments for changes in estimates on restructuring reserves were made for $18 million , primarily related to employee and environmental costs associated with the shutdown of our cokemaking operations at Gary Works and Granite City Works. During the three months ended June 30, 2014 , the Company recorded severance related charges of $11 million , which were reported in restructuring and other charges in the Consolidated Statement of Operations, for headcount reductions related to certain of our Tubular operations in Bellville, Texas and McKeesport, Pennsylvania, within our Tubular segment, as well as headcount reductions principally at the Company’s corporate headquarters. Cash payments were made related to severance and exit costs of $8 million . In addition, an asset impairment charge of $14 million was taken for certain of the Company's non-strategic assets that were designated as held for sale. Favorable adjustments for changes in estimates on restructuring reserves were made for $2 million . During the six months ended June 30, 2014 , the Company recorded severance related charges of $14 million , which were reported in restructuring and other charges in the Consolidated Statement of Operations, for headcount reductions related to our Canadian operations, within our Flat-Rolled segment, certain of our Tubular operations in Bellville, Texas and McKeesport, Pennsylvania, within our Tubular segment, as well as headcount reductions principally at the Company’s corporate headquarters. Cash payments were made related to severance and exit costs of $13 million . In addition, an asset impairment charge of $14 million was taken for certain of the Company's non-strategic assets that were designated as held for sale. Favorable adjustments for changes in estimates on restructuring reserves were made for $10 million . Charges for restructuring and ongoing cost reduction initiatives are recorded in the period the Company 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 include severance costs, accelerated depreciation, asset impairments and other closure costs. The activity in the accrued balances incurred in relation to restructuring and other cost reduction programs during the six months ended June 30, 2015 were as follows: Employee Related Exit Asset (in millions) Costs Costs Impairments Total Balance at December 31, 2014 $ 5 $ — $ — $ 5 Additional charges 52 48 (a) 90 190 Cash payments/utilization (5 ) — (90 ) (95 ) Other adjustments and reclassifications (13 ) (5 ) — (18 ) Balance at June 30, 2015 $ 39 $ 43 $ — $ 82 (a) Primarily environmental costs. Accrued liabilities for restructuring and other cost reduction programs are included in the following balance sheet lines: (in millions) June 30, 2015 December 31, 2014 Accounts payable $ 26 $ — Payroll and benefits payable 39 5 Deferred credits and other noncurrent liabilities 17 — Total $ 82 $ 5 |
Contingencies and Commitments (
Contingencies and Commitments (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Contingencies and Commitments U. S. Steel is the subject of, or party to, a number of pending or threatened legal actions, contingencies and commitments involving a variety of matters, including laws and regulations relating to the environment. Certain of these matters are discussed below. The ultimate resolution of these contingencies could, individually or in the aggregate, be material to the consolidated financial statements. However, management believes that U. S. Steel will remain a viable and competitive enterprise even though it is possible that these contingencies could be resolved unfavorably. U. S. Steel accrues for estimated costs related to existing lawsuits, claims and proceedings when it is probable that it will incur these costs in the future. Asbestos matters – As of June 30, 2015 , U. S. Steel was a defendant in approximately 895 active cases involving approximately 3,390 plaintiffs. The vast majority of these cases involve multiple defendants. At December 31, 2014 , U. S. Steel was a defendant in approximately 880 active cases involving approximately 3,455 plaintiffs. About 2,450 , or approximately 75 percent , of these plaintiff claims are currently pending in jurisdictions which permit filings with massive numbers of plaintiffs. Based upon U. S. Steel’s experience in such cases, 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. During the six months ended June 30, 2015 , dismissals, settlements and other dispositions resolved approximately 190 claims, and new case filings added approximately 125 claims. During 2014 , settlements and other dispositions resolved approximately 190 claims, and new case filings added approximately 325 claims. The following table shows the number of asbestos claims in the current period and the prior three years: Period ended Opening Claims New Closing December 31, 2012 3,235 190 285 3,330 December 31, 2013 3,330 250 240 3,320 December 31, 2014 3,320 190 325 3,455 June 30, 2015 3,455 190 125 3,390 Historically, asbestos-related claims against U. S. Steel fall into three major groups: (1) claims made by persons who allegedly were exposed to asbestos on the premises of U. S. Steel facilities; (2) claims made by persons allegedly exposed to products manufactured by U. S. Steel; and (3) claims made under certain federal and maritime laws by employees of former operations of U. S. Steel. The amount U. S. Steel accrues for pending asbestos claims is not material to U. S. Steel’s financial condition. However, U. S. Steel is unable to estimate the ultimate outcome of asbestos-related claims due to a number of uncertainties, including (1) the rates at which new claims are filed, (2) the number of and effect of bankruptcies of other companies traditionally defending asbestos claims, (3) uncertainties associated with the variations in the litigation process from jurisdiction to jurisdiction, (4) uncertainties regarding the facts, circumstances and disease process with each claim, and (5) any new legislation enacted to address asbestos-related claims. Despite these uncertainties, management believes that the ultimate resolution of these matters will not have a material adverse effect on U. S. Steel’s financial condition, although the resolution of such matters could significantly impact results of operations for a particular quarter. Environmental matters – U. S. Steel is subject to federal, state, local and foreign laws and regulations relating to the environment. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites. Penalties may be imposed for noncompliance. Changes in accrued liabilities for remediation activities where U. S. Steel is identified as a named party are summarized in the following table: (In millions) Six Months Ended June 30, 2015 Beginning of period $ 212 Accruals for environmental remediation deemed probable and reasonably estimable — Adjustments for changes in estimates (2 ) Obligations settled (4 ) End of period $ 206 Accrued liabilities for remediation activities are included in the following consolidated balance sheet lines: (In millions) June 30, 2015 December 31, 2014 Accounts payable $ 19 $ 19 Deferred credits and other noncurrent liabilities 187 193 Total $ 206 $ 212 Expenses related to remediation are recorded in cost of sales and were insignificant for both the three and six month periods ended June 30, 2015 , and totaled $2 million and $3 million for the three and six month periods ended June 30, 2014 , respectively. It is not presently 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 10 to 25 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 are those projects which are still in the study and 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 cost estimates cannot be determined. Therefore, significant costs, in addition to the accrued liabilities for these projects, are reasonably possible. (2) Significant Projects with Defined Scope are those projects with significant accrued liabilities, a defined scope and little likelihood of significant additional costs. (3) Other Projects are those projects with relatively small accrued liabilities for which we believe that, while additional costs are possible, they are not likely to be significant, and those projects for which we do not yet possess sufficient information to estimate potential costs to U. S. Steel. Projects with Ongoing Study and Scope Development – There are five environmental remediation projects where reasonably possible additional costs for completion are not currently estimable, but could be material. These projects are four Resource Conservation and Recovery Act (RCRA) programs—at Fairfield Works, Lorain Tubular, USS-POSCO Industries (UPI) and the Fairless Plant—and a voluntary remediation program at the former steelmaking plant at Joliet, Illinois. As of June 30, 2015 , accrued liabilities for these projects totaled $2 million for the costs of studies, investigations, interim measures, design and/or remediation. It is reasonably possible that additional liabilities associated with future requirements regarding studies, investigations, design and remediation for these projects could be as much as $25 million to $40 million . Significant Projects with Defined Scope – As of June 30, 2015 , there are four significant projects with defined scope greater than or equal to $5 million each, with a total accrued liability of $155 million . These projects are Gary RCRA (accrued liability of $35 million ), the former Geneva facility (accrued liability of $64 million ), the former Duluth facility St. Louis River Estuary (accrued liability of $49 million ), and the Solid Waste Management Unit (SWMU) #4 at UPI (accrued liability of $7 million ). Other Projects – There are four 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 June 30, 2015 was $8 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 had an accrued liability of less than $1 million each. The total accrued liability for these projects at June 30, 2015 was $6 million . We do not foresee material additional liabilities for any of these sites. Post-Closure Costs – Accrued liabilities for post-closure site monitoring and other costs at various closed landfills totaled $28 million at June 30, 2015 and were based on known scopes of work. Administrative and Legal Costs – As of June 30, 2015 , U. S. Steel had an accrued liability of $7 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. See Part II, "Item 1 – Legal Proceedings – Environmental Proceedings" for further details regarding U. S. Steel's environmental remediation at its various production facilities. Capital Expenditures – For a number of years, U. S. Steel has made substantial capital expenditures to bring existing facilities into compliance with various laws relating to the environment. In the first six months of 2015 and 2014 , such capital expenditures totaled $52 million and $29 million , respectively. U. S. Steel anticipates making additional such expenditures in the future; however, the exact amounts and timing of such expenditures are uncertain because of the continuing evolution of specific regulatory requirements. CO 2 Emissions – Current and potential regulation of greenhouse gas (GHG) emissions remains a significant issue for the steel industry, particularly for integrated steel producers such as U. S. Steel. The regulation of carbon dioxide (CO 2 ) emissions has either become law or is being considered by legislative bodies of many nations, including countries where we have operating facilities. The European Union (EU) has established GHG regulations based upon national allocations and a cap and trade system. In the United States, the Environmental Protection Agency (EPA) has published rules for regulating GHG emissions for certain facilities (both new and existing). The U.S. Supreme Court has upheld the EPA's authority under the Clean Air Act (CAA) to regulate GHG emissions from new or modified stationary sources that are required to obtain pre-construction and operating permits for non-GHG regulated air pollutants, and federal courts are considering several suits that challenge the EPA's authority to regulate GHG emissions from other types of sources (including existing sources). Congress could take additional action to increase the regulation of GHG emissions. The European Commission (EC) has created an Emissions Trading System (ETS) and starting in 2013, the ETS began to employ centralized allocation, rather than national allocation plans, that are more stringent than the previous requirements. The ETS also includes a cap designed to achieve an overall reduction of GHGs for the ETS sectors of 21% in 2020 compared to 2005 emissions and auctioning as the basic principle for allocating emissions allowances, with some transitional free allocation provided on the basis of benchmarks for manufacturing industries under risk of transferring their production to other countries with lesser constraints on GHG emissions, commonly referred to as carbon leakage. Manufacturing of sinter, coke oven products, basic iron and steel, ferro-alloys and cast iron tubes have all been recognized as exposing companies to a significant risk of carbon leakage, but the ETS is still expected to lead to additional costs for steel companies in Europe. The EU has imposed limitations under the ETS for the period 2013-2020 (Phase III) that are more stringent than those in the 2008-2012 period (NAP II), reducing the number of free allowances granted to companies to cover their CO 2 emissions. In September of 2013, the EC issued EU wide legislation further reducing the expected free allocation for Phase III by an average of approximately 12 percent . USSK's final allocation for the Phase III period that was approved by the EC in January 2014 is approximately 48 million allowances. Based on 2014 emission intensity levels and projected future production levels, and as a result of carryover allowances from the NAP II period, we do not currently anticipate the need to purchase credits until 2018, and we currently estimate a shortfall of 16 million allowances for the Phase III period. However, due to a number of variable factors such as the future market value of allowances, future production levels and future emission intensity levels, we cannot reliably estimate the full cost of complying with the ETS regulations at this time. U. S. Steel entered into transactions to sell and swap a portion of our emission allowances and recognized a gain of $17 million during the six months ended June 30, 2014 , reflected as a net gain on disposal of assets. There were no such similar transactions for the six months ended June 30, 2015 . The EPA recently revised the National Ambient Air Quality Standards (NAAQS) for nitrogen oxide, sulfur dioxide, particulate matter, and lead, and in December 2014, proposed to lower the ozone NAAQS to a level within the range of 65 to 70 parts per billion (ppb). Affected states with nonattainment areas in which U. S. Steel operates are currently preparing State Implementation Plans (SIPs) for sulfur dioxide and particulate matter. It is likely that the new requirements in the SIPs would be material to U. S. Steel. On May 13, 2010, the EPA published its final Greenhouse Gas Tailoring Rule establishing a mechanism for regulating GHG emissions from facilities through the CAA’s Prevention of Significant Deterioration (PSD) permitting program. Under the Greenhouse Gas Tailoring Rule, as modified by the recent U.S. Supreme Court decision which struck down parts of the rule. New projects that increase GHG emissions by a significant amount (generally more than 75,000 tons of CO 2 per year) are subject to the PSD requirements, including the installation of best available control technology (BACT), but only if the project also significantly increases emissions of at least one non-GHG pollutant. On January 8, 2014, the EPA published proposed New Source Performance Standards (NSPS) for GHG emissions from new electric generating units (EGUs). As a result of that rule, on June 18, 2014, the EPA also published proposed guidance under CAA Section 111(d) to regulate CO 2 emissions from EGUs. It is impossible to reasonably estimate the timing or impact of these or other future government action on U. S. Steel, although it could be significant. Such impacts may include substantial capital expenditures, costs for emission allowances, restriction of production, and higher prices for coking coal, natural gas and electricity generated by carbon based systems. EU Environmental Requirements – Slovakia adopted a new waste code in March 2015 that will become effective January 1, 2016. This legislation implements the EU Waste Framework Directive that strictly regulates waste disposal and encourages recycling, among other provisions, by increasing fees for waste disposed of in landfills, including privately owned industrial landfills. We are currently analyzing the legislation in order to estimate the potential financial impact on USSK's operations. The EU’s Industry Emission Directive will require implementation of EU determined best available techniques (BAT) to reduce environmental impacts as well as compliance with BAT associated emission levels. This directive includes operational requirements for air emissions, wastewater discharges, solid waste disposal and energy conservation, dictates certain operating practices and imposes stricter emission limits. Producers will be required to be in compliance with the iron and steel BAT by March 8, 2016, unless specific exceptions or extensions are granted by the Slovak environmental authority. We are currently evaluating the costs of complying with BAT, but our most recent broad estimate of likely capital expenditures is €80 million to €155 million (approximately $90 million to $173 million ) over the 2015 to 2020 period. There are ongoing efforts to seek EU grants to fund a portion of these capital expenditures. The EU has various programs under which funds are allocated to member states to implement broad public policies, which are then awarded by the member states to public and private entities on a competitive basis. The total capital expenditures required for BAT compliance will depend upon, among other factors, the extent to which EU incentive grants are awarded for these projects. We also believe there will be increased operating costs, such as increased energy and maintenance costs, but we are currently unable to reliably estimate them. Due to other EU legislation, we will be required to make changes to the boilers at our steam and power generation plant in order to comply with stricter air emission limits for large combustion plants. In January 2014, the operation of USSK's boilers was approved by the EC as part of Slovakia's Transitional National Plan (TNP) for bringing all boilers in Slovakia into compliance by no later than 2020. The TNP establishes parameters for determining the date by which specific boilers are required to reach compliance with the new air standards, which has been determined to be October 2017 for our boilers. The boiler projects have been approved by our Board of Directors and we are now in the execution phase. These projects will result in a reduction in electricity, CO 2 emissions, operating, maintenance and waste disposal costs once completed. The current projected cost to reconstruct one existing boiler and build one new boiler to achieve compliance is approximately €131 million ( approximately $150 million ). Broad legislative changes were enacted by the Slovak Republic to extend the scope of support for renewable sources of energy, that are intended to allow USSK to participate in Slovakia's renewable energy incentive program once both boiler projects are completed. Guarantees – The maximum guarantees of the indebtedness of unconsolidated entities of U. S. Steel totaled $4 million at June 30, 2015 . EPA Region V Federal Lawsuit – On August 1, 2012, the EPA, joined by the States of Illinois, Indiana and Michigan, initiated an action in the Northern District of Indiana alleging various air regulatory violations at Gary Works, Granite City Works, and Great Lakes Works. The action contends that Gary Works failed to obtain the proper CAA pre-construction permit for a routine reline of its Blast Furnace No. 4 in 1990, and that the three facilities failed to meet certain operational, maintenance, opacity, and recordkeeping requirements. Civil penalties and injunctive relief is requested. U. S. Steel believes that the claims asserted in the action are not justified and are without legal foundation. The Court has dismissed all claims related to the Blast Furnace No. 4 reline. Fact discovery on the remaining claims is being conducted in three phases with discovery regarding Granite City Works and Great Lakes Works now complete. U. S. Steel will continue to vigorously defend against these claims. At this time, the potential outcome on the asserted claims is not reasonably estimable. CCAA - On September 16, 2014, USSC commenced court-supervised restructuring proceedings under CCAA before the Ontario Superior Court of Justice. As part of the CCAA proceedings, U. S. Steel has submitted both secured and unsecured claims that have been verified by the court-appointed Monitor. As of June 30, 2015, the court-appointed Monitor has verified U. S. Steel's claims in the CCAA proceedings are approximately $1.8 billion . U. S. Steel's claims have been challenged by a number of interested parties which, if successful, could result in the reclassification of those claims and/or modifications to the values of those claims. U. S. Steel is contesting those challenges within the CCAA proceedings and expects a resolution of its claims during the third quarter of 2015. However, U. S. Steel cannot reasonably estimate the outcome at this time. 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 $12 million at June 30, 2015 ). 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 $162 million as of June 30, 2015 , 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 RPA. 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 $44 million at June 30, 2015 , of which approximately $6 million was classified as current, and $51 million at December 31, 2014 , of which $1 million was classified as current. Restricted cash at June 30, 2015 also includes $1 million to fund certain capital projects at Granite City Works. The proceeds become unrestricted as capital expenditures for these projects are made. Capital Commitments – At June 30, 2015 , U. S. Steel’s contractual commitments to acquire property, plant and equipment totaled $365 million . Contractual Purchase Commitments – U. S. Steel is obligated to make payments under contractual purchase commitments, including unconditional purchase obligations. Payments for contracts with remaining terms in excess of one year are summarized below (in millions): Remainder of 2015 2016 2017 2018 2019 Later Total $371 $729 $620 $605 $353 $1,708 $4,386 The majority of U. S. Steel’s unconditional purchase obligations relates to the supply of industrial gases, and certain energy and utility services with terms ranging from two to 17 years. Unconditional purchase obligations also include coke and steam purchase commitments related to a coke supply agreement with Gateway Energy & Coke Company LLC (Gateway) under which Gateway is obligated to supply 90 percent to 105 percent of the expected annual capacity of the heat recovery coke plant, and U. S. Steel is obligated to purchase the coke from Gateway at the contract price. As of June 30, 2015 , a maximum default payment of approximately $229 million would apply if U. S. Steel terminates the agreement. Total payments relating to unconditional purchase obligations were $138 million and $136 million for the three months ended June 30, 2015 and 2014 , respectively and $249 million and $270 million for the six months ended June 30, 2015 and 2014 , respectively. |
U. S. Steel Canada Retained Int
U. S. Steel Canada Retained Interest (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
U. S. Steel Canada Retained Interest [Abstract] | |
U. S. Steel Canada Retained Interest Disclosure | USSC Retained Interest U. S. Steel Canada Inc. (USSC), an indirect wholly owned subsidiary of U. S. Steel, with unanimous approval from its Board of Directors applied for relief from its creditors pursuant to CCAA on September 16, 2014. The CCAA filing was approved by the Ontario Superior Court of Justice (the Court) on September 16, 2014 and granted USSC creditor protection while it formulates a plan of restructuring. As a result of the CCAA proceedings, U. S. Steel no longer has a controlling financial interest over USSC, as defined under ASC 810, Consolidation , and therefore has deconsolidated USSC’s financial position as of the end of the day on September 15, 2014. Prior to the deconsolidation, U. S. Steel made loans to USSC for the purpose of funding its operations and had net trade accounts receivable in the ordinary course of business. The loans, the corresponding interest and the net trade accounts receivable were considered intercompany transactions and were eliminated in the consolidated U. S. Steel financial statements. As of the deconsolidation date, U. S. Steel's retained interest in USSC consisted of the loans, associated interest and net trade accounts receivable which are now considered third party transactions and have been recognized in U. S. Steel's consolidated financial statements based upon the estimated recoverability of their carrying amounts and whether or not the amounts are secured or unsecured. Subsequent to the CCAA filing, management has continued to assess the recoverability of the Company's retained interest in USSC. During the second quarter of 2015, management's estimate of the recoverable retained interest has been updated as a result of economic conditions impacting the steel industry in North America such as lower prices, elevated levels of imports, the strength of the U.S. dollar and depressed steel company valuations. As a result of our assessment, we recorded a pre-tax charge of approximately $255 million to write-down our retained interest in USSC, to approximately $180 million at June 30, 2015. |
Subsequent Event (Notes)
Subsequent Event (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event On July 27, 2015, U. S. Steel entered into a new $1.5 billion credit facility that replaced our $875 million credit facility and concurrently terminated the $625 million RPA. See Note 14 and Part II, Item 5 - Other Information for additional details. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Results of Segment Operations | The results of segment operations for three months ended June 30, 2015 and 2014 are: (In millions) Three Months Ended June 30, 2015 Customer Intersegment Net Earnings EBIT Flat-Rolled $ 2,125 $ 69 $ 2,194 $ 17 $ (64 ) USSE 600 1 601 — 20 Tubular 160 — 160 2 (66 ) Total reportable segments 2,885 70 2,955 19 (110 ) Other Businesses 15 25 40 (2 ) 6 Reconciling Items and Eliminations — (95 ) (95 ) — (288 ) Total $ 2,900 $ — $ 2,900 $ 17 $ (392 ) Three Months Ended June 30, 2014 Flat-Rolled $ 2,938 $ 325 $ 3,263 $ 56 $ 30 USSE 757 43 800 — 38 Tubular 686 1 687 3 47 Total reportable segments 4,381 369 4,750 59 115 Other Businesses 19 34 53 (2 ) 17 Reconciling Items and Eliminations — (403 ) (403 ) — (97 ) Total $ 4,400 $ — $ 4,400 $ 57 $ 35 The results of segment operations for the six months ended June 30, 2015 and 2014 are: (In millions) Six Months Ended June 30, 2015 Customer Intersegment Net Earnings EBIT Flat-Rolled $ 4,318 $ 173 $ 4,491 $ 22 $ (131 ) USSE 1,292 1 1,293 — 57 Tubular 531 — 531 4 (65 ) Total reportable segments 6,141 174 6,315 26 (139 ) Other Businesses 31 54 85 (3 ) 14 Reconciling Items and Eliminations — (228 ) (228 ) — (454 ) Total $ 6,172 $ — $ 6,172 $ 23 $ (579 ) Six Months Ended June 30, 2014 Flat-Rolled $ 5,965 $ 628 $ 6,593 $ 50 $ 115 USSE 1,516 44 1,560 — 70 Tubular 1,329 2 1,331 5 71 Total reportable segments 8,810 674 9,484 55 256 Other Businesses 38 68 106 (2 ) 30 Reconciling Items and Eliminations — (742 ) (742 ) — (129 ) Total $ 8,848 $ — $ 8,848 $ 53 $ 157 |
Schedule of reconciling items to EBIT | Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Items not allocated to segments: Postretirement benefit expense (a) $ (14 ) $ (32 ) $ (27 ) $ (64 ) Other items not allocated to segments: Loss on write-down of retained interest in USSC (Note 22) (255 ) — (255 ) — Restructuring and other charges (b) (19 ) — (19 ) — Loss on shutdown of coke production facilities (b) — — (153 ) — Litigation reserves (Note 21) — (70 ) — (70 ) Loss on assets held for sale (b) — (14 ) — (14 ) Curtailment gain (Note 6) — 19 — 19 Total other items not allocated to segments (274 ) (65 ) (427 ) (65 ) Total reconciling items $ (288 ) $ (97 ) $ (454 ) $ (129 ) (a) Consists of the net periodic benefit cost elements, other than service cost and amortization of prior service cost for active employees, associated with our defined pension, retiree health care and life insurance benefit plans. (b) Included in Restructuring and Other Charges on the Consolidated Statements of Operations. See Note 20 to the Consolidated Financial Statements. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 As of December 31, 2014 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 22-23 Years $ 132 $ 49 $ 83 $ 132 $ 46 $ 86 Other 2-20 Years 23 14 9 23 13 10 Total amortizable intangible assets $ 155 $ 63 $ 92 $ 155 $ 59 $ 96 |
Pensions and Other Benefits (Ta
Pensions and Other Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Net Periodic Benefit Cost | The following table reflects the components of net periodic benefit cost for the three months ended June 30, 2015 and 2014 : Pension Other (In millions) 2015 2014 2015 2014 Service cost $ 27 $ 27 $ 6 $ 6 Interest cost 65 109 25 37 Expected return on plan assets (111 ) (154 ) (39 ) (34 ) Amortization of prior service cost 5 5 (1 ) (4 ) Amortization of actuarial net loss (gain) 64 71 1 (1 ) Net periodic benefit cost, excluding below 50 58 (8 ) 4 Multiemployer plans 16 19 — — Settlement, termination and curtailment losses/(gains) 2 8 — (19 ) Net periodic benefit cost $ 68 $ 85 $ (8 ) $ (15 ) The following table reflects the components of net periodic benefit cost for the six months ended June 30, 2015 and 2014 : Pension Other (In millions) 2015 2014 2015 2014 Service cost $ 53 $ 54 $ 11 $ 12 Interest cost 131 218 49 73 Expected return on plan assets (221 ) (307 ) (77 ) (69 ) Amortization of prior service cost 9 11 (3 ) (7 ) Amortization of actuarial net loss (gain) 128 141 3 (2 ) Net periodic benefit cost, excluding below 100 117 (17 ) 7 Multiemployer plans 34 37 — — Settlement, termination and curtailment losses/(gains) 5 15 — (19 ) Net periodic benefit cost $ 139 $ 169 $ (17 ) $ (12 ) |
Stock-Based Compensation Plan33
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Awards Made under Plans | The following table is a general summary of the awards made under the Plan. 2015 2014 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Stock Options 1,638,540 $ 10.02 1,496,440 $ 9.93 Restricted Stock Units 794,370 $ 24.71 724,510 $ 24.29 Performance Awards: (c) TSR 273,560 $ 24.95 282,770 $ 22.09 ROCE (d) — $ — 262,800 $ 23.76 (a) The share amounts shown in this table do not reflect an adjustment for estimated forfeitures. (b) Represents the per share weighted-average for all grants during the quarter. (c) The number of performance awards shown represents the target value of the award. (d) In lieu of ROCE equity awards being granted in 2015, the Company granted cash settled ROCE incentives to certain members of executive management. |
Black-Scholes Assumptions | 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. The stock options vest ratably over a three -year service period and have a term of ten years. Black-Scholes Assumptions (a) 2015 Grants 2014 Grants Grant date price per share of option award $ 24.74 $ 24.29 Exercise price per share of option award $ 24.74 $ 24.29 Expected annual dividends per share, at grant date $ 0.20 $ 0.20 Expected life in years 5.0 5.0 Expected volatility 47 % 49 % Risk-free interest rate 1.639 % 1.621 % Grant date fair value per share of unvested option awards as calculated from above $ 10.02 $ 9.93 (a) The assumptions represent a weighted average of all grants during the year. |
Significant Equity Investment34
Significant Equity Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Unaudited Income Statement Information for Significant Equity Investments | Summarized unaudited income statement information for our significant equity investments for the six months ended June 30, 2015 and 2014 is reported below (amounts represent 100% of investee financial information): (In millions) 2015 2014 Net sales $ 1,466 $ 1,675 Cost of sales 1,228 1,399 Earnings before interest and income taxes 199 240 Net earnings 191 228 Net earnings attributable to significant equity investments 191 228 |
Earnings and Dividends Per Comm
Earnings and Dividends Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computations for Basic and Diluted Income (Loss) Per Common Share from Continuing Operations | Diluted earnings per common share assumes the exercise of stock options, the vesting of restricted stock unit |
Antidilutive Securities that were Not Included in Computations of Diluted Income (Loss) Per Common Share | The following table summarizes the securities that were antidilutive, and therefore, were not included in the computations of diluted earnings per common share: Three Months Ended June 30, Six Months Ended (In thousands) 2015 2014 2015 2014 Securities granted under the 2005 Stock Incentive Plan 9,139 8,630 9,139 3,775 Securities convertible under the Senior Convertible Notes (a) — 4,993 — 7,446 Total 9,139 13,623 9,139 11,221 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | (In millions) June 30, 2015 December 31, 2014 Raw materials $ 832 $ 801 Semi-finished products 935 1,053 Finished products 494 563 Supplies and sundry items 69 79 Total $ 2,330 $ 2,496 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Location and Amounts of Fair Values Related to Derivatives in Financial Statements | The following summarizes the location and amounts of the fair values and gains or losses related to derivatives included in U. S. Steel's consolidated financial statements as of June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 2015 and 2014 : Fair Value Fair Value (In millions) Balance Sheet June 30, 2015 December 31, 2014 Foreign exchange forward contracts Accounts receivable $ 21 $ 31 Foreign exchange forward contracts Accounts payable $ 3 $ — |
Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements | (In millions) Statement of Amount of Gain (Loss) Amount of Gain (Loss) Three Months Ended June 30, 2015 Six Months Ended Foreign exchange forward contracts Other financial $ (11 ) $ 32 (In millions) Statement of Amount of Gain Amount of Gain Three Months Ended Six Months Ended June 30, 2014 Foreign exchange forward contracts Other financial $ 3 $ 3 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | (In millions) Interest Rates % Maturity June 30, 2015 December 31, 2014 2037 Senior Notes 6.65 2037 $ 350 $ 350 2022 Senior Notes 7.50 2022 400 400 2021 Senior Notes 6.875 2021 275 275 2020 Senior Notes 7.375 2020 600 600 2018 Senior Notes 7.00 2018 500 500 2017 Senior Notes 6.05 2017 450 450 2019 Senior Convertible Notes 2.75 2019 316 316 Environmental Revenue Bonds 5.38 - 6.88 2015 - 2042 532 549 Recovery Zone Facility Bonds 6.75 2040 70 70 Fairfield Caster Lease 2022 32 33 Other capital leases and all other obligations 2019 1 — Amended Credit Agreement Variable 2016 — — USSK Revolver Variable 2016 — — USSK credit facilities Variable 2015 - 2016 — — Total Debt 3,526 3,543 Less unamortized discount 40 45 Less short-term debt and long-term debt due within one year (a) 362 378 Long-term debt $ 3,124 $ 3,120 |
Eligible Accounts Receivable and Receivables Sold to Third-Party Conduits | The eligible accounts receivable and receivables sold to third party conduits are summarized below: (In millions) June 30, 2015 December 31, 2014 Balance of accounts receivable-net, eligible for sale to third-parties $ 683 $ 1,013 Accounts receivable sold to third-parties — — Balance included in Receivables on the balance sheet of U. S. Steel $ 683 $ 1,013 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes in Carrying Values of Asset Retirement Obligations | The following table reflects changes in the carrying values of AROs: (In millions) June 30, 2015 December 31, 2014 Balance at beginning of year $ 48 $ 59 Additional obligations incurred 40 (a) 6 Obligations settled — (19 ) (b) Foreign currency translation effects (1 ) (2 ) Accretion expense 1 4 Balance at end of period $ 88 $ 48 (a) Additional AROs relate to the permanent closure of the coke production facilities at Gary Works and Granite City Works. (b) Includes $16 million as a result of the deconsolidation of USSC as of the end of the day on September 15, 2014. |
Fair Value of Financial Instr40
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
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 June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 3,628 $ 3,454 $ 3,740 $ 3,466 (a) Excludes capital lease obligations. |
Statement of Changes in Stock41
Statement of Changes in Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Consolidated Statement of Changes in Equity | The following table reflects the first six months of 2015 and 2014 reconciliation of the carrying amount of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests: Six Months Ended June 30, 2015 (In millions) Total Retained Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 3,800 $ 1,862 $ (1,441 ) $ 151 $ (396 ) $ 3,623 $ 1 Comprehensive income (loss): Net loss (336 ) (336 ) Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 87 87 Currency translation adjustment (78 ) (78 ) Employee stock plans 24 51 (27 ) Dividends paid on common stock (15 ) (15 ) Other (1 ) (1 ) Balance at June 30, 2015 $ 3,481 $ 1,510 $ (1,432 ) $ 151 $ (345 ) $ 3,596 $ 1 Six Months Ended June 30, 2014 (In millions) Total Retained Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 3,376 $ 1,789 $ (1,752 ) $ 151 $ (480 ) $ 3,667 $ 1 Comprehensive income (loss): Net earnings 34 34 Other comprehensive income (loss), net of tax: Pension and other benefit adjustments 122 122 Currency translation adjustment (14 ) (14 ) Employee stock plans 11 40 (29 ) Dividends paid on common stock (15 ) (15 ) Balance at June 30, 2014 $ 3,514 $ 1,808 $ (1,644 ) $ 151 $ (440 ) $ 3,638 $ 1 |
Reclassifications from Accumu42
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Other Comprehensive Income Activity Net of Tax | (In millions) (a) Pension and Foreign Other Total Balance at December 31, 2014 $ (1,852 ) $ 416 $ (5 ) $ (1,441 ) Other comprehensive (loss) income before reclassifications (1 ) (78 ) (3 ) (82 ) Amounts reclassified from AOCI 88 (b) — 3 91 Net current-period other comprehensive income 87 (78 ) — 9 Balance at June 30, 2015 $ (1,765 ) $ 338 $ (5 ) $ (1,432 ) (a) All amounts are net of tax. Amounts in parentheses indicate decreases in AOCI. (b) See table below for further details. |
Defined Benefit Plan In other Comprehensive Income | Amount reclassified from AOCI Three Months Ended June 30, Six Months Ended June 30, (In millions) (a) Details about AOCI components 2015 2014 2015 2014 Amortization of pension and other benefit items Prior service costs (b) $ (4 ) $ (1 ) $ (6 ) $ (4 ) Actuarial losses (b) (65 ) (70 ) (131 ) (139 ) Settlement, termination and curtailment (losses)/gains (b) (2 ) 11 (5 ) 4 Total before tax (71 ) (60 ) (142 ) (139 ) Tax benefit 27 25 54 55 Net of tax $ (44 ) $ (35 ) $ (88 ) $ (84 ) (a) Amounts in parentheses indicate decreases in AOCI. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details). |
Restructuring and Other Charg43
Restructuring and Other Charges (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Activity in Accrued Balances for Restructuring and Other Cost Reduction Programs | The activity in the accrued balances incurred in relation to restructuring and other cost reduction programs during the six months ended June 30, 2015 were as follows: Employee Related Exit Asset (in millions) Costs Costs Impairments Total Balance at December 31, 2014 $ 5 $ — $ — $ 5 Additional charges 52 48 (a) 90 190 Cash payments/utilization (5 ) — (90 ) (95 ) Other adjustments and reclassifications (13 ) (5 ) — (18 ) Balance at June 30, 2015 $ 39 $ 43 $ — $ 82 (a) Primarily environmental costs. |
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) June 30, 2015 December 31, 2014 Accounts payable $ 26 $ — Payroll and benefits payable 39 5 Deferred credits and other noncurrent liabilities 17 — Total $ 82 $ 5 |
Contingencies and Commitments44
Contingencies and Commitments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Asbestos Litigation Activity | The following table shows the number of asbestos claims in the current period and the prior three years: Period ended Opening Claims New Closing December 31, 2012 3,235 190 285 3,330 December 31, 2013 3,330 250 240 3,320 December 31, 2014 3,320 190 325 3,455 June 30, 2015 3,455 190 125 3,390 |
Changes in Accrued Liabilities for Remediation Activities | Changes in accrued liabilities for remediation activities where U. S. Steel is identified as a named party are summarized in the following table: (In millions) Six Months Ended June 30, 2015 Beginning of period $ 212 Accruals for environmental remediation deemed probable and reasonably estimable — Adjustments for changes in estimates (2 ) Obligations settled (4 ) End of period $ 206 |
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) June 30, 2015 December 31, 2014 Accounts payable $ 19 $ 19 Deferred credits and other noncurrent liabilities 187 193 Total $ 206 $ 212 |
Payments for Contracts with Remaining Terms in Excess of One Year | Payments for contracts with remaining terms in excess of one year are summarized below (in millions): Remainder of 2015 2016 2017 2018 2019 Later Total $371 $729 $620 $605 $353 $1,708 $4,386 |
Segment Information - Results o
Segment Information - Results of Segment Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Customer Sales | $ 2,900 | $ 4,400 | $ 6,172 | $ 8,848 |
Earnings (loss) from investees | 17 | 57 | 23 | 53 |
EBIT | (392) | 35 | (579) | 157 |
Flat-Rolled | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 2,125 | 2,938 | 4,318 | 5,965 |
Earnings (loss) from investees | 17 | 56 | 22 | 50 |
EBIT | (64) | 30 | (131) | 115 |
USSE | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 600 | 757 | 1,292 | 1,516 |
Earnings (loss) from investees | 0 | 0 | 0 | 0 |
EBIT | 20 | 38 | 57 | 70 |
Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 160 | 686 | 531 | 1,329 |
Earnings (loss) from investees | 2 | 3 | 4 | 5 |
EBIT | (66) | 47 | (65) | 71 |
Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 2,885 | 4,381 | 6,315 | 9,484 |
Earnings (loss) from investees | 19 | 59 | 26 | 55 |
EBIT | (110) | 115 | (139) | 256 |
Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 15 | 19 | 31 | 38 |
Earnings (loss) from investees | (2) | (2) | (3) | (2) |
EBIT | 6 | 17 | 14 | 30 |
Reconciling Items and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 0 | 0 | 0 | (742) |
Earnings (loss) from investees | 0 | 0 | 0 | 0 |
EBIT | (288) | (97) | (454) | (129) |
Revenues from External Customers | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 6,141 | 8,810 | ||
Revenues from External Customers | Reconciling Items and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 0 | |||
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Flat-Rolled | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 69 | 325 | 173 | 628 |
Intersegment Eliminations | USSE | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 1 | 43 | 1 | 44 |
Intersegment Eliminations | Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 0 | 1 | 0 | 2 |
Intersegment Eliminations | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 70 | 369 | 174 | 674 |
Intersegment Eliminations | Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 25 | 34 | 54 | 68 |
Intersegment Eliminations | Reconciling Items and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | (95) | (403) | (228) | (742) |
Operating Segments [Member] | Flat-Rolled | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 2,194 | 3,263 | 4,491 | 6,593 |
Operating Segments [Member] | USSE | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 601 | 800 | 1,293 | 1,560 |
Operating Segments [Member] | Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 160 | 687 | 531 | 1,331 |
Operating Segments [Member] | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 2,955 | 4,750 | ||
Operating Segments [Member] | Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | $ 40 | $ 53 | $ 85 | $ 106 |
Segment Information - Schedule
Segment Information - Schedule of Reconciling Items to EBIT (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
U. S. Steel Canada Retained Interest [Abstract] | ||||
Loss on write-down of retained interest in U. S. Steel Canada | $ (255) | $ 0 | $ (255) | $ 0 |
Restructuring, other charges and loss on shutdown of facilities | (19) | (172) | ||
Curtailment gain (Note 6) | 19 | |||
Total reconciling items | (392) | 35 | (579) | 157 |
Reconciling Items and Eliminations | ||||
Items not allocated to segments: | ||||
Postretirement benefit expense | (14) | (32) | (27) | (64) |
U. S. Steel Canada Retained Interest [Abstract] | ||||
Litigation reserves (Note 21) | 0 | (70) | 0 | (70) |
Loss on assets held for sale (b) | 0 | (14) | 0 | (14) |
Curtailment gain (Note 6) | 0 | 19 | 0 | 19 |
Total other items not allocated to segments | (274) | (65) | (427) | (65) |
Total reconciling items | (288) | (97) | (454) | (129) |
Permanent facility shutdown | Reconciling Items and Eliminations | ||||
U. S. Steel Canada Retained Interest [Abstract] | ||||
Restructuring, other charges and loss on shutdown of facilities | (19) | 0 | (19) | 0 |
Coke Production Facilities | Reconciling Items and Eliminations | ||||
U. S. Steel Canada Retained Interest [Abstract] | ||||
Restructuring, other charges and loss on shutdown of facilities | $ 0 | $ 0 | $ (153) | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Millions | May. 29, 2015 | Jun. 30, 2015 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||
Purchase price | $ 36 | ||
Double Eagle Steel Coating Company | |||
Business Acquisition [Line Items] | |||
Percentage interest acquired | 50.00% | ||
Purchase price | $ 25 | ||
Percentage interest held prior to acquisition | 50.00% | ||
Equity interest prior to acquisition, fair market value | $ 3 | ||
Double Eagle Steel Coating Company | Other noncurrent assets | |||
Business Acquisition [Line Items] | |||
Goodwill recorded | $ 3 | ||
Double Eagle Steel Coating Company | Earnings from investees | |||
Business Acquisition [Line Items] | |||
Remeasurement gain | $ 3 |
Intangible Assets - Amortizable
Intangible Assets - Amortizable Intangible Assets (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 155 | $ 155 |
Accumulated Amortization | 63 | 59 |
Net Amount | 92 | 96 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 132 | 132 |
Accumulated Amortization | 49 | 46 |
Net Amount | $ 83 | 86 |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 22 years | |
Customer relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 23 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 23 | 23 |
Accumulated Amortization | 14 | 13 |
Net Amount | $ 9 | $ 10 |
Other | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 2 years | |
Other | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 20 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ||||||
Acquisition of intangible assets | $ 12 | |||||
Aggregate purchase price | 36 | |||||
Maximum potential liability for contingent consideration | $ 53 | $ 53 | ||||
Fair value of contingent consideration | 24 | 24 | ||||
Amortization expense | 2 | $ 3 | 4 | $ 5 | ||
Expected amortization expense, remainder of current year | 3 | 3 | ||||
Expected amortization expense, for 2016 | 7 | 7 | ||||
Expected amortization expense, for 2017 | 7 | 7 | ||||
Expected amortization expense, for 2018 | 7 | 7 | ||||
Expected amortization expense, for 2019 | 7 | 7 | ||||
Use Rights | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Carrying amount of acquired water rights with indefinite lives | $ 75 | $ 75 | $ 75 | |||
Developed Technology Rights | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Amount allocated to indefinite-lived intangible assets | $ 33 |
Pensions and Other Benefits - N
Pensions and Other Benefits - Net Periodic Benefit Costs (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 27 | $ 27 | $ 53 | $ 54 |
Interest cost | 65 | 109 | 131 | 218 |
Expected return on plan assets | (111) | (154) | (221) | (307) |
Amortization of prior service cost | 5 | 5 | 9 | 11 |
Amortization of actuarial net loss (gain) | 64 | 71 | 128 | 141 |
Net periodic benefit cost, excluding below | 50 | 58 | 100 | 117 |
Multiemployer plans | 16 | 19 | 34 | 37 |
Settlement, termination and curtailment losses/(gains) | 2 | 8 | 5 | 15 |
Net periodic benefit cost | 68 | 85 | 139 | 169 |
Other Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 6 | 6 | 11 | 12 |
Interest cost | 25 | 37 | 49 | 73 |
Expected return on plan assets | (39) | (34) | (77) | (69) |
Amortization of prior service cost | (1) | (4) | (3) | (7) |
Amortization of actuarial net loss (gain) | 1 | (1) | 3 | (2) |
Net periodic benefit cost, excluding below | (8) | 4 | (17) | 7 |
Multiemployer plans | 0 | 0 | 0 | 0 |
Settlement, termination and curtailment losses/(gains) | 0 | (19) | 0 | (19) |
Net periodic benefit cost | $ (8) | $ (15) | $ (17) | $ (12) |
Pensions and Other Benefits - A
Pensions and Other Benefits - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2014 | Nov. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Curtailment gain (Note 6) | $ 19 | |||||
Cash contribution by employer to defined contribution plans | $ 11 | 12 | $ 21 | $ 24 | ||
Non-retirement postemployment benefits | 13 | 14 | ||||
Postemployment Benefits, Period Expense | 25 | 40 | ||||
Amount of contributions authorized by the board of directors | $ 300 | |||||
Pension Benefits | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | (2) | (8) | (5) | (15) | ||
Other Benefits | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | $ 19 | 0 | $ 19 | ||
Steelworkers Pension Trust | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Employer contributions, defined benefit plans | 33 | |||||
Other Pension Plans, Defined Benefit | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Employer contributions, defined benefit plans | 14 | |||||
Unfunded Other Postretirement Benefit Plans | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Cash contribution by employer to pension plans | $ 89 | |||||
Retiree Health Care And Life Insurance Trust | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Contribution to a restricted account within trust for represented retiree health care and life insurance benefits | $ 10 | |||||
Main Pension Plan | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Employer contributions, defined benefit plans | $ 140 |
Stock-Based Compensation Plan53
Stock-Based Compensation Plans - Summary of Awards Made under Plans (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - Stock Options | 1,638,540 | 1,496,440 |
Grant date fair value per share of unvested option awards as calculated from above | $ 10.02 | $ 9.93 |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - Other than Stock Options | 794,370 | 724,510 |
Fair Value - Other than Stock Options | $ 24.71 | $ 24.29 |
Total Shareholder Return (TSR) Performance Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - Other than Stock Options | 273,560 | 282,770 |
Fair Value - Other than Stock Options | $ 24.95 | $ 22.09 |
Return On Capital Employed (ROCE) Performance Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - Other than Stock Options | 0 | 262,800 |
Fair Value - Other than Stock Options | $ 0 | $ 23.76 |
Stock-Based Compensation Plan54
Stock-Based Compensation Plans - Black-Scholes Assumptions (Detail) - Stock Options - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant date price per share of option award | $ 24.74 | $ 24.29 |
Exercise price per share of option award | 24.74 | 24.29 |
Expected annual dividends per share, at grant date | $ 0.2 | $ 0.2 |
Expected life in years | 5 years | 5 years |
Expected volatility | 47.00% | 49.00% |
Risk-free interest rate | 1.639% | 1.621% |
Grant date fair value per share of unvested option awards as calculated from above | $ 10.02 | $ 9.93 |
Stock-Based Compensation Plan55
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of shares to be issued | 21,250,000 | 21,250,000 | ||
Number of shares available for future grants | 2,629,736 | 2,629,736 | ||
Stock-based compensation expense recognized | $ 12 | $ 8 | $ 23 | $ 17 |
Unrecognized compensation costs related to non-vested stocks | $ 54 | $ 54 | ||
Weighted average period for recognizing non-vested stock based compensation costs | 1 year 5 months | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation plans, award vesting period | 3 years | |||
Shares - Stock Options | 1,638,540 | 1,496,440 | ||
Share-based compensation plans, award term | 10 years | |||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation plans, award vesting period | 3 years | |||
Shares - Other than Stock Options | 794,370 | 724,510 | ||
Total Shareholder Return (TSR) Performance Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation plans, award vesting period | 3 years | |||
Shares - Other than Stock Options | 273,560 | 282,770 | ||
Total Shareholder Return (TSR) Performance Awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting of performance awards as percentage to target award | 0.00% | |||
Total Shareholder Return (TSR) Performance Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting of performance awards as percentage to target award | 200.00% | |||
Return On Capital Employed (ROCE) Performance Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation plans, award vesting period | 3 years | |||
Performance Period Weighting Year 1 | 20.00% | |||
Performance Period Weighting Year 2 | 30.00% | |||
Performance Period Weighting Year 3 | 50.00% | |||
Shares - Other than Stock Options | 0 | 262,800 | ||
Return On Capital Employed (ROCE) Performance Awards | Threshold | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting of performance awards as percentage to target award | 50.00% | |||
Return On Capital Employed (ROCE) Performance Awards | Target | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting of performance awards as percentage to target award | 100.00% | |||
Return On Capital Employed (ROCE) Performance Awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting of performance awards as percentage to target award | 0.00% | |||
Return On Capital Employed (ROCE) Performance Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting of performance awards as percentage to target award | 200.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||||
Income tax benefit | $ 186 | $ 11 | $ 360 | $ 10 | |
(Loss) income before income taxes | (447) | $ (29) | (696) | $ 24 | |
Net benefit included in tax provision relating to the adjustment of certain tax reserves | 31 | ||||
Unrecognized tax benefits | 80 | 80 | $ 112 | ||
Total amount of unrecognized tax benefits that, if recognized, would affect effective tax rate | 21 | 21 | 59 | ||
Accrued liabilities, interest on unrecognized tax benefits | 2 | 2 | 7 | ||
Domestic Country | |||||
Income Taxes [Line Items] | |||||
Net deferred tax asset | 701 | 701 | 318 | ||
Foreign Country | |||||
Income Taxes [Line Items] | |||||
Net deferred tax asset | 1 | 1 | 29 | ||
Deferred tax asset, valuation allowance | $ 5 | $ 5 | $ 5 |
Significant Equity Investment57
Significant Equity Investments - Summarized Unaudited Income Statement Information for Significant Equity Investments (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Net sales | $ 1,466 | $ 1,675 |
Cost of sales | 1,228 | 1,399 |
Earnings before interest and income taxes | 199 | 240 |
Net earnings | 191 | 228 |
Net earnings attributable to significant equity investments | $ 191 | $ 228 |
Significant Equity Investment58
Significant Equity Investments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from investees | $ 17 | $ 57 | $ 23 | $ 53 |
Significant Equity Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings (loss) from investees | $ 15 | $ 46 |
Earnings and Dividends Per Co59
Earnings and Dividends Per Common Share - Computations for Basic and Diluted Income (Loss) Per Common Share from Continuing Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net (loss) earnings attributable to United States Steel Corporation stockholders | $ (261) | $ (18) | $ (336) | $ 34 |
Plus earnings effect of assumed conversion-interest on convertible notes | 0 | 0 | 0 | 0 |
Net (loss) earnings after assumed conversion | $ (261) | $ (18) | $ (336) | $ 34 |
Weighted-average shares outstanding: | ||||
Basic | 145,962 | 144,884 | 145,848 | 144,821 |
Effect of convertible notes | 0 | 0 | 0 | 280 |
Effect of stock options, restricted stock units and performance awards | 0 | 0 | 0 | 1,043 |
Adjusted weighted-average shares outstanding, diluted | 145,962 | 144,884 | 145,848 | 146,144 |
Basic earnings per common share | $ (1.79) | $ (0.12) | $ (2.31) | $ 0.23 |
Diluted earnings per common share | $ (1.79) | $ (0.12) | $ (2.31) | $ 0.23 |
Earnings and Dividends Per Co60
Earnings and Dividends Per Common Share - Antidilutive Securities that were Not Included in Computations of Diluted Income (Loss) Per Common Share (Detail) - USD ($) shares in Thousands, $ in Millions | May. 15, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive Securities | 9,139 | 13,623 | 9,139 | 11,221 | |
Securities granted under the 2005 Stock Incentive Plan | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive Securities | 9,139 | 8,630 | 9,139 | 3,775 | |
Convertible Debt Securities | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive Securities | 0 | 4,993 | 0 | 7,446 | |
Senior Convertible Notes Due Twenty Fourteen | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Repayments of Debt | $ 322 |
Earnings and Dividends Per Co61
Earnings and Dividends Per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||||
Quarterly dividend per common share | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
Inventories - Inventory Disclos
Inventories - Inventory Disclosure (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 832 | $ 801 |
Semi-finished products | 935 | 1,053 |
Finished products | 494 | 563 |
Supplies and sundry items | 69 | 79 |
Total | $ 2,330 | $ 2,496 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | |||||
Percent of Last-in, First-out (LIFO) inventory to total inventory values | 79.00% | 79.00% | 78.00% | ||
Estimate in excess of current acquisition costs over stated inventory values | $ 1,000 | $ 1,000 | $ 1,000 | ||
Decrease (increase) in cost of sales and increase (decrease) in EBIT, liquidations of LIFO inventories | 1 | $ 2 | (3) | $ (7) | |
Land held for residential or commercial development | $ 67 | $ 67 | $ 69 |
Derivative Instruments - Locati
Derivative Instruments - Location and Amounts of Fair Values Related to Derivatives in Financial Statements (Detail) - Foreign exchange forward contracts - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts receivable | ||
Derivative [Line Items] | ||
Derivative Asset, fair value, gross asset | $ 21 | $ 31 |
Accounts payable | ||
Derivative [Line Items] | ||
Derivative Liability, fair value, gross liability | $ 3 | $ 0 |
Derivative Instruments - Loca65
Derivative Instruments - Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Foreign exchange forward contracts | Other financial costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) | $ (11) | $ 3 | $ 32 | $ 3 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - Jun. 30, 2015 - Foreign exchange forward contracts - USD ($) $ in Millions | Total |
Derivative [Line Items] | |
Euro forward sales contracts notional value | $ 282 |
Maximum | |
Derivative [Line Items] | |
Derivative, Term of Contract | 12 months |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Debt and capital lease obligation | $ 3,526,000,000 | $ 3,526,000,000 | $ 3,543,000,000 | ||
Less unamortized discount | 40,000,000 | 40,000,000 | 45,000,000 | ||
Less short-term debt and long-term debt due within one year(a) | 362,000,000 | 362,000,000 | 378,000,000 | ||
Long-term debt | $ 3,124,000,000 | $ 3,124,000,000 | 3,120,000,000 | ||
2037 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.65% | 6.65% | |||
Debt instrument, maturity date | 2,037 | ||||
Debt and capital lease obligation | $ 350,000,000 | $ 350,000,000 | 350,000,000 | ||
2022 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.50% | 7.50% | |||
Debt instrument, maturity date | 2,022 | ||||
Debt and capital lease obligation | $ 400,000,000 | $ 400,000,000 | 400,000,000 | ||
2021 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.875% | 6.875% | |||
Debt instrument, maturity date | 2,021 | ||||
Debt and capital lease obligation | $ 275,000,000 | $ 275,000,000 | 275,000,000 | ||
2020 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.375% | 7.375% | |||
Debt instrument, maturity date | 2,020 | ||||
Debt and capital lease obligation | $ 600,000,000 | $ 600,000,000 | 600,000,000 | ||
2018 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.00% | 7.00% | |||
Debt instrument, maturity date | 2,018 | ||||
Debt and capital lease obligation | $ 500,000,000 | $ 500,000,000 | 500,000,000 | ||
2017 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.05% | 6.05% | |||
Debt instrument, maturity date | 2,017 | ||||
Debt and capital lease obligation | $ 450,000,000 | $ 450,000,000 | 450,000,000 | ||
2019 Senior Convertible Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.75% | 2.75% | |||
Debt instrument, maturity date | 2,019 | ||||
Debt and capital lease obligation | $ 316,000,000 | $ 316,000,000 | 316,000,000 | ||
Environmental Revenue Bonds | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.38% | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.88% | ||||
Debt and capital lease obligation | $ 532,000,000 | $ 532,000,000 | 549,000,000 | ||
Environmental Revenue Bonds | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | 2,015 | ||||
Environmental Revenue Bonds | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | 2,042 | ||||
Recovery Zone Facility Bonds | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.75% | 6.75% | |||
Debt instrument, maturity date | 2,040 | ||||
Debt and capital lease obligation | $ 70,000,000 | $ 70,000,000 | 70,000,000 | ||
Fairfield Caster Lease | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | 2,022 | ||||
Debt and capital lease obligation | 32,000,000 | $ 32,000,000 | 33,000,000 | ||
Other capital leases and all other obligations | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | 2,019 | ||||
Debt and capital lease obligation | 1,000,000 | $ 1,000,000 | 0 | ||
Amended Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Interest rate description | Variable | ||||
Debt instrument, maturity date | 2,016 | ||||
Debt and capital lease obligation | 0 | $ 0 | 0 | ||
USSK Revolver | |||||
Debt Instrument [Line Items] | |||||
Interest rate description | Variable | ||||
Debt instrument, maturity date | 2,016 | ||||
Debt and capital lease obligation | 0 | $ 0 | 0 | ||
USSK credit facilities | |||||
Debt Instrument [Line Items] | |||||
Interest rate description | Variable | ||||
Debt and capital lease obligation | 0 | $ 0 | $ 0 | ||
USSK credit facilities | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | 2,015 | ||||
USSK credit facilities | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | 2,016 | ||||
Receivable Purchase Agreement | |||||
Debt Instrument [Line Items] | |||||
Amount reinvested from collection of eligible accounts receivable | $ 0 | $ 0 | |||
Payments For Fees Related To Receivable Purchase Agreement | $ 1,000,000 | $ 1,000,000 | $ 2,000,000 | $ 2,000,000 |
Debt - Eligible Accounts Receiv
Debt - Eligible Accounts Receivable and Receivables Sold to Third Party Conduits (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Balance of accounts receivable-net, eligible for sale to third-parties | $ 683 | $ 1,013 |
Accounts receivable sold to third-parties | 0 | 0 |
Balance included in Receivables on the balance sheet of U. S. Steel | $ 683 | $ 1,013 |
- Additional Information (Detai
- Additional Information (Detail) | Jul. 27, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015EUR (€) | Dec. 31, 2014USD ($) |
2019 Senior Convertible Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.75% | 2.75% | 2.75% | ||||
Amended Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Amounts drawn on credit facility | $ 0 | $ 0 | |||||
Maximum borrowing capacity on credit facility | $ 875,000,000 | $ 875,000,000 | |||||
Fixed charge coverage ratio | 1 | 1 | 1 | ||||
Percentage of total aggregate commitments, upper range under financial covenant | 10.00% | 10.00% | 10.00% | ||||
Credit Agreement, upper range of outstanding debt | $ 87,500,000 | $ 87,500,000 | |||||
Receivable Purchase Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Receivables Purchase Agreement, maximum amount of receivable eligible for sale | 367,000,000 | 367,000,000 | $ 625,000,000 | ||||
Receivables sold under receivables purchase agreement | 0 | 0 | 0 | ||||
Receivables Purchase Agreement Subordinated Retained Interest | 367,000,000 | 367,000,000 | 625,000,000 | ||||
Receivables Purchase Agreement Availability at Period End | 317,000,000 | 317,000,000 | 576,000,000 | ||||
Receivables Purchase Agreement Borrowing Capacity Decrease Due To Letters Of Credit Outstanding | 50,000,000 | 50,000,000 | $ 49,000,000 | ||||
Payments For Fees Related To Receivable Purchase Agreement | 1,000,000 | $ 1,000,000 | 2,000,000 | $ 2,000,000 | |||
Amount reinvested from collection of eligible accounts receivable | $ 0 | 0 | |||||
USSK Revolver | |||||||
Debt Instrument [Line Items] | |||||||
Amounts drawn on credit facility | 0 | 0 | |||||
Maximum borrowing capacity on credit facility | 224,000,000 | 224,000,000 | € 200,000,000 | ||||
USSK credit facilities | |||||||
Debt Instrument [Line Items] | |||||||
Amounts drawn on credit facility | 0 | 0 | |||||
Maximum borrowing capacity on credit facility | 33,000,000 | 33,000,000 | 20,000,000 | ||||
Available borrowing capacity | 32,000,000 | 32,000,000 | |||||
Customs and other guarantees outstanding | 1,000,000 | 1,000,000 | |||||
Us Steel Kosice Ten Million Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity on credit facility | € | € 10,000,000 | ||||||
Change in control event | |||||||
Debt Instrument [Line Items] | |||||||
Loss Contingency, Range of Possible Loss, Maximum | 2,891,000,000 | 2,891,000,000 | |||||
Fairfield Slab Caster | |||||||
Debt Instrument [Line Items] | |||||||
Loss Contingency, Range of Possible Loss, Maximum | $ 34,000,000 | $ 34,000,000 | |||||
Minimum | 2019 Senior Convertible Notes | |||||||
Debt Instrument [Line Items] | |||||||
Holders of Notes to declare them immediately due, percentage | 25.00% | ||||||
Subsequent Event | Receivable Purchase Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Receivables Purchase Agreement, maximum amount of receivable eligible for sale | $ 625,000,000 | ||||||
Subsequent Event | Third Amended and Restated Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Term | 5 years | ||||||
Maximum borrowing capacity on credit facility | $ 1,500,000,000 | ||||||
Fixed charge coverage ratio | 1 | ||||||
Percentage of total aggregate commitments, upper range under financial covenant | 10.00% | ||||||
Credit Agreement, upper range of outstanding debt | $ 150,000,000 | ||||||
Line of Credit Facility, Acceleration Clause | 91 days |
Asset Retirement Obligations -
Asset Retirement Obligations - Changes in Carrying Values of Asset Retirement Obligations (Detail) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance at beginning of year | $ 48 | $ 59 | $ 59 |
Additional obligations incurred | 40 | 6 | |
Obligations settled | 0 | (19) | |
Foreign currency translation effects | (1) | (2) | |
Accretion expense | 1 | 4 | |
Balance at end of period | $ 88 | $ 48 | |
Us Steel Canada Inc | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Obligations settled | $ (16) |
Fair Value of Financial Instr71
Fair Value of Financial Instruments - Financial Assets and Liabilities Not Carried at Fair Value (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value | ||
Financial liabilities: | ||
Debt | $ 3,628 | $ 3,740 |
Carrying Amount | ||
Financial liabilities: | ||
Debt | $ 3,454 | $ 3,466 |
Statement of Changes in Stock72
Statement of Changes in Stockholders' Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 3,800 | $ 3,376 | ||
Comprehensive income (loss): | ||||
Net (loss) earnings | $ (261) | $ (18) | (336) | 34 |
Other comprehensive (loss) income, net of tax: | ||||
Pension and other benefit adjustments | 44 | 72 | 87 | 122 |
Currency translation adjustment | 25 | (12) | (78) | (14) |
Employee stock plans | 24 | 11 | ||
Dividends paid on common stock | (15) | (15) | ||
Other | 1 | |||
Ending balance | 3,481 | 3,514 | 3,481 | 3,514 |
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,862 | 1,789 | ||
Comprehensive income (loss): | ||||
Net (loss) earnings | (336) | 34 | ||
Other comprehensive (loss) income, net of tax: | ||||
Dividends paid on common stock | (15) | (15) | ||
Other | 1 | |||
Ending balance | 1,510 | 1,808 | 1,510 | 1,808 |
Accumulated Other Comprehensive (Loss) Income | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (1,441) | (1,752) | ||
Other comprehensive (loss) income, net of tax: | ||||
Pension and other benefit adjustments | 87 | 122 | ||
Currency translation adjustment | (78) | (14) | ||
Ending balance | (1,432) | (1,644) | (1,432) | (1,644) |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 151 | 151 | ||
Other comprehensive (loss) income, net of tax: | ||||
Ending balance | 151 | 151 | 151 | 151 |
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (396) | (480) | ||
Other comprehensive (loss) income, net of tax: | ||||
Employee stock plans | 51 | 40 | ||
Ending balance | (345) | (440) | (345) | (440) |
Paid-in Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 3,623 | 3,667 | ||
Other comprehensive (loss) income, net of tax: | ||||
Employee stock plans | (27) | (29) | ||
Ending balance | 3,596 | 3,638 | 3,596 | 3,638 |
Non- Controlling Interest | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1 | 1 | ||
Other comprehensive (loss) income, net of tax: | ||||
Ending balance | $ 1 | $ 1 | $ 1 | $ 1 |
Reclassifications from Accumu73
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Other Comprehensive Income Activity Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ (1,441) | |||
Other comprehensive (loss) income before reclassifications | (82) | |||
Amounts reclassified from AOCI | 91 | |||
Total other comprehensive income, net of tax | $ 69 | $ 60 | 9 | $ 108 |
Ending Balance | (1,432) | (1,432) | ||
Pension and Other Benefit Items | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (1,852) | |||
Other comprehensive (loss) income before reclassifications | (1) | |||
Amounts reclassified from AOCI | 88 | |||
Total other comprehensive income, net of tax | 87 | |||
Ending Balance | (1,765) | (1,765) | ||
Foreign Currency Items | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 416 | |||
Other comprehensive (loss) income before reclassifications | (78) | |||
Amounts reclassified from AOCI | 0 | |||
Total other comprehensive income, net of tax | (78) | |||
Ending Balance | 338 | 338 | ||
Other | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (5) | |||
Other comprehensive (loss) income before reclassifications | (3) | |||
Amounts reclassified from AOCI | 3 | |||
Total other comprehensive income, net of tax | 0 | |||
Ending Balance | $ (5) | $ (5) |
Reclassifications from Accumu74
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Defined Benefit Plan In Other Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Amortization of pension and other benefit items | ||||
(Loss) earnings before income taxes | $ (447) | $ (29) | $ (696) | $ 24 |
Tax benefit | 186 | 11 | 360 | 10 |
Net (loss) earnings | (261) | (18) | (336) | 34 |
Pension and Other Benefit Items | Amount reclassified from AOCI | ||||
Amortization of pension and other benefit items | ||||
Prior service costs | (4) | (1) | (6) | (4) |
Actuarial gains/(losses) | (65) | (70) | (131) | (139) |
Settlement, termination and curtailment gains | (2) | 11 | (5) | 4 |
(Loss) earnings before income taxes | (71) | (60) | (142) | (139) |
Tax benefit | 27 | 25 | 54 | 55 |
Net (loss) earnings | $ (44) | $ (35) | $ (88) | $ (84) |
Transactions with Related Par75
Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
Net sales to related parties | $ 391 | $ 272 | $ 717 | $ 551 | |
Accounts payable to related parties | 133 | 133 | $ 131 | ||
Outside processing services | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 111 | 15 | 211 | 30 | |
Taconite pellets | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 57 | $ 61 | 87 | $ 115 | |
PRO-TEC Coating Company | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | 84 | 84 | 78 | ||
Other equity investees | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | $ 49 | $ 49 | $ 53 |
Restructuring and Other Charg76
Restructuring and Other Charges - Activity in Accrued Balances for Restructuring and Other Cost Reduction Programs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 190 | |||
Payments for Restructuring | $ 8 | $ 13 | ||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 5 | |||
Cash payments/utilization | (95) | |||
Other adjustments and reclassifications | $ 18 | $ 2 | (18) | $ 10 |
Balance at end of period | 82 | 82 | ||
Employee Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 52 | |||
Payments for Restructuring | 5 | |||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 5 | |||
Other adjustments and reclassifications | (13) | |||
Balance at end of period | 39 | 39 | ||
Exit Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 48 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 0 | |||
Other adjustments and reclassifications | (5) | |||
Balance at end of period | 43 | 43 | ||
Asset Impairments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 90 | |||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 0 | |||
Restructuring and Related Cost, Accelerated Depreciation | 90 | |||
Other adjustments and reclassifications | 0 | |||
Balance at end of period | $ 0 | $ 0 |
Restructuring and Other Charg77
Restructuring and Other Charges - Balance Sheet Location of Accrued Liabilities for Restructuring and Other Cost Reduction Programs (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 82 | $ 5 |
Accounts payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, current | 26 | 0 |
Payroll and benefits payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, current | 39 | 5 |
Deferred credits and other noncurrent liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, noncurrent | $ 17 | $ 0 |
Restructuring and Other Charg78
Restructuring and Other Charges - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Cash payments related to restructuring | $ 8 | $ 13 | ||
Restructuring Charges | $ 19 | $ 172 | ||
Adjustments to restructuring reserves | $ (18) | (2) | 18 | (10) |
Restructuring Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset Impairment Charges | 14 | 14 | ||
Us Steel Canada Inc | Restructuring Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | $ 11 | |||
Asset Impairments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Adjustments to restructuring reserves | 0 | |||
Employee Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash payments related to restructuring | 5 | |||
Adjustments to restructuring reserves | $ 13 | |||
Employee Related Costs | Restructuring Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 14 |
Contingencies and Commitments -
Contingencies and Commitments - Asbestos Litigation Activity (Details) - Asbestos Matters | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015Claim_GroupLegalMatter | Dec. 31, 2014Claim_GroupLegalMatter | Dec. 31, 2013Claim_Group | Dec. 31, 2012Claim_Group | |
Loss Contingency Accrual [Roll Forward] | ||||
Opening Number of Claims | 3,455 | 3,320 | 3,330 | 3,235 |
Claims Dismissed, Settled and Resolved | 190 | 190 | 250 | 190 |
New Claims | 125 | 325 | 240 | 285 |
Closing Number of Claims | 3,390 | 3,455 | 3,320 | 3,330 |
Contingencies and Commitments80
Contingencies and Commitments - Changes in Accrued Liabilities for Remediation Activities (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Change in Accrued Liabilities for Remediation Activities [Roll Forward] | |
Beginning of period | $ 212 |
Accruals for environmental remediation deemed probable and reasonably estimable | 0 |
Accrual for Environmental Loss Contingencies, Increase (Decrease) for Revision in Estimates | (2) |
Obligations settled | (4) |
End of period | $ 206 |
Contingencies and Commitments81
Contingencies and Commitments - Accrued Liabilities for Remediation Activities Included in Balance Sheet (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Total | $ 206 | $ 212 |
Accounts payable | ||
Loss Contingencies [Line Items] | ||
Total | 19 | 19 |
Deferred credits and other noncurrent liabilities | ||
Loss Contingencies [Line Items] | ||
Total | $ 187 | $ 193 |
Contingencies and Commitments82
Contingencies and Commitments - Payments for Contracts with Remaining Terms in Excess of One Year (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2015 | $ 371 |
2,016 | 729 |
2,017 | 620 |
2,018 | 605 |
2,019 | 353 |
Later Years | 1,708 |
Total | $ 4,386 |
Contingencies and Commitments83
Contingencies and Commitments - Additional Information (Detail) € in Millions, Allowances in Millions, $ in Millions | Aug. 02, 2012Facility | Jan. 30, 2014Allowances | Jun. 30, 2015USD ($)TProjectLegalMatterboilerlevelnon_GHG_pollutant | Jun. 30, 2015EUR (€)boiler | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)TProjectPlaintiffClaim_GroupLegalMatterphaselevelnon_GHG_pollutant | Jun. 30, 2015EUR (€)PlaintiffClaim_GroupLegalMatterphase | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)PlaintiffClaim_GroupLegalMatter | Dec. 31, 2013Claim_Groupboiler | Dec. 31, 2012Claim_Group | Dec. 31, 2011Claim_Group |
Loss Contingencies [Line Items] | ||||||||||||
Environmental Remediation Expense | $ 2 | $ 3 | ||||||||||
Accrued liabilities for remediation activities | $ 206 | $ 206 | $ 212 | |||||||||
Accrued liabilities for post-closure site monitoring and other costs | 28 | 28 | ||||||||||
Accrued liability for administrative and legal costs | $ 7 | $ 7 | ||||||||||
Number of years of projected administrative and legal costs included in accrual | 3 years | 3 years | ||||||||||
Capital expenditures | $ 52 | 29 | ||||||||||
Overall Goal for Reduction in Emissions, Percent | 21.00% | 21.00% | ||||||||||
Percent reduction in free allocation of emissions | 12.00% | 12.00% | ||||||||||
Final Allocation for Emissions Allowances | Allowances | 48 | |||||||||||
Estimated Shortfall in Emissions Allowances | Allowances | 16 | |||||||||||
Gain (Loss) on Disposition of Other Assets | $ 0 | 17 | ||||||||||
Minimum annual increment in GHG emission due to modifications to existing permits subject to Title V and PSD requirement if only project significantly increases emissions of at least one non-GHG pollutant | T | 75,000 | 75,000 | ||||||||||
Threshold for Subject To Title V And Prevention of Significant Deterioration Requirement, Project Significantly Increases Emissions, Number of Non-GHG Pollutant | non_GHG_pollutant | 1 | 1 | ||||||||||
Number of Boilers to be Reconstructed for Environmental Compliance | boiler | 1 | |||||||||||
Number of New Boilers to be Built for Environmental Compliance | boiler | 1 | 1 | ||||||||||
Estimated Capital Expenditures For Project, Boiler | $ 150 | € 131 | ||||||||||
Financial assurance guarantees, maximum | 4 | $ 4 | ||||||||||
Number of facilities that failed to meet certain environmental requirements | Facility | 3 | |||||||||||
Loss Contingency, Fact Discovery, Number of Phases | phase | 3 | 3 | ||||||||||
Claims Against U. S. Steel Canada | 1,800 | $ 1,800 | ||||||||||
Residual value of equipment | 12 | 12 | ||||||||||
Restricted cash | 44 | 44 | 51 | |||||||||
Restricted cash current | 6 | 6 | $ 1 | |||||||||
Contract commitments to acquire property, plant and equipment | 365 | 365 | ||||||||||
Maximum default payment on termination of agreement | 229 | 229 | ||||||||||
Unrecorded Unconditional Purchase Obligation, Purchases | $ 138 | $ 136 | $ 249 | $ 270 | ||||||||
Gateway Energy and Coke Company, LLC | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity | 0.90 | 0.90 | ||||||||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | 1.05 | 1.05 | ||||||||||
Minimum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 10.00% | 10.00% | ||||||||||
National Ambient Air Quality Standards level | level | 65 | 65 | ||||||||||
Estimated capital expenditures of complying with BAT over 2014 to 2016 period | $ 90 | € 80 | ||||||||||
Long-term Purchase Commitment, Period | 2 years | 2 years | ||||||||||
Maximum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 25.00% | 25.00% | ||||||||||
National Ambient Air Quality Standards level | level | 70 | 70 | ||||||||||
Estimated capital expenditures of complying with BAT over 2014 to 2016 period | $ 173 | € 155 | ||||||||||
Long-term Purchase Commitment, Period | 17 years | 17 years | ||||||||||
Asbestos Matters | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Active cases brought against U.S. Steel | LegalMatter | 895 | 895 | 880 | |||||||||
Number of plaintiffs involved | Plaintiff | 3,390 | 3,390 | 3,455 | |||||||||
Number of claims pending in jurisdictions | 2,450 | 2,450 | 3,455 | 3,320 | 3,330 | 3,235 | ||||||
Percentage of claims pending in jurisdictions | 75.00% | 75.00% | ||||||||||
Claims Dismissed, Settled and Resolved | 190 | 190 | 190 | 250 | 190 | |||||||
New Claims | 125 | 125 | 325 | 240 | 285 | |||||||
Number of major groups | Claim_Group | 3 | 3 | ||||||||||
Projects with Ongoing Study and Scope Development | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environmental remediation projects | Project | 5 | 5 | ||||||||||
Accrued liabilities for remediation activities | $ 2 | $ 2 | ||||||||||
Projects with Ongoing Study and Scope Development | Resource Conservation and Recovery Act (RCRA) Programs | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environmental remediation projects | Project | 4 | 4 | ||||||||||
Projects with Ongoing Study and Scope Development | Voluntary Remediation Program | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environmental remediation projects | Project | 1 | 1 | ||||||||||
Projects with Ongoing Study and Scope Development | Minimum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environment exit costs, possible additional loss | $ 25 | |||||||||||
Projects with Ongoing Study and Scope Development | Maximum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environment exit costs, possible additional loss | $ 40 | |||||||||||
Projects with Defined Scope Greater Than or Equal to $5 Million | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environmental remediation projects | Project | 4 | 4 | ||||||||||
Accrued liabilities for remediation activities | $ 155 | $ 155 | ||||||||||
Projects with Defined Scope Greater Than or Equal to $5 Million | Minimum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 5 | 5 | ||||||||||
Gary Works, Project with Defined Scope | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 35 | 35 | ||||||||||
Geneva Project | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 64 | 64 | ||||||||||
St Louis Estuary Project | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 49 | 49 | ||||||||||
Solid Waste Management Unit at USS Posco Industries, Project with Defined Scope | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | $ 7 | $ 7 | ||||||||||
Environmental Remediation Other Projects | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environmental remediation projects | Project | 4 | 4 | ||||||||||
Accrued liabilities for remediation activities | $ 8 | $ 8 | ||||||||||
Environmental Remediation Other Projects | Minimum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 1 | 1 | ||||||||||
Environmental Remediation Other Projects | Maximum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 5 | 5 | ||||||||||
Environmental Remediation Projects Less Than One Million | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 6 | 6 | ||||||||||
Environmental Remediation Projects Less Than One Million | Maximum | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrued liabilities for remediation activities | 1 | 1 | ||||||||||
Surety Bonds | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Financial assurance guarantees, maximum | 162 | 162 | ||||||||||
Restricted Cash To Fund Certain Capital Projects | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Restricted cash | $ 1 | $ 1 |
U. S. Steel Canada Retained I84
U. S. Steel Canada Retained Interest - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
U. S. Steel Canada Retained Interest [Abstract] | ||||
Loss on write-down of retained interest in USSC (Note 22) | $ 255 | $ 0 | $ 255 | $ 0 |
Retained Interest in intercompany loans and other receivables | $ 180 | $ 180 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Jul. 27, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Third Amended and Restated Credit Agreement | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Maximum borrowing capacity on credit facility | $ 1,500,000,000 | ||
Amended Credit Agreement | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Maximum borrowing capacity on credit facility | 875,000,000 | ||
Receivable Purchase Agreement | |||
Subsequent Event [Line Items] | |||
Receivables Purchase Agreement Total Capacity | $ 367,000,000 | $ 625,000,000 | |
Receivable Purchase Agreement | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Receivables Purchase Agreement Total Capacity | $ 625,000,000 |