Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 25, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 146,284,894 | ||
Entity Public Float | $ 3 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales: | |||
Net sales | $ 10,111 | $ 16,149 | $ 16,269 |
Net sales to related parties (Note 22) | 1,463 | 1,358 | 1,155 |
Total | 11,574 | 17,507 | 17,424 |
Operating expenses (income): | |||
Cost of sales (excludes items shown below) | 11,141 | 15,455 | 16,016 |
Selling, general and administrative expenses | 415 | 523 | 610 |
Depreciation, depletion and amortization (Notes 12 and 13) | 547 | 627 | 684 |
Earnings from investees (Note 11) | (38) | (142) | (40) |
Impairment of goodwill (Note 13) | 0 | 0 | 1,806 |
Restructuring and other charges (Note 24) | 322 | 250 | 248 |
Losses associated with U. S. Steel Canada Inc. (Notes 4 and 5) | 392 | 416 | 0 |
Net gain on disposals of assets (Note 25) | (2) | (23) | 0 |
Other income, net | (1) | (12) | 0 |
Total | 12,776 | 17,094 | 19,324 |
(Loss) earnings before interest and income taxes (EBIT) | (1,202) | 413 | (1,900) |
Interest expense (Note 7) | 214 | 234 | 266 |
Interest income | (3) | (12) | (3) |
Loss on debt extinguishment | 36 | 0 | 0 |
Other financial costs (Note 7) | 10 | 21 | 69 |
Net interest and other financial costs | 257 | 243 | 332 |
(Loss) earnings before income taxes | (1,459) | 170 | (2,232) |
Income tax provision (benefit) (Note 10) | 183 | 68 | (587) |
Net (loss) earnings | (1,642) | 102 | (1,645) |
Less: Net loss attributable to noncontrolling interests | 0 | 0 | 0 |
Net (loss) earnings attributable to United States Steel Corporation | $ (1,642) | $ 102 | $ (1,645) |
Net (loss) income per share attributable to United States Steel Corporation stockholders: | |||
— Basic (in dollars per share) | $ (11.24) | $ 0.71 | $ (11.37) |
— Diluted (in dollars per share) | $ (11.24) | $ 0.69 | $ (11.37) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Condensed Statement of Income Captions [Line Items] | ||||
Deconsolidation of U. S. Steel Canada (b) | [1] | $ 0 | $ 468 | $ 0 |
Net (loss) earnings | (1,642) | 102 | (1,645) | |
Other comprehensive (loss) income, net of tax: | ||||
Changes in foreign currency translation adjustments | [2] | (104) | 66 | 30 |
Changes in pension and other employee benefit accounts | [2] | 373 | (218) | 1,486 |
Other | [2] | 3 | (5) | 0 |
Total other comprehensive income, net of tax | 272 | 311 | 1,516 | |
Comprehensive (loss) income including noncontrolling interest | (1,370) | 413 | (129) | |
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | |
Comprehensive (loss) income attributable to United States Steel Corporation | (1,370) | 413 | (129) | |
Related income tax (provision) benefit: | ||||
Foreign currency translation adjustments | 82 | 111 | 0 | |
Pension and other benefits adjustments | (228) | 282 | (762) | |
Other adjustments | (2) | $ 3 | $ 0 | |
Pension and other benefit adjustments (Note 17): | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Deconsolidation of U. S. Steel Canada (b) | 493 | |||
Foreign currency translation adjustments: | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Deconsolidation of U. S. Steel Canada (b) | $ (25) | |||
[1] | onsists of $493 million for Pension and other benefit adjustments and $(25) million for currency translation adjustments. | |||
[2] | Related income tax benefit (provision): Foreign currency translation adjustments $82 $111 $—Pension and other benefits adjustments (228) 282 (762)Other adjustments (2) 3 — |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 755 | $ 1,354 |
Receivables, less allowance of $28 and $45 | 864 | 1,632 |
Receivables from related parties, less allowance of $254 and $218 (Note 22) | 199 | 310 |
Inventories (Note 9) | 2,074 | 2,496 |
Other current assets | 25 | 37 |
Total current assets | 3,917 | 5,829 |
Investments and long-term receivables, less allowance of $7 and $8 (Note 11) | 540 | 577 |
Long-term receivables from related parties, less allowance of $1,446 and $1,188 | 0 | 362 |
Property, plant and equipment, net (Note 12) | 4,411 | 4,574 |
Intangibles — net (Note 13) | 196 | 204 |
Deferred income tax benefits (Note 10) | 15 | 347 |
Other noncurrent assets | 111 | 120 |
Total assets | 9,190 | 12,013 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 1,412 | 1,871 |
Accounts payable to related parties (Note 22) | 81 | 131 |
Payroll and benefits payable | 462 | 1,003 |
Accrued taxes (Note 10) | 99 | 134 |
Accrued interest | 49 | 52 |
Short-term debt and current maturities of long-term debt (Note 16) | 45 | 378 |
Total current liabilities | 2,148 | 3,569 |
Long-term debt, less unamortized discount (Note 16) | 3,116 | 3,120 |
Employee benefits (Note 17) | 1,101 | 1,117 |
Deferred income tax liabilities (Note 10) | 29 | 0 |
Deferred credits and other noncurrent liabilities | 359 | 407 |
Total liabilities | $ 6,753 | $ 8,213 |
Contingencies and commitments (Note 25) | ||
Stockholders’ Equity | ||
Common stock issued — 150,925,911 shares issued (par value $1 per share, authorized 400,000,000 shares) | $ 151 | $ 151 |
Treasury stock, at cost (4,644,867 shares and 5,270,872 shares) | (339) | (396) |
Additional paid-in capital | 3,603 | 3,623 |
Retained earnings | 190 | 1,862 |
Accumulated other comprehensive loss (Note 20) | (1,169) | (1,441) |
Total United States Steel Corporation stockholders’ equity | 2,436 | 3,799 |
Noncontrolling interests | 1 | 1 |
Total liabilities and stockholders’ equity | $ 9,190 | $ 12,013 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for Doubtful Accounts Receivable, Current | $ 28 | $ 45 |
Other noncurrent assets, allowance | $ 7 | $ 8 |
Common stock, par value (usd per share) | $ 1 | $ 1 |
Common stock, shares issued | 150,925,911 | 150,925,911 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Treasury stock, shares | 4,644,867 | 5,270,872 |
Affiliated Entity [Member] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 254 | $ 218 |
Other noncurrent assets, allowance | $ 1,446 | $ 1,188 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net (loss) earnings | $ (1,642) | $ 102 | $ (1,645) |
Adjustments to reconcile net cash provided by operating activities: | |||
Depreciation, depletion and amortization (Notes 12 and 13) | 547 | 627 | 684 |
Impairment of goodwill (Note 13) | 0 | 0 | 1,806 |
Losses associated with U. S. Steel Canada Inc. (Notes 4 and 5) | 392 | 416 | 0 |
Restructuring and other charges (Note 24) | 322 | 256 | 248 |
Loss on debt extinguishment | 36 | 0 | 0 |
Provision for doubtful accounts | (15) | 0 | 5 |
Pensions and other postretirement benefits | 50 | (235) | (28) |
Deferred income taxes (Note 10) | 213 | 76 | (386) |
Net gain on disposal of assets (Note 25) | (2) | (23) | 0 |
Distributions received, net of equity investees income | (28) | (135) | (27) |
Changes in: | |||
Current receivables | 792 | (199) | 114 |
Inventories | 391 | (247) | (201) |
Current accounts payable and accrued expenses | (632) | 581 | (70) |
Income taxes receivable/payable | 6 | 161 | (187) |
All other, net | (71) | 173 | 92 |
Net cash provided by operating activities | 359 | 1,553 | 405 |
Investing activities: | |||
Capital expenditures | (500) | (480) | (468) |
Acquisitions | (25) | 0 | (12) |
Disposal of assets | 4 | 29 | 3 |
Change in restricted cash, net | 13 | 29 | 100 |
Investments, net | (2) | (5) | (7) |
Net cash used in investing activities | (510) | (427) | (384) |
Financing activities: | |||
Issuance of long-term debt, net of financing costs of $0, $0 and $15 | 0 | 0 | 575 |
Repayment of long-term debt | (379) | (325) | (542) |
Receipts from exercise of stock options | 1 | 13 | 0 |
Dividends paid | (29) | (29) | (29) |
Net cash (used in) provided by financing activities | (407) | (341) | 4 |
Effect of exchange rate changes on cash | (41) | (35) | 9 |
Net (decrease) increase in cash and cash equivalents | (599) | 750 | 34 |
Cash and cash equivalents at beginning of year | 1,354 | 604 | 570 |
Cash and cash equivalents at end of year | $ 755 | $ 1,354 | $ 604 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | |||
Financing Costs | $ 0 | $ 0 | $ 15 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions | Total | Common stock: | Treasury stock: | Additional paid-in capital: | Retained earnings: | Pension and other benefit adjustments (Note 17): | Foreign currency translation adjustments: | Other: | Accumulated other comprehensive (loss) income: | Total stockholders’ equity | Noncontrolling interests: | Foreign currency translation adjustments: | Pension and other benefit adjustments (Note 17): | ||||
Balance at beginning of year at Dec. 31, 2012 | $ 151 | $ (521) | $ 3,652 | $ 3,463 | $ (3,613) | $ 345 | $ 0 | $ 1 | |||||||||
Balance at beginning of year (in shares) at Dec. 31, 2012 | 150,926 | (6,644) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Common stock issued | $ 0 | ||||||||||||||||
Common stock issued (in shares) | 0 | ||||||||||||||||
Common stock reissued for employee/non-employee director stock plans | $ 41 | ||||||||||||||||
Common stock reissued for employee/non-employee director stock plans (in shares) | 398 | ||||||||||||||||
Issuance of conversion option in 2019 Senior Convertible Notes, net of tax | $ 31 | ||||||||||||||||
Employee stock plans | (16) | ||||||||||||||||
Net (loss) earnings attributable to United States Steel Corporation | (1,645) | (1,645) | |||||||||||||||
Dividends on common stock | (29) | ||||||||||||||||
Other | 0 | ||||||||||||||||
Changes during year, net of taxes | 1,486 | [1] | 1,444 | [2],[3] | |||||||||||||
Changes during year, equity investee net of taxes | [3] | 42 | |||||||||||||||
Changes during year | [3] | 30 | [2] | 0 | |||||||||||||
Net loss | 0 | 0 | |||||||||||||||
Balance at end of year at Dec. 31, 2013 | $ 151 | $ (480) | 3,667 | 1,789 | (2,127) | 375 | 0 | $ (1,752) | $ 3,375 | 1 | |||||||
Balance at end of year (in shares) at Dec. 31, 2013 | 150,926 | (6,246) | |||||||||||||||
Related income tax (provision) benefit: | |||||||||||||||||
Foreign currency translation adjustments | 0 | ||||||||||||||||
Pension and other benefits adjustments | (762) | ||||||||||||||||
Other adjustments | 0 | ||||||||||||||||
Deconsolidation of USSC | [4] | 0 | |||||||||||||||
Comprehensive (loss) income including noncontrolling interest | (129) | ||||||||||||||||
Common stock issued | $ 0 | ||||||||||||||||
Common stock issued (in shares) | 0 | ||||||||||||||||
Common stock reissued for employee/non-employee director stock plans | $ 84 | ||||||||||||||||
Common stock reissued for employee/non-employee director stock plans (in shares) | 975 | ||||||||||||||||
Issuance of conversion option in 2019 Senior Convertible Notes, net of tax | 0 | ||||||||||||||||
Employee stock plans | (44) | ||||||||||||||||
Net (loss) earnings attributable to United States Steel Corporation | 102 | 102 | |||||||||||||||
Dividends on common stock | (29) | ||||||||||||||||
Other | 0 | ||||||||||||||||
Changes during year, net of taxes | (218) | [1] | 296 | [2],[3] | |||||||||||||
Changes during year, equity investee net of taxes | [3] | (21) | |||||||||||||||
Changes during year | [3] | 41 | [2] | (5) | |||||||||||||
Net loss | 0 | 0 | |||||||||||||||
Balance at end of year at Dec. 31, 2014 | 3,799 | $ 151 | $ (396) | 3,623 | 1,862 | (1,852) | 416 | (5) | (1,441) | 3,799 | 1 | ||||||
Balance at end of year (in shares) at Dec. 31, 2014 | 150,926 | (5,271) | |||||||||||||||
Related income tax (provision) benefit: | |||||||||||||||||
Foreign currency translation adjustments | 111 | ||||||||||||||||
Pension and other benefits adjustments | 282 | ||||||||||||||||
Other adjustments | 3 | ||||||||||||||||
Deconsolidation of USSC | 468 | [4] | 493 | (25) | 0 | ||||||||||||
Comprehensive (loss) income including noncontrolling interest | 413 | ||||||||||||||||
Common stock issued | $ 0 | ||||||||||||||||
Common stock issued (in shares) | 0 | ||||||||||||||||
Common stock reissued for employee/non-employee director stock plans | $ 57 | ||||||||||||||||
Common stock reissued for employee/non-employee director stock plans (in shares) | 626 | ||||||||||||||||
Issuance of conversion option in 2019 Senior Convertible Notes, net of tax | 0 | ||||||||||||||||
Employee stock plans | (20) | ||||||||||||||||
Net (loss) earnings attributable to United States Steel Corporation | (1,642) | (1,642) | |||||||||||||||
Dividends on common stock | (29) | ||||||||||||||||
Other | (1) | ||||||||||||||||
Changes during year, net of taxes | 373 | [1] | 364 | [2],[3] | |||||||||||||
Changes during year, equity investee net of taxes | [3] | 9 | |||||||||||||||
Changes during year | [3] | (104) | [2] | 3 | |||||||||||||
Net loss | 0 | 0 | |||||||||||||||
Balance at end of year at Dec. 31, 2015 | 2,436 | $ 151 | $ (339) | $ 3,603 | $ 190 | $ (1,479) | $ 312 | $ (2) | $ (1,169) | $ 2,436 | $ 1 | ||||||
Balance at end of year (in shares) at Dec. 31, 2015 | 150,926 | (4,645) | |||||||||||||||
Related income tax (provision) benefit: | |||||||||||||||||
Foreign currency translation adjustments | 82 | ||||||||||||||||
Pension and other benefits adjustments | (228) | ||||||||||||||||
Other adjustments | (2) | ||||||||||||||||
Deconsolidation of USSC | 0 | [4] | $ (25) | $ 493 | |||||||||||||
Comprehensive (loss) income including noncontrolling interest | $ (1,370) | ||||||||||||||||
[1] | Related income tax benefit (provision): Foreign currency translation adjustments $82 $111 $—Pension and other benefits adjustments (228) 282 (762)Other adjustments (2) 3 — | ||||||||||||||||
[2] | 2014 amounts include $493 million for pension and other benefit adjustments and $(25) million for currency translation adjustment related to the deconsolidation of U. S. Steel Canada. | ||||||||||||||||
[3] | Related income tax benefit (provision):Foreign currency translation adjustments $82 $111 $—Pension and other benefits adjustments (228) 282 (762)Other adjustments (2) 3 — | ||||||||||||||||
[4] | onsists of $493 million for Pension and other benefit adjustments and $(25) million for currency translation adjustments. |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Nature of Business and Significant Accounting Policies | Nature of Business and Significant Accounting Policies Nature of Business 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. Significant Accounting Policies Principles applied in consolidation These financial statements include the accounts of U. S. Steel and its majority-owned subsidiaries. Additionally, variable interest entities for which U. S. Steel is the primary beneficiary are included in the Consolidated Financial Statements and their impacts are either partially or completely offset by noncontrolling interests. Intercompany accounts, transactions and profits have been eliminated in consolidation. On September 16, 2014, U. S. Steel Canada Inc. (USSC), a wholly owned subsidiary of U. S. Steel, applied for relief from its creditors pursuant to Canada’s Companies’ Creditors Arrangement Act (CCAA). As a result of USSC filing for protection under CCAA (CCAA filing), U. S. Steel determined that USSC and its subsidiaries would be deconsolidated from U. S. Steel’s financial statements on a prospective basis effective as of the date of the CCAA filing. Transactions between USSC and U. S. Steel subsequent to the CCAA filing are not eliminated and are considered related party. Investments in entities over which U. S. Steel has significant influence are accounted for using the equity method of accounting and are carried at U. S. Steel’s share of net assets plus loans, advances and our share of earnings less distributions. Differences in the basis of the investment and the underlying net asset value of the investee, if any, are amortized into earnings over the remaining useful life of the associated assets. Income or loss from investees includes U. S. Steel’s share of income or loss from equity method investments, which is generally recorded a month in arrears, except for significant and unusual items which are recorded in the period of occurrence. Gains or losses from changes in ownership of unconsolidated investees are recognized in the period of change. Intercompany profits and losses on transactions with equity investees have been eliminated in consolidation. U. S. Steel evaluates impairment of its equity method investments whenever circumstances indicate that a decline in value below carrying value is other than temporary. Under these circumstances, we adjust the investment down to its estimated fair value, which then becomes its new carrying value. Investments in companies whose equity has no readily determinable fair value are carried at cost and are periodically reviewed for impairment. Use of estimates Generally accepted accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment; intangible assets; valuation allowances for receivables, inventories and deferred income tax assets and liabilities; environmental liabilities; liabilities for potential tax deficiencies; potential litigation claims and settlements; and assets and obligations related to employee benefits. Actual results could differ materially from the estimates and assumptions used. Sales recognition Sales are recognized when products are shipped, properties are sold or services are provided to customers; the sales price is fixed and determinable; collectability is reasonably assured; and title and risks of ownership have passed to the buyer. Shipping and other transportation costs charged to buyers are recorded in both sales and cost of sales. Cash and cash equivalents Cash and cash equivalents include cash on deposit and investments in highly liquid debt instruments with maturities of three months or less. Inventories Inventories are carried at the lower of cost or market. Fixed costs related to abnormal production capacity are expensed in the period incurred rather than capitalized into inventory. LIFO (last-in, first-out) is the predominant method of inventory costing for inventories in the United States and FIFO (first-in, first-out) is the predominant method used in Canada and Europe. The LIFO method of inventory costing was used on 80 percent and 78 percent of consolidated inventories at December 31, 2015 and 2014 , respectively. Derivative instruments U. S. Steel uses commodity-based and foreign currency derivative instruments to manage its exposure to price and foreign currency exchange rate risk. Forward physical purchase contracts and foreign exchange forward contracts are used to reduce the effects of fluctuations in the purchase price of natural gas and certain nonferrous metals and also certain business transactions denominated in foreign currencies. U. S. Steel has not elected to designate derivative instruments as qualifying for hedge accounting treatment. As a result, the changes in fair value of these derivatives are recognized immediately in results of operations. See Note 15 for further details on U. S. Steel’s derivatives. Goodwill and identifiable intangible assets Goodwill represents the excess of the cost over the fair value of acquired identifiable tangible and intangible assets and liabilities assumed from businesses acquired. Goodwill is tested for impairment at the reporting unit level annually in the third quarter and whenever events or circumstances indicate that the carrying value may not be recoverable. U. S. Steel evaluates goodwill for impairment by either performing a qualitative evaluation or a two-step quantitative test, which involves comparing the estimated fair value, based on a discounted cash flow model, of the associated reporting unit to its carrying value, including goodwill. U. S. Steel has determined that certain acquired intangible assets have indefinite useful lives. These assets are reviewed for impairment annually and whenever events or circumstances indicate that the carrying value may not be recoverable. Identifiable intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives and are reviewed for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. See Note 13 for further details on our evaluation of goodwill and intangible asset impairment. Property, plant and equipment Property, plant and equipment is carried at cost and is depreciated on a straight-line basis over the estimated useful lives of the assets. Depletion of mineral properties is based on rates which are expected to amortize cost over the estimated tonnage of minerals to be removed. U. S. Steel evaluates impairment of its property, plant and equipment whenever circumstances indicate that the carrying value may not be recoverable. Asset impairments are recognized when the carrying value of an asset grouping exceeds its aggregate projected undiscounted cash flows. When property, plant and equipment depreciated on a group basis is sold or otherwise disposed of, proceeds are credited to accumulated depreciation, depletion and amortization with no immediate effect on income. When property, plant and equipment depreciated on an individual basis is sold or otherwise disposed of, any gains or losses are reflected in income. Gains on disposal of long-lived assets are recognized when earned. If a loss on disposal is expected, such losses are recognized when the assets are reclassified as assets held for sale or when impaired as part of an asset group’s impairment. During 2015, the economic environment, including the significant decline in energy prices and the high levels of tubular imports, was considered a triggering event for our welded tubular and seamless tubular asset groups. U. S. Steel completed a quantitative analysis of its long-lived assets for these asset groups within the Tubular segment. This analysis indicated that the assets were not impaired. During 2013, the requirement to move to the second step of the annual goodwill impairment analysis was considered a triggering event and U. S. Steel completed a review of its long-lived assets. The review indicated that the assets were not impaired. There were no triggering events that required fixed assets to be evaluated for impairment in 2014. Major maintenance activities U. S. Steel incurs maintenance costs on all of its major equipment. Costs that extend the life of the asset, materially add to its value, or adapt the asset to a new or different use are separately capitalized in property, plant and equipment and are depreciated over the estimated useful life. All other repair and maintenance costs are expensed as incurred. Environmental remediation Environmental expenditures are capitalized if the costs mitigate or prevent future contamination or if the costs improve existing assets’ environmental safety or efficiency. U. S. Steel provides for remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs is reasonably estimable. The timing of remediation accruals typically coincides with completion of studies defining the scope of work to be undertaken or the commitment to a formal plan of action. Remediation liabilities are accrued based on estimates of believed environmental exposure and are discounted if the amount and timing of the cash disbursements are readily determinable. Asset retirement obligations Asset retirement obligations (AROs) are initially recorded at fair value and are capitalized as part of the cost of the related long-lived asset and depreciated in accordance with U. S. Steel’s depreciation policies for property, plant and equipment. The fair value of the obligation is determined as the discounted value of expected future cash flows. Accretion expense is recorded each month to increase this discounted obligation over time. Certain AROs related to disposal costs of the majority of assets at our integrated steel facilities are not recorded because they have an indeterminate settlement date. These AROs will be initially recognized in the period in which sufficient information exists to estimate their fair value. See Note 18 for further details on U. S. Steel's AROs. Pensions, other postretirement and postemployment benefits U. S. Steel has defined contribution or multi-employer arrangements for pension benefits for more than two-thirds of its North American employees and non-contributory defined benefit pension plans covering the remaining North American employees. Effective December 31, 2015, defined benefit pension benefits for non-union salaried employees were frozen. All salaried non-union employees now participate in defined contribution plans. U. S. Steel has defined benefit retiree health care and life insurance plans (Other Benefits) that cover the majority of its employees in North America upon their retirement. Defined benefit retiree health and retiree life insurance has been eliminated for salaried non-union retirements after December 31, 2017. The Steelworkers Pension Trust (SPT), a multi-employer pension plan, to which U. S. Steel contributes on the basis of a fixed dollar amount for each hour worked by participating employees, currently covers approximately two-thirds of our union employees in the United States. Government-sponsored programs into which U. S. Steel makes required contributions cover the majority of U. S. Steel’s European employees. The net pension and Other Benefits obligations and the related periodic costs are based on, among other things, assumptions of the discount rate, estimated return on plan assets, salary increases, the projected mortality of participants and the current level and future escalation of health care costs. Additionally, U. S. Steel recognizes an obligation to provide postemployment benefits for disability-related claims covering indemnity and medical payments for certain employees in North America. The obligation for these claims and the related periodic costs are measured using actuarial techniques and assumptions. Actuarial gains and losses occur when actual experience differs from any of the many assumptions used to value the benefit plans, or when assumptions change. For pension and other benefits, the Company recognizes into income on an annual basis any unrecognized actuarial net gains or losses that exceed 10 percent of the larger of the projected benefit obligation or plan assets (the corridor), amortized over the plan participants' average life expectancy or average future service, depending on the demographics of the plan. Unrecognized actuarial net gains and losses for disability-related claims are immediately recognized into income. Concentration of credit and business risks U. S. Steel is exposed to credit risk in the event of nonpayment by customers, principally within the automotive, container, construction, steel service center, appliance and electrical, conversion, and oil, gas and petrochemical industries. Changes in these industries may significantly affect U. S. Steel’s financial performance and management’s estimates. U. S. Steel mitigates its exposure to credit risk by performing ongoing credit evaluations and, when deemed necessary, requiring letters of credit, credit insurance, prepayments, guarantees or other collateral. The majority of U. S. Steel’s customers are located in North America and Europe. No single customer accounted for more than 10 percent of gross annual revenues. Foreign currency translation U. S. Steel is subject to the risk of the effects of exchange rates on revenues and operating costs and existing assets or liabilities denominated in currencies other than our reporting currency, the U.S. dollar. The functional currency for U. S. Steel Europe (USSE) is the euro ( € ). USSC (which was deconsolidated as of the end of the day on September 15, 2014) had the Canadian dollar (C$) as its functional currency. Assets and liabilities of these entities are translated into U.S. dollars at period-end exchange rates. Revenue and expenses are translated using the average exchange rate for the reporting period. Resulting translation adjustments are recorded in the accumulated other comprehensive income (loss) component of stockholders’ equity. Gains and losses from foreign currency transactions are included in net income (loss) for the period. Stock-based compensation U. S. Steel accounts for its various stock-based employee compensation plans in accordance with the guidance in Accounting Standards Codification (ASC) Topic 718 on stock compensation (see Note 14). Deferred taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The realization of deferred tax assets is assessed quarterly based on several interrelated factors. These factors include U. S. Steel’s expectation to generate sufficient future taxable income and the projected time period over which these deferred tax assets will be realized. U. S. Steel records a valuation allowance when necessary to reduce deferred tax assets to the amount that will more likely than not be realized. Deferred taxes have been recognized for the undistributed earnings of most foreign subsidiaries because management does not intend to indefinitely reinvest such earnings in foreign operations. See Note 10 for further details of deferred taxes. 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 automobile 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. Sales taxes Sales are recorded net of sales taxes charged to customers. Sales taxes primarily relate to value-added tax on sales. Reclassifications, out of period adjustments and revision Certain reclassifications of prior years’ data have been made to conform to the current year presentation. During 2015, the Company identified a prior period error related to the classification of unpaid capital expenditures in the Consolidated Statements of Cash Flows of $61 million and $9 million for the years ended December 31, 2014 and 2013, respectively. The effect of the $61 million adjustment to correct the error decreased cash flow from investing activities and increased cash flow from operating activities for the year ended December 31, 2014 and was corrected in the 2015 Form 10-K as a revision to the 2014 Consolidated Statements of Cash Flows. The effect of the $9 million adjustment to correct the error increased cash flow from investing activities and decreased cash flow from operating activities for the year ended December 31, 2013 and was reported in the 2015 Form 10-K as a revision to the 2013 Consolidated Statement of Cash Flows. The Company also identified prior period errors in the quarterly interim financial statements in 2015. The effects of the revision to the quarterly periods in 2015 resulted in a decrease in operating activities and an increase in investing activities of $63 million (unaudited), $64 million (unaudited) and $55 million (unaudited), respectively, for the three, six and nine months ended and will be revised in future filings to correct for these errors. The effects of the revision to the comparable quarter periods in 2014 resulted in a decrease in cash flows from operating activities and an increase in cash flows from investing activities of $5 million for the three months ended and an increase in cash flows from operating activities and a decrease in cash flows from investing activities of $11 million and $29 million , respectively, for the six and nine months ended. The Company concluded that the impact of this error was not material to the previously filed financial statements. |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Standards | New Accounting Standards On November 20, 2015, the FASB issued Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17). ASU 2015-17 requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those years; early adoption is permitted as of the beginning of an interim or annual reporting period. U. S. Steel early adopted ASU 2015-17 in the fourth quarter of 2015 using the retrospective approach for all periods presented. As of December 31, 2014, the early adoption of ASU 2015-17 resulted in a reduction of current deferred income tax benefits of $602 million , an increase of $301 million in noncurrent deferred income tax benefits, and a reduction of noncurrent deferred income tax liabilities of $301 million in the Consolidated Balance Sheet. See Income Taxes at Note 10 for further information concerning the adoption of ASU 2015-17. On September 25, 2015, the FASB issued Accounting Standards Update 2015-16, S implifying the Accounting for Measurement-Period Adjustments (ASU 2015-16) . ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments for entities that have recorded provisional amounts for items in a business combination and requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 should be applied prospectively to measurement period adjustments that occur after the effective date. ASU 2015-16 is effective for public business entities in fiscal years beginning after December 15, 2015, including interim periods within those years; early adoption is permitted. U. S. Steel does not expect any financial statement impact relating to the adoption of this ASU. 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 but does not expect a material financial statement impact relating to the adoption of this ASU. 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. On August 16, 2015, the FASB issued ASU 2015-15 to clarify the SEC staff's position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements given the lack of guidance on this topic in ASU 2015-03. U. S. Steel is evaluating the financial statement implications of adopting ASU 2015-03. On August 27, 2014, the Financial Accounting Standards Board (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. Currently, there is 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 beginning after December 15, 2016; early application is permitted. U. S. Steel is still evaluating the financial statement disclosure 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 August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date (ASU 2015-14). ASU 2015-14 defers the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period, and only permits entities to adopt the standard one year earlier as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. U. S. Steel is evaluating the financial statement implications of adopting ASU 2014-09 but does not expect a material financial statement impact relating to the adoption of this ASU. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information U. S. Steel has three reportable segments: Flat-Rolled Products (Flat-Rolled), 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 includes the operating results of U. S. Steel’s integrated steel plants and equity investees in the United States involved in the production of slabs, rounds, strip mill plates, sheets and tin mill products, as well as all iron ore and coke production facilities in the United States. These operations primarily serve North American customers in the service center, conversion, transportation (including automotive), construction, container, and appliance and electrical markets. Flat-Rolled also supplies steel rounds and hot-rolled bands to Tubular. In the third quarter of 2015, the blast furnace and associated steelmaking operations, along with most of the flat-rolled finishing operations at Fairfield Works were shutdown. Therefore, Flat-Rolled is currently not supplying rounds to Tubular. 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 the CCAA filing are treated as related party transactions. Effective January 1, 2015, the Flat-Rolled segment was realigned to better serve customer needs through the creation of five commercial entities to specifically address customers in the automotive, consumer, which includes the packaging, appliance and construction industries, industrial, service center and mining market sectors. Beginning January 1, 2016, the Flat-Rolled segment was further streamlined and consolidated to consist of three commercial entities: automotive, consumer and the combined industrial, service center and mining commercial entities. This realignment will not affect the Company's reportable segments. The USSE segment includes the operating results of U. S. Steel Košice (USSK), U. S. Steel’s integrated steel plant and coke production facilities in Slovakia. USSE primarily serves customers in the European construction, service center, conversion, container, transportation (including automotive), appliance and electrical, and oil, gas and petrochemical markets. USSE produces and sells slabs, sheet, strip mill plate, tin mill products and spiral welded pipe, as well as heating radiators and refractory ceramic materials. The Tubular segment includes the operating results of U. S. Steel’s tubular production facilities, primarily in the United States, and equity investees in the United States and Brazil. These operations produce and sell seamless and electric resistance welded (ERW) steel casing and tubing (commonly known as oil country tubular goods or OCTG), standard and line pipe and mechanical tubing and primarily serve customers in the oil, gas and petrochemical markets. The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measure being earnings (loss) before interest and income taxes (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 was based on cost. In the third quarter of 2015, the blast furnace and associated steelmaking operations, along with most of the flat-rolled finishing operations at Fairfield Works were shutdown. Therefore, Flat-Rolled is currently not supplying rounds to Tubular. 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 are as follows: (In millions) Customer Intersegment Net Earnings EBIT Depreciation, Capital 2015 Flat-Rolled $ 8,293 $ 268 $ 8,561 $ 49 $ (237 ) $ 392 $ 280 USSE 2,323 3 2,326 — 81 81 110 Tubular 898 — 898 11 (179 ) 64 102 Total reportable segments 11,514 271 11,785 60 (335 ) 537 492 Other Businesses 60 105 165 (22 ) 33 10 8 Reconciling Items and Eliminations — (376 ) (376 ) — (900 ) — — Total $ 11,574 $ — $ 11,574 $ 38 $ (1,202 ) $ 547 $ 500 2014 Flat-Rolled $ 11,708 $ 1,187 $ 12,895 $ 134 $ 709 $ 457 $ 322 USSE 2,891 45 2,936 — 133 95 74 Tubular 2,772 2 2,774 11 261 66 76 Total reportable segments 17,371 1,234 18,605 145 1,103 618 472 Other Businesses 136 133 269 (3 ) 82 9 8 Reconciling Items and Eliminations — (1,367 ) (1,367 ) — (772 ) — — Total $ 17,507 $ — $ 17,507 $ 142 $ 413 $ 627 $ 480 2013 Flat-Rolled $ 11,572 $ 1,258 $ 12,830 $ 69 $ 105 $ 512 $ 340 USSE 2,941 3 2,944 — 28 95 40 Tubular 2,772 5 2,777 (25 ) 190 62 69 Total reportable segments 17,285 1,266 18,551 44 323 669 449 Other Businesses 139 134 273 (4 ) 77 15 19 Reconciling Items and Eliminations — (1,400 ) (1,400 ) — (2,300 ) — — Total $ 17,424 $ — $ 17,424 $ 40 $ (1,900 ) $ 684 $ 468 The following is a schedule of reconciling items to income (loss) from operations: (In millions) 2015 2014 2013 Items not allocated to segments: Postretirement benefit expense (a) $ (43 ) $ (114 ) $ (221 ) Other items not allocated to segments: Losses associated with U. S. Steel Canada Inc. (Notes 4 and 5) (392 ) (416 ) — Loss on shutdown of coke production facilities (b) (153 ) — — Granite City Works temporary idling charges (99 ) — — Loss on shutdown of Fairfield Flat-Rolled Operations (b)(c) (91 ) — — Restructuring and other charges (Note 24) (b) (78 ) — (248 ) Postemployment benefit actuarial adjustment (26 ) — — Impairment of equity investment (Note 11) (18 ) — — Impairment of carbon alloy facilities (Note 24) (b) — (195 ) — Litigation reserves (Note 25) — (70 ) — Write-off of pre-engineering costs at Keetac (Note 24) (b) — (37 ) — Loss on assets held for sale (Note 24) (b) — (14 ) — Gain on sale of real estate assets (d) — 55 — Curtailment gain ( Note 17 ) — 19 — Impairment of goodwill (Note 13) — — (1,806 ) Environmental remediation charge — — (32 ) Write-off of equity investment (Note 11) — — (16 ) Supplier contract dispute settlement — — 23 Total other items not allocated to segments $ (857 ) $ (658 ) $ (2,079 ) Total reconciling items $ (900 ) $ (772 ) $ (2,300 ) (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 Statement of Operations. See Note 24 to the Consolidated Financial Statements. (c) Fairfield Flat-Rolled Operations includes the blast furnace and associated steelmaking operations, along with most of the flat-rolled finishing operations at Fairfield Works. The slab and rounds casters remain operational and the #5 coating line continues to operate. (d) Gain on sale of surface rights and mineral royalty revenue streams in the state of Alabama. Net Sales by Product: The following summarizes net sales by product: (In millions) 2015 2014 2013 Flat-Rolled $ 10,047 $ 13,533 $ 13,508 Tubular 929 2,818 2,826 Other (a) 598 1,156 1,090 Total $ 11,574 $ 17,507 $ 17,424 (a) Primarily includes sales of steel production by-products, railroad services and real estate operations. Geographic Area: The information below summarizes net sales, property, plant and equipment and equity method investments based on the location of the operating segment to which they relate. (In millions) Year Net Assets North America 2015 $ 9,251 $ 4,057 (a) 2014 14,616 4,180 (a) 2013 14,484 5,425 (a) Europe 2015 2,323 832 2014 2,891 890 2013 2,940 1,022 Other Foreign Countries 2015 — 24 2014 — 36 2013 — 33 Total 2015 11,574 4,913 2014 17,507 5,106 2013 $ 17,424 $ 6,480 (a) Assets with a book value of $4,047 million , $4,172 million and $4,443 million were located in the United States at December 31, 2015 , 2014 and 2013 , respectively. |
U. S. Steel Canada Deconsolidat
U. S. Steel Canada Deconsolidation (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Deconsolidation of Subsidiary [Abstract] | |
Deconsolidation of Subsidiary [Text Block] | Deconsolidation of U. S. Steel Canada and other charges Restructuring and Creditor Protection 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 grants USSC creditor protection while it formulates a plan of restructuring. To assist USSC with its plan of restructuring, the Court confirmed the engagement by USSC of a chief restructuring officer, the appointment of a monitor and certain other financial advisors. As of the date of the CCAA filing, any proceedings pending against USSC, or currently underway affecting USSC’s business operations or property, have been stayed pending further order by the Court. 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. This resulted in a pretax loss on deconsolidation and other charges of $416 million , which includes approximately $20 million of professional fees in 2014. The pretax loss on deconsolidation includes the derecognition of the carrying amounts of USSC's assets and liabilities and accumulated other comprehensive loss that were previously consolidated in U. S. Steel's Consolidated Balance Sheet and the impact of recording the retained interest in USSC. Subsequent to the deconsolidation, U. S. Steel accounts for USSC using the cost method of accounting, which has been reflected as zero in U. S. Steel’s Consolidated Balance Sheet as of both December 31, 2015 and December 31, 2014, due to the negative equity associated with USSC’s underlying financial position. Net assets totaling $(1,704) million were deconsolidated as of the end of the day on September 15, 2014. USSC’s results of operations have been removed from U. S. Steel’s Consolidated Statement of Operations beginning September 16, 2014. USSC remained a wholly owned subsidiary of U. S. Steel, as of September 30, 2014. Because USSC did not meet the requirements of a discontinued operation, USSC’s results of operations continue to be included in our Consolidated Statements of Operations through September 15, 2014. Our Consolidated Statements of Operations include the following amounts for USSC’s results of operations. The amounts presented are before the elimination of USSC transactions with U. S. Steel, presenting USSC as if on a stand-alone basis. (Dollars in millions) Period from January 1, 2014 - September 15, 2014 Year ended December 31, 2013 Total net sales $ 1,508 $ 1,404 Total operating expenses 1,587 2,641 Loss from continuing operations (79 ) (1,237 ) Net interest and other financial costs 121 42 Loss before income taxes (200 ) (1,279 ) Income tax benefit — (142 ) Net loss $ (200 ) $ (1,137 ) Related Party Transactions 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, the loans, associated interest and net trade accounts receivable are now considered third party transactions and have been recognized in U. S. Steel's Consolidated Financial Statements based upon our assessment of the recoverability of their carrying amounts and whether or not the amounts are secured or unsecured. U. S. Steel has estimated a recovery rate based upon the fair value of the net assets of USSC available for distribution to its creditors in relation to the secured and unsecured creditor claims in the CCAA filing. Fair values of the Hamilton Works finishing operations, Hamilton Works coke operations and Lake Erie Works (the USSC Businesses) were used to determine the recoverability of the loans receivable, accrued interest receivable and the net trade accounts receivable using various valuation approaches depending on the type of assets being valued and the highest and best use of those assets. The Hamilton Works finishing operations were valued under a liquidation basis using replacement costs, market comparables, and other recoverability measures as it had negative cash flows on a discounted cash flow basis, while the remainder of the USSC Businesses were valued on a going concern basis. The going concern fair value for the Hamilton Works coke operations and Lake Erie Works was determined based upon an income approach using a discounted cash flow (DCF) analysis, discounted at an appropriate risk-adjusted rate. The amount and timing of future cash flows within the DCF analysis and the liquidation basis were based on the following inputs within the fair value framework prescribed by ASC Topic 820, Fair Value Measurements , in the table below. Level 2 Other Observable Inputs Level 3 Other Unobservable Inputs Market Participant Weighted Average Cost of Capital (1) Recent Operating Budgets Perpetual Growth Rate (2) Long Range Strategic Plans Market Comparables Estimated Shipments Replacement Cost Projected Raw Material Costs Projected Margins Recoverability Measures (1) Ranged from 15.54% - 18.31% (2) Set at approximately 2% Actual results may differ from those assumed in U. S. Steel’s forecasts for the USSC Businesses. The total fair values associated with the underlying net assets of the USSC Businesses were then compared to the estimated outstanding creditor claims, both secured and unsecured, to determine the expected recoverability. This resulted in a fair value of the retained interest in the intercompany loans, interest receivable and trade accounts receivable of $434 million , net of an allowance for doubtful accounts of $1,435 million as of September 16, 2014, which has been reflected as a component of the loss on deconsolidation of USSC and other charges in the Consolidated Statements of Operations. For updates to U. S. Steel's retained interest in USSC, see USSC Retained Interest and Other Related Charges at Note 5. For further information regarding USSC’s related party transactions with U. S. Steel subsequent to the date of deconsolidation, see Transactions with Related Parties at Note 22. |
USSC Retained Interest and Othe
USSC Retained Interest and Other Related Charges (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
USSC Retained Interest and Other Related Charges [Abstract] | |
USSC Retained Interest and Other Related Charges Disclosure | USSC Retained Interest and Other Related Charges Subsequent to the CCAA filing, U. S. Steel's management has continued to assess the recoverability of the Company's retained interest in USSC. During 2015, management's estimate of the recoverable retained interest was 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 well as the uncertainty of the ultimate outcome of USSC’s CCAA filing. U. S. Steel’s recoverability involves uncertainties from economic and other events, including changes during the progression of the CCAA proceedings, which are beyond the control of U. S. Steel that could materially impact the recoverability of our retained interest at December 31, 2015. As part of the USSC CCAA restructuring process, U. S. Steel and USSC, entered into a mutually agreed upon, court approved, transition arrangement (the transition plan) that provides for certain services to be provided by the Company to support USSC's continued operations as part of an orderly severance of the parties relationship. Additionally, the Court approved USSC's business preservation plan designed to conserve its liquidity. The transition plan requires U. S. Steel to continue to provide shared services to USSC for up to 24 months from October 9, 2015 (the date of the transition plan), transitions U. S. Steel away from providing any technical and engineering services associated with product development or sales with USSC. In addition, U. S. Steel will not be supporting any quality claims made against USSC. Further, unless mutually agreed to, U. S. Steel will not be generating any sales orders on behalf of USSC and will fulfill its production orders with its U.S. based operating facilities. Under the transition plan, U. S. Steel provided USSC with funds for the purpose of making payments for pension contributions which were due under the pension plan funding agreement that Stelco, now USSC, had with the Superintendent of Financial Services of Ontario that covers USSC’s four main pension plans (the Stelco Agreement) between September 1, 2015 and December 31, 2015. This funding requirement was satisfied as of December 31, 2015. The write-down of the retained interest, Stelco funding charge and other related charges were the components of the Losses associated with U. S. Steel Canada, Inc. in the Consolidated Statement of Operations. |
Acquisition (Notes)
Acquisition (Notes) | 12 Months Ended |
Dec. 31, 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 Statements 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 immaterial. The amount of revenue recognized in the Consolidated Statements of Operations as a result of the acquisition was not significant to the year ended December 31, 2015 . |
Net Interest and Other Financia
Net Interest and Other Financial Costs (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Net Interest and Other Financial Costs | Net Interest and Other Financial Costs (In millions) 2015 2014 2013 Interest income: Interest income $ (3 ) $ (12 ) $ (3 ) Interest expense and other financial costs: Interest incurred (a) 228 248 285 Less interest capitalized 14 14 19 Total interest expense 214 234 266 Loss on debt extinguishment (b) 36 — — Foreign currency net (gain) loss (c) (15 ) (1 ) 11 Financial costs on: Sale of receivables 2 3 3 Amended Credit Agreement 4 4 4 USSK credit facilities 3 3 3 Other (d) 5 — 28 Amortization of discounts and deferred financing costs 11 12 20 Total other financial costs 10 21 69 Net interest and other financial costs $ 257 $ 243 $ 332 (a) Includes a pretax charge of $34 million during 2013 related to premiums on the repurchase of $542 million of our 4.00% Senior Convertible Notes due May 15, 2014 (2014 Senior Convertible Notes). (b) Represents a pretax charge of $36 million during 2015 related to the retirement of our 2019 Senior Convertible Notes. (c) The functional currency for USSE is the euro and the functional currency for USSC is the Canadian dollar. Foreign currency net loss is a result of transactions denominated in currencies other than the euro or Canadian dollar, prior to USSC's CCAA filing on September 16, 2014. Additionally, for 2014 and 2013, foreign currency net loss includes the impacts of the remeasurement of a U.S. dollar-denominated intercompany loan to a European subsidiary and the impacts of euro-U.S. dollar derivatives activity. (d) Consists primarily of a charge of $22 million in 2013 related to a guarantee of an unconsolidated equity investment. |
Earnings and Dividends Per Comm
Earnings and Dividends Per Common Share (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings and Dividends Per Common Share | Earnings and Dividends Per Common Share Earnings (Loss) per Share Attributable to United States Steel Corporation Shareholders Basic earnings (loss) per common share is based on the weighted average number of common shares outstanding during the period. Diluted earnings (loss) 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. Prior to their extinguishment, the “treasury stock” method was used to calculate the dilutive effect of the Senior Convertible Notes due in 2019 (2019 Senior Convertible Notes) based upon our intent and policy at the time of issuance to settle the principal amount of the 2019 Senior Convertible Notes in cash if they were converted. 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 (loss) per common share from continuing operations are as follows: (Dollars in millions, except per share amounts) 2015 2014 2013 Net (loss) earnings attributable to United States Steel Corporation shareholders $ (1,642 ) $ 102 $ (1,645 ) Plus income effect of assumed conversion-interest on convertible notes — 3 — Net (loss) earnings after assumed conversion $ (1,642 ) $ 105 $ (1,645 ) Weighted-average shares outstanding (in thousands): Basic 146,094 145,164 144,578 Effect of convertible notes — 5,670 — Effect of stock options, restricted stock units and performance awards — 1,269 — Adjusted weighted-average shares outstanding, diluted 146,094 152,103 144,578 Basic (loss) earnings per common share $ (11.24 ) $ 0.71 $ (11.37 ) Diluted (loss) earnings per common share $ (11.24 ) $ 0.69 $ (11.37 ) The following table summarizes the securities that were antidilutive, and therefore, were not included in the computation of diluted earnings (loss) per common share: (In thousands) 2015 2014 2013 Securities granted under the 2005 Stock Incentive Plan 8,298 3,223 7,039 Securities convertible under the Senior Convertible Notes — — 14,017 (a) Total 8,298 3,223 21,056 (a) On March 27, 2013, we repurchased approximately $542 million aggregate principal amount of our 2014 Senior Convertible Notes. If the repurchases had occurred on January 1, 2013, the antidilutive securities would have been 10,058 thousand for the year ended December 31, 2013. Dividends Paid per Share Quarterly dividends on common stock were five cent s per share for each quarter in 2015 , 2014 and 2013 . |
Inventories (Notes)
Inventories (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories (In millions) December 31, 2015 December 31, 2014 Raw materials $ 766 $ 801 Semi-finished products 841 1,053 Finished products 392 563 Supplies and sundry items 75 79 Total $ 2,074 $ 2,496 Current acquisition costs were estimated to exceed the above inventory values at December 31 by $900 million in 2015 and $1.0 billion in 2014 . Cost of sales decreased and EBIT increased by $9 million and $3 million in 2015 and 2014 , respectively, as a result of liquidations of LIFO inventories. Cost of sales increased and EBIT decreased by $9 million in 2013 as a result of liquidations of LIFO inventories. Inventory includes $64 million and $69 million of land held for residential/commercial development as of December 31, 2015 and 2014 , respectively. From time to time, U. S. Steel enters into coke swap agreements designed to reduce transportation costs. U. S. Steel shipped approximately 645,000 tons and received approximately 920,000 tons during 2015 . U. S. Steel shipped and received approximately 965,000 tons of coke under swap agreements during 2014 . U. S. Steel also has entered into iron ore pellet swap agreements. U. S. Steel had no iron ore pellet swaps during 2015 . U. S. Steel shipped and received approximately 651,000 tons of iron ore pellets during 2014 . The coke and iron ore pellet swaps are recorded at cost as nonmonetary transactions. There was no income statement impact related to these swaps. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision (benefit) for income taxes 2015 2014 2013 (In millions) Current Deferred Total Current Deferred Total Current Deferred Total Federal $ (29 ) $ 168 $ 139 $ — $ 80 $ 80 $ (210 ) $ (194 ) $ (404 ) State and local (5 ) 33 28 (9 ) (29 ) (38 ) 8 (50 ) (42 ) Foreign 4 12 16 1 25 26 1 (142 ) (141 ) Total $ (30 ) $ 213 $ 183 $ (8 ) $ 76 $ 68 $ (201 ) $ (386 ) $ (587 ) A reconciliation of the federal statutory tax rate of 35 percent to total provision (benefit) follows: (In millions) 2015 2014 2013 Statutory rate applied to income (loss) before income taxes $ (511 ) $ 59 $ (781 ) Valuation allowance 804 — — Excess percentage depletion (49 ) (99 ) (94 ) State and local income taxes after federal income tax effects (42 ) (25 ) (27 ) Adjustments of prior years’ federal income taxes (23 ) (10 ) 9 Tax credits (7 ) (4 ) (3 ) Effects of foreign operations 5 25 467 Loss on deconsolidation of USSC — 116 — Worthless stock loss and bad debt deduction — — (444 ) Goodwill impairment — — 410 Tax accounting benefit related to increase in OCI — — (142 ) Deduction for domestic production activities — — 12 Other 6 6 6 Total provision (benefit) $ 183 $ 68 $ (587 ) The tax provision (benefit) differs from the domestic statutory rate of 35 percent as a result of the items listed above. In particular, it does not reflect any tax benefits in the U.S. as a valuation allowance was recorded against the net domestic deferred tax asset (excluding a deferred tax liability related to an asset with an indefinite life). Included in the 2015 tax provision is a tax benefit of $31 million relating to adjustments to tax reserves related to the conclusion of certain audits. For 2014, the tax provision does not reflect any tax benefit for pretax losses in Canada, which was deconsolidated as of the end of the day on September 15, 2014, as this is a jurisdiction where we had recorded a full valuation allowance on deferred tax assets. Included in the 2014 tax provision is a benefit of $32 million related to the loss on deconsolidation of USSC and other charges. The tax benefit for 2013 also differs from the domestic statutory rate of 35 percent due to tax accounting impacts related to items reported in other comprehensive income. U. S. Steel made an election for U.S. income tax purposes, effective December 31, 2013, to liquidate a foreign subsidiary that holds most of our international operations. The election allowed us to take a worthless stock loss and bad debt deduction in our 2013 U.S. income tax return for the excess of our investment in the subsidiary over the value of its assets. As a result, the Company recorded a tax benefit of $419 million in 2013. The election to liquidate the foreign subsidiary for U.S. income tax purposes results in USSK’s income being subject to U.S. income taxes, less any applicable credit for Slovak income taxes paid, effective December 31, 2013. For 2013, there was essentially no tax benefit recorded on the $1.8 billion goodwill impairment charge. Included in the 2013 tax benefit is a benefit of $13 million to adjust state deferred taxes. In addition, the 2013 adjustment of prior years' federal income taxes included a charge of approximately $19 million to adjust deferred taxes for prior years' differences between the financial statement carrying amounts of assets and liabilities and their tax bases for U.S. federal income tax purposes. Income tax receivable During 2014, U. S. Steel received $176 million representing the majority of its expected federal income tax refund related to the carryback of our 2013 net operating loss to prior years which was recorded as an income tax receivable of $185 million at December 31, 2013. Unrecognized tax benefits Unrecognized tax benefits are the differences between a tax position taken, or expected to be taken, in a tax return and the benefit recognized for accounting purposes pursuant to the guidance in ASC Topic 740 on income taxes. The total amount of unrecognized tax benefits was $74 million , $112 million and $127 million as of December 31, 2015 , 2014 and 2013 , respectively. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $74 million as of December 31, 2015 . U. S. Steel records interest related to uncertain tax positions as a part of net interest and other financial costs in the Consolidated Statements of Operations. Any penalties are recognized as part of selling, general and administrative expenses. U. S. Steel had accrued liabilities of $1 million for interest related to unrecognized tax benefits as of December 31, 2015 and $7 million as of both December 31, 2014 and 2013 . U. S. Steel currently does not have a liability for tax penalties. A tabular reconciliation of unrecognized tax benefits follows: (In millions) 2015 2014 2013 Unrecognized tax benefits, beginning of year $ 112 $ 127 $ 85 Increases – tax positions taken in prior years — — 1 Decreases – tax positions taken in prior years (5 ) (7 ) (6 ) Increases – current tax positions — 1 70 Settlements (26 ) — — Lapse of statute of limitations (7 ) (9 ) (23 ) Unrecognized tax benefits, end of year $ 74 $ 112 $ 127 It is reasonably expected that during the next 12 months unrecognized tax benefits related to income tax issues will decrease by an immaterial amount. Tax years subject to examination Below is a summary of the tax years open to examination by major tax jurisdiction: U.S. Federal – 2011 and forward U.S. States – 2009 and forward Slovakia – 2005 and forward Status of Internal Revenue Service (IRS) examinations The IRS completed its audit of U. S. Steel’s 2010 and 2011 tax returns in 2014, and the audit report was agreed to by the Company, and was approved by the Congressional Joint Committee on Taxation in the first quarter of 2015. The IRS audit of U. S. Steel's 2012 and 2013 tax returns began in 2015 and is ongoing. Taxes on foreign income Pretax loss for 2015 includes domestic losses of $1,193 million and losses attributable to foreign sources of $266 million . Pretax earnings and loss for 2014 and 2013 includes domestic income of $440 million and domestic loss of $899 million , respectively, and losses attributable to foreign sources of $270 million and $1,333 million , respectively. At the end of 2015 , U. S. Steel does not have any undistributed foreign earnings and profits for which U.S. deferred taxes have not been provided, compared to less than $10 million at the end of 2014 . Deferred taxes Deferred tax assets and liabilities resulted from the following: December 31, (In millions) 2015 2014 Deferred tax assets: Federal tax loss carryforwards (expiring in 2033 through 2035) $ 466 $ 293 State tax credit carryforwards (expiring in 2018 through 2029) 11 11 State tax loss carryforwards (expiring in 2016 through 2035) 60 41 Minimum tax credit carryforwards 128 123 General business credit carryforwards (expiring in 2025 through 2035) 77 75 Foreign tax loss and credit carryforwards (expiring in 2017 through 2034) 16 16 Employee benefits 623 745 Receivables, payables and debt 33 59 Expected federal benefit for deducting state deferred income taxes 2 22 Inventory 123 20 Contingencies and accrued liabilities 95 114 Investments in subsidiaries and equity investees 259 57 Valuation allowance (808 ) (5 ) Total deferred tax assets 1,085 1,571 Deferred tax liabilities: Property, plant and equipment 1,035 1,117 Future reduction of foreign tax credits 6 18 Indefinite-lived intangible assets 29 29 Other temporary differences 29 60 Total deferred tax liabilities 1,099 1,224 Net deferred tax (liability) asset $ (14 ) $ 347 U. S. Steel recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The realization of deferred tax assets is assessed quarterly based on several interrelated factors. These factors include U. S. Steel’s expectation to generate sufficient future taxable income and the projected time period over which these deferred tax assets will be realized. Each quarter U. S. Steel analyzes the likelihood that our deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. At December 31, 2015 , we identified the following forms of negative evidence concerning U. S. Steel's ability to use some or all of its domestic deferred tax assets: • U. S. Steel's domestic operations generated significant losses in recent years and there is uncertainty regarding the Company's ability to generate domestic income in the near term, • some of our domestic deferred tax assets are carryforwards, which have expiration dates, and • the global steel industry is experiencing overcapacity, which is driving adverse economic conditions, including depressed selling prices for steel products and increased foreign steel imports into the U.S. Most positive evidence can be categorized into one of the four sources of taxable income sequentially. These are (from least to most subjective): • taxable income in prior carryback years, if carryback is permitted • future reversal of existing taxable temporary differences • tax planning strategies, and • future taxable income exclusive of reversing temporary differences and carryforwards U. S. Steel utilized all available carrybacks, and therefore, our analysis at December 31, 2015 focused on the other sources of taxable income. Our projection of the reversal of our existing temporary differences generated significant taxable income. This source of taxable income, however, was not sufficient to project full utilization of U. S. Steel’s domestic deferred tax assets. To assess the realizability of the remaining domestic deferred tax assets, U. S. Steel analyzed its prudent and feasible tax planning strategies. After considering the income projected to be generated from such prudent and feasible tax planning strategies, U. S. Steel determined that it does not expect to realize the benefits of its net domestic deferred tax assets due to uncertainty regarding our ability to generate domestic income in the near term. As a result, a valuation allowance of $804 million was recorded against our entire net domestic deferred tax asset (excluding a deferred tax liability related to an asset with an indefinite life). U. S. Steel will continue to monitor the realizability of its deferred tax assets on a quarterly basis. In the future, if we determine that realization is more likely than not for deferred tax assets with a valuation allowance, the related valuation allowance will be reduced, and we will record a non-cash benefit to earnings. At December 31, 2015 , the net domestic deferred tax liability was $29 million , while there was a net domestic deferred tax asset of $318 million at December 31, 2014 . At December 31, 2015 and 2014 , the net foreign deferred tax asset was $15 million and $29 million , respectively, net of established valuation allowances of $4 million and $5 million , respectively. The net foreign deferred tax asset will fluctuate as the value of the U.S. dollar changes with respect to the euro. |
Investments and Long-Term Recei
Investments and Long-Term Receivables (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments and Long-Term Receivables | Investments and Long-Term Receivables December 31, (In millions) 2015 2014 Equity method investments $ 502 $ 532 Receivables due after one year, less allowance of $7 and $8 33 39 Other 5 6 Total $ 540 $ 577 Summarized financial information of all investees accounted for by the equity method of accounting is as follows (amounts represent 100% of investee financial information): (In millions) 2015 2014 2013 Income data – year ended December 31: Net Sales $ 3,176 $ 3,794 $ 3,735 Operating income 529 584 449 Net income 491 545 413 Balance sheet date – December 31: Current Assets $ 732 $ 886 Noncurrent Assets 988 1,694 Current liabilities 485 642 Noncurrent Liabilities 490 722 U. S. Steel's portion of the equity in net income for its equity investments as reported in the income from investees line on the Consolidated Statements of Operations was $38 million , $142 million and $40 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Financial information for equity method investees that were significant to our results for the year ended December 31, 2014 is as follows: (Dollars in millions) PRO-TEC Coating Company Tilden Mining Company, L.C. Others Total Net Sales $ 1,271 $ 1,209 $ 1,314 $ 3,794 Operating income 69 450 65 584 Net income 50 451 44 545 Percentage of ownership in equity investees 50 % 15 % 5% - 50% Equity in net income of affiliated companies, before consolidating and reconciling adjustments $ 25 $ 68 $ 39 $ 132 Consolidation and reconciling adjustments: Intercompany profit elimination — (9 ) — (9 ) Write-down of investment — — — — Basis adjustments 6 (1 ) (11 ) (6 ) Other 7 20 (2 ) 25 Equity in net income of affiliated companies $ 38 $ 78 $ 26 $ 142 Investees accounted for using the equity method include: Investee Country December 31, 2015 Acero Prime, S. R. L. de CV Mexico 40 % Apolo Tubulars S.A. Brazil 50 % Chrome Deposit Corporation United States 50 % Daniel Ross Bridge, LLC United States 50 % Double G Coatings Company L.P. United States 50 % Feralloy Processing Company United States 49 % Hibbing Development Company United States 24.1 % Hibbing Taconite Company (a) United States 14.7 % Leeds Retail Center, LLC United States 35.6 % Patriot Premium Threading Services United States 50 % PRO-TEC Coating Company United States 50 % Strategic Investment Fund Partners II (b) United States 5.2 % Swan Point Development Company, Inc. United States 50 % Tilden Mining Company, L.C. (c) United States 15 % USS-POSCO Industries United States 50 % Worthington Specialty Processing United States 49 % (a) Hibbing Taconite Company (HTC) is an unincorporated joint venture that is owned, in part, by Hibbing Development Company (HDC), which is accounted for using the equity method. Through HDC we are able to influence the activities of HTC, and as such, its activities are accounted for using the equity method. (b) Strategic Investment Fund Partners I and II are limited partnerships and in accordance with ASC Topic 323, the financial activities are accounted for using the equity method. (c) Tilden Mining Company, L.C. is a limited liability company and in accordance with ASC Topic 323 “Partnerships and Unincorporated Joint Ventures,” (ASC Topic 323) its financial activities are accounted for using the equity method. Dividends and partnership distributions received from equity investees were $10 million in 2015 , $8 million in 2014 and $13 million in 2013 . During 2015, U. S. Steel recognized a non-cash other than temporary impairment charge of approximately $18 million for one of its equity investees, which has been recognized as a component of earnings from investees in the Consolidated Statements of Operations. During 2013, U. S. Steel recognized a non-cash charge of $16 million to write its investment in United Spiral Pipe, LLC (USP) down to zero , recorded a $6 million non-cash charge to write-off an interest receivable due from USP and recorded a liability for a guarantee of approximately $22 million for USP's bank debt. During 2014, the liability for USP's bank debt increased to $24 million , which was subsequently paid by the Company. On February 2, 2015, the pipe making assets of USP were sold to a third party. We supply substrate to certain of our equity method investees and from time to time will extend the payment terms for their trade receivables. For discussion of transactions and related receivable and payable balances between U. S. Steel and its investees, see Note 22. |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment December 31, (In millions) Useful Lives 2015 2014 Land and depletable property — $ 198 $ 196 Buildings 35 years 1,036 1,101 Machinery and equipment 1-22 years 12,220 13,072 Information technology 5-6 years 763 734 Assets under capital lease 5-15 years 36 36 Total 14,253 15,139 Less accumulated depreciation and depletion 9,842 10,565 Net $ 4,411 $ 4,574 Amounts in accumulated depreciation and depletion for assets acquired under capital leases (including sale-leasebacks accounted for as financings) were $14 million and $7 million at December 31, 2015 and 2014 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the cost over the fair value of acquired identifiable tangible and intangible assets and liabilities assumed from businesses acquired. Goodwill is tested for impairment at the reporting unit level annually in the third quarter and whenever events or circumstances indicate the carrying value may not be recoverable. The evaluation of goodwill impairment involves using either a qualitative or quantitative approach as outlined in ASC Topic 350, Intangibles - Goodwill and Other . U. S. Steel completed its annual goodwill impairment evaluation using the two-step quantitative analysis during the third quarter of 2013. We had two reporting units that included nearly all of our goodwill: our Flat-Rolled reporting unit and our Texas Operations reporting unit, which is part of our Tubular operating segment. The results of the second step of the analysis showed the implied fair value of goodwill was zero for both of our reporting units and therefore, in 2013, U. S. Steel recorded a goodwill impairment charge of $969 million and $837 million for the Flat-Rolled reporting unit and the Texas Operations reporting unit, respectively. Goodwill on our Consolidated Balance Sheet at December 31, 2015 is $7 million and is included as a component of other noncurrent assets. Amortizable intangible assets are amortized on a straight-line basis over their estimated useful lives and are detailed below: As of December 31, 2015 As of December 31, 2014 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 22-23 Years $ 132 $ 52 $ 80 $ 132 $ 46 $ 86 Other 2-20 Years 17 8 9 23 13 10 Total amortizable intangible assets $ 149 $ 60 $ 89 $ 155 $ 59 $ 96 The carrying amount of acquired water rights with indefinite lives as of December 31, 2015 and December 31, 2014 totaled $75 million . The water rights are tested for impairment annually in the third quarter, or whenever events or circumstances indicate that the carrying value may not be recoverable. U. S. Steel performed a quantitative impairment evaluation of its water rights in 2015, which indicated that they were not impaired. 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 will be reassessed each quarter. The maximum potential liability for contingent consideration is $53 million . As of December 31, 2015 , U. S. Steel has recorded a liability of $20 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 weighted average cost of capital derived from market data. These indefinite-lived intangible assets are tested for impairment annually in the third quarter, or whenever events or circumstances indicate that the carrying value may not be recoverable. U. S. Steel performed a quantitative impairment evaluation of these assets in 2015, which indicated that they were not impaired. Identifiable intangible assets with finite lives are reviewed for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. During the fourth quarter of 2015, U. S. Steel completed a review of certain of its identifiable intangible assets with finite lives and determined that the assets were not impaired. Amortization expense was $7 million for all three years ended December 31, 2015 , 2014 and 2013 . The estimated future amortization expense of identifiable intangible assets during the next five years is $7 million in each year from 2016 to 2020. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans On April 26, 2005 , U. S. Steel’s stockholders approved the 2005 Stock Incentive Plan (2005 Stock Plan). The aggregate number of shares of U. S. Steel common stock that may be issued through April 26, 2020 under the 2005 Stock Plan is 21,250,000 shares, of which 2,923,291 shares are available as of December 31, 2015 for future grants. Generally, a share issued under the Plan pursuant to an award other than a stock option will reduce the number of shares available under the Stock Plan by 1.64 shares. The purposes of the 2005 Stock Plan are to attract, retain and motivate employees and non-employee directors of outstanding ability, and to align their interests with those of the stockholders of U. S. Steel. The Compensation & Organization Committee of the Board of Directors administers the plan pursuant to which they may make grants of stock options, restricted stock, restricted stock units (RSUs), performance awards, and other stock-based awards. Also, shares related to awards (i) that are forfeited, (ii) that terminate without shares having been issued or (iii) for which payment is made in cash or property other than shares are again available for awards under the plan; provided, however, that shares delivered to U. S. Steel or withheld for purposes of satisfying the exercise price or tax withholding obligations shall not be available for awards again. The following table summarizes the total stock-based compensation awards granted during the years 2015 , 2014 and 2013 : Executive Stock Options Non-executive Stock Restricted Stock Units TSR Performance Awards ROCE Performance Awards 2015 Grants 493,430 1,145,110 807,432 273,560 — 2014 Grants 461,960 1,054,480 746,430 282,770 262,800 2013 Grants 838,610 971,860 1,043,420 271,960 — Stock-based compensation expense The following table summarizes the total compensation expense recognized for stock-based compensation awards: (In millions, except per share amounts) Year Ended Year Ended Year Ended Stock-based compensation expense recognized: Cost of sales $ 14 $ 12 $ 10 Selling, general and administrative expenses 23 23 23 Total 37 35 33 Related deferred income tax benefit 13 12 12 Decrease in net income $ 24 $ 23 $ 21 Decrease in basic earnings per share 0.16 0.15 0.14 Decrease in diluted earnings per share 0.16 0.15 0.14 As of December 31, 2015 , total future compensation cost related to nonvested stock-based compensation arrangements was $32 million , and the average period over which this cost is expected to be recognized is approximately 11 months . Stock options Compensation expense for stock options is recorded over the vesting period based on the fair value on the date of grant, as calculated by U. S. Steel using the Black-Scholes model and the assumptions listed below. The 2015 , 2014 and 2013 awards vest ratably over a three -year service period and have a term of ten years . Stock options are generally issued at the market price of the underlying stock on the date of the grant. The 2013 executive grants, however, were issued at the greater of (1) the premium exercise price of $25 or (2) the market price on the grant date. Upon exercise of stock options, shares of U. S. Steel stock are issued from treasury stock. Black-Scholes Assumptions (a) 2015 Grants 2014 Grants 2013 Executive Grants 2013 Non-Executive Grants Grant date price per share of option award $ 24.74 $ 24.30 $ 18.62 $ 18.64 Exercise price per share of option award $ 24.74 $ 24.30 $ 25.03 $ 18.64 Expected annual dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 Expected life in years 5.0 5.0 5.0 5.0 Expected volatility 47 % 49 % 66 % 67 % Risk-free interest rate 1.6 % 1.6 % 1.3 % 1.0 % Average grant date fair value per share of unvested option awards as calculated from above $ 10.02 $ 9.94 $ 8.44 $ 9.70 (a) The assumptions represent a weighted-average for 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. The following table shows a summary of the status and activity of stock options for the year ended December 31, 2015 : Shares Weighted- Weighted- Aggregate Outstanding at January 1, 2015 5,750,989 $ 35.53 Granted 1,638,540 $ 24.74 Exercised (40,322 ) $ 20.61 Forfeited or expired (483,366 ) $ 30.54 Outstanding at December 31, 2015 6,865,841 $ 33.39 6.0 $ — Exercisable at December 31, 2015 4,164,888 $ 39.39 4.4 $ — Exercisable and expected to vest at December 31, 2015 6,535,153 $ 33.86 5.8 $ — The aggregate intrinsic value in the table above represents the total pretax intrinsic value (difference between our closing stock price on the last trading day of 2015 and the exercise price, multiplied by the number of in-the-money options). Intrinsic value changes are a function of the fair market value of our stock. The total intrinsic value of stock options exercised (i.e., the difference between the market price at exercise and the price paid by the employee to exercise the option) was immaterial and $6 million during the years ended December 31, 2015 and December 31, 2014 , respectively, and immaterial during the year ended December 31, 2013 . The total amount of cash received by U. S. Steel from the exercise of options during the year ended December 31, 2015 and December 31, 2014 , was $1 million and $13 million , respectively, and the related net tax benefit realized from the exercise of these options was immaterial. Stock awards Compensation expense for nonvested stock awards is recorded over the vesting period based on the fair value at the date of grant. RSUs generally vest ratably over 3 years . Their fair value is the market price of the underlying common stock on the date of grant. Total shareholder return (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 peer group of companies over the three -year performance period. Performance awards can vest at between zero and 200 percent of the target award. The fair value of the performance awards is calculated using a Monte-Carlo simulation. During the first quarter of 2014, the Committee added return on capital employed (ROCE) as a second performance measure for the 2014 Performance Awards as permitted under the terms of the Plan. ROCE awards granted will be 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 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 will be 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. ROCE performance awards vest at the end of a three -year performance period contingent upon meeting the specified ROCE metric. The fair value of the ROCE performance awards is the average market price of the underlying common stock on the date of grant. In 2015, ROCE awards were granted and will be settled in cash if the ROCE metric is achieved. The following table shows a summary of the performance awards outstanding as of December 31, 2015 , and their fair market value on the respective grant date: Performance Period Fair Value Minimum Target Maximum 2015 - 2018 $ 6 — 251,167 502,334 2014 - 2017 TSR $ 5 — 228,040 456,080 ROCE $ 5 — 212,036 424,072 2013 - 2016 $ 3 — 122,660 245,320 The following table shows a summary of the status and activity of nonvested stock awards for the year ended December 31, 2015 : Restricted TSR Performance (a) ROCE Performance (a) Total Weighted- Nonvested at January 1, 2015 1,456,056 630,530 237,791 2,324,377 $ 22.46 Granted 807,432 273,560 — 1,080,992 24.63 Vested (658,175 ) — — (658,175 ) 21.72 Performance adjustment factor (b) — (209,998 ) — (209,998 ) 25.20 Forfeited or expired (172,744 ) (92,225 ) (25,755 ) (290,724 ) 23.19 Nonvested at December 31, 2015 1,432,569 601,867 212,036 2,246,472 $ 23.37 (a) The number of shares shown for the performance awards is based on the target number of share awards. (b) Consists of adjustments to vested performance awards to reflect actual performance. The adjustments were required since the original grants of the awards were at 100 percent of the targeted amounts. The following table presents information on RSUs and performance awards granted: 2015 2014 2013 Number of awards granted 1,080,992 1,292,000 1,315,380 Weighted-average grant-date fair value per share $ 24.63 $ 23.80 $ 19.20 During the years ended December 31, 2015 , 2014 , and 2013 , the total fair value of shares vested was $14 million , $16 million , and $17 million , respectively. |
Derivative Instruments (Notes)
Derivative Instruments (Notes) | 12 Months Ended |
Dec. 31, 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 Statements 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 December 31, 2015 , U. S. Steel held euro forward sales contracts with a total notional value of approximately $266 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 , 2014 and 2013 , the forward physical purchase contracts for natural gas and nonferrous metals qualified for the normal purchases and normal sales exemption in ASC Topic 815 and were not subject to mark-to-market accounting. The following summarizes the financial statement location and amounts of the fair values related to derivatives included in U. S. Steel’s financial statements as of December 31, 2015 and 2014 : Fair Value (In millions) Balance Sheet December 31, 2015 December 31, 2014 Foreign exchange forward contracts Accounts receivable $ 4 $ 31 Foreign exchange forward contracts Accounts payable $ 1 $ — The following summarizes the financial statement location and amounts of the gains and losses related to derivatives included in U. S. Steel’s financial statements for the years ended December 31, 2015 , 2014 and 2013 : Statement of Amount of Gain (In millions) Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Foreign exchange forward contracts Other financial costs $ 39 $ 50 $ (14 ) In accordance with the guidance 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) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt December 31, (In millions) Interest Maturity 2015 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 (a) 2.75 2019 — 316 Environmental Revenue Bonds 5.50 - 6.88 2016 - 2042 490 549 Recovery Zone Facility Bonds 6.75 2040 70 70 Fairfield Caster Lease 2022 30 33 Other capital leases and all other obligations 2019 1 — Third Amended and Restated Credit Agreement Variable 2020 — N/A Amended Credit Agreement Variable N/A N/A — USSK Revolver Variable 2016 — — USSK credit facilities Variable 2016 - 2018 — — Total Debt 3,166 3,543 Less unamortized discount 5 45 Less short-term debt and long-term debt due within one year 45 378 Long-term debt $ 3,116 $ 3,120 (a) As a result of USSC's CCAA filing, the 2019 Senior Convertible Notes were reclassified to current during 2014. 2019 Senior Convertible Notes The CCAA filing by USSC on September 16, 2014 was 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 constituted an event of default under the indenture for the 2019 Senior Convertible Notes that enabled the trustee or the holders of not less than 25 percent of the 2019 Senior Convertible Notes to declare them immediately due and payable. Therefore, the 2019 Senior Convertible Notes had been reclassified from long-term to short-term in our Consolidated Balance Sheet as of December 31, 2014. In the fourth quarter of 2015, we purchased the aggregate $316 million outstanding principal of the 2019 Senior Convertible Notes, at a price of par plus accrued interest to the purchase date. 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 $875 million credit facility agreement (Amended Credit Agreement), and concurrently terminated the Receivables Purchase Agreement. The Third Amended and Restated Credit Agreement increases the amount of the facility to $1.5 billion . As of December 31, 2015, there were no amounts drawn on the Third Amended and Restated Credit Agreement and inventory and trade receivables amounts less specified reserves calculated in accordance with the Third Amended and Restated Credit Agreement supported the full availability of the facility. 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 certain domestic inventory and trade accounts receivable. 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 or $150 million . Since availability was greater than $150 million , compliance with the fixed charge coverage ratio covenant was not required. Based on the most recent four quarters as of December 31, 2015, we would not meet this covenant. If the value of our inventory and trade accounts receivable do not support the full amount of the facility or we are not able to meet this covenant in the future, the amount available to the Company under this facility would be reduced. 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. The Third Amended and Restated Credit Agreement expires in July 2020. As of February 24, 2016, the Company entered into an amendment to the Third Amended and Restated Credit Agreement that updated certain definitions within the Third Amended and Restated Credit Agreement to conform with the definitions of similar terms used in the Corporation’s outstanding indentures. Additionally, the Amendment increases the threshold for incurrence of additional secured debt from 10% to 15% of Consolidated Net Tangible Assets. Amended Credit Agreement As of December 31, 2014, there were no amounts drawn on the Amended Credit Agreement and inventory values calculated in accordance with the Amended Credit Agreement supported the full $875 million of the facility. Receivables Purchase Agreement As of December 31, 2014 , U. S. Steel had a Receivables Purchase Agreement (RPA) under which trade accounts receivable were 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 accessed this facility, USSR sold senior undivided interests in the receivables to third parties, while maintaining a subordinated undivided interest in a portion of the receivables. U. S. Steel agreed to continue servicing the sold receivables at market rates. At December 31, 2014 , eligible accounts receivable supported $625 million of availability under the RPA and there were no receivables sold to third-parties under this facility. The subordinated retained interest was $625 million at December 31, 2014 . Availability under the RPA was $576 million at December 31, 2014 , due to letters of credit outstanding of $49 million . USSR paid the third parties a discount based on the third-parties’ borrowing costs plus incremental fees. We paid $2 million in 2015 and $3 million in 2014 relating to fees on the RPA. These costs are included in other financial costs in the Consolidated Statement of Operations. Generally, the facility provided 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 both 2015 and 2014 , there were no collections reinvested. In connection with the Third Amended and Restated Credit Agreement, the RPA was terminated on July 27, 2015. The eligible accounts receivable and receivables sold to third party conduits are summarized below: (In millions) 2014 Balance of accounts receivable-net, eligible for sale to third-parties $ 1,013 Accounts receivable sold to third-parties — Balance included in Receivables on the balance sheet of U. S. Steel $ 1,013 U. S. Steel Košice ( USSK) credit facilities At both December 31, 2015 and 2014 , USSK had no borrowings under its €200 million (approximately $218 million and $244 million , respectively) unsecured revolving credit facility. The Credit Agreement contains certain USSK financial covenants (as further defined in the 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 Credit Agreement if it does not comply with any of the financial covenants until the next measurement date. The Credit Agreement expires in July 2016. USSK has renegotiated the €200 million unsecured revolving credit facility. See Note 26 to the Consolidated Financial Statements. USSK had a €20 million unsecured revolving credit facility that expired in December 2015 , which was replaced with a €40 million unsecured revolving credit facility that expires in December 2018 . In addition, USSK has a €10 million unsecured credit facility that expires in December 2016 . At December 31, 2015, USSK had no borrowings under its €40 million and €10 million unsecured credit facilities (collectively approximately $55 million ) and the availability was approximately $52 million due to approximately $3 million of customs and other guarantees outstanding. At December 31, 2014, USSK had no borrowings under its €20 million and €10 million unsecured credit facilities (collectively approximately $36 million ) and the availability was approximately $33 million due to approximately $3 million of customs and other guarantees outstanding. Each of these facilities bear interest at the applicable inter-bank offer rate plus a margin and contain customary terms and conditions. USSK is the sole obligor on the facilities and is obligated to pay a commitment fee on the undrawn portion of the facilities. Change in control event If there is a change in control of U. S. Steel, the following may occur: (a) debt obligations totaling $2,575 million as of December 31, 2015 (including the Senior Notes) may be declared due and payable; (b) the Third Amended and Restated Credit Agreement and USSK’s €200 million revolving credit agreement may be terminated and any amounts outstanding declared due and payable; and (c) U. S. Steel may be required to either repurchase the leased Fairfield Works slab caster for $32 million or provide a letter of credit to secure the remaining obligation. Debt Maturities – Aggregate maturities of debt are as follows (in millions): 2016 2017 2018 2019 2020 Later Total $ 45 $ 500 $ 503 $ 59 $ 604 $ 1,455 $ 3,166 |
Pensions and Other Benefits (No
Pensions and Other Benefits (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pensions and Other Benefits | Pensions and Other Benefits U. S. Steel has defined contribution or multi-employer retirement benefits for more than two-thirds of its North American employees and non-contributory defined benefit pension plans covering the remaining North American employees. In the United States, benefits under the defined benefit pension plans are based upon years of service and final average pensionable earnings, or a minimum benefit based upon years of service, whichever is greater. In addition, pension benefits for most salaried employees in the United States under these plans are based upon a percent of total career pensionable earnings. Effective December 31, 2015, non-union participants in the defined benefit plan will not accrue additional benefits under the plan. For those without defined benefit coverage (defined benefit pension plan was closed to new participants in 2003) and those for which the defined benefit plan was frozen, the Company also provides a retirement account benefit based on salary and attained age. Most salaried employees in the United States also participate in defined contribution plans (401(k) plans) whereby the Company matches a certain percentage of salary based on the amount contributed by the participant. At December 31, 2015 , approximately two-thirds of U. S. Steel’s union employees in the United States are covered by the Steelworkers Pension Trust (SPT), a multi-employer pension plan, to which U. S. Steel contributes on the basis of a fixed dollar amount for each hour worked. As a result of the CCAA filing, USSC benefit obligations and expenses are not included in U. S. Steel's consolidated financial results as of December 31, 2015 and 2014 and for the period September 16, 2014 through December 31, 2015, respectively. U.S. Steel’s defined benefit retiree health care and life insurance plans (Other Benefits) cover the majority of its employees in North America upon their retirement. Health care benefits are provided through hospital, surgical, major medical and drug benefit provisions or through health maintenance organizations, both subject to various cost sharing features, and in most cases domestically, an employer cap on total costs. Upon their retirement, most salaried employees in the United States are provided with a flat dollar pre-Medicare benefit and a death benefit. Per an amendment effective June 30, 2014, non-union retiree medical and retiree life insurance benefits are eliminated for non-union employees who retire after December 31, 2017. See Collective Bargaining Agreement discussion below. The majority of U. S. Steel’s European employees are covered by government-sponsored programs into which U. S. Steel makes required contributions. Also, U. S. Steel sponsors defined benefit plans for most European employees covering benefit payments due to employees upon their retirement, some of which are government mandated. These same employees receive service awards throughout their careers based on stipulated service and, in some cases, age and service. On February 1, 2016, the USW ratified successor three year Collective Bargaining Agreements with U. S. Steel and its U. S. Steel Tubular Products, Inc. subsidiary (the 2015 Labor Agreements). The 2015 Labor Agreements are retroactive to September 1, 2015 and expire on September 1, 2018. The 2015 Labor Agreements provide for certain employee and retiree benefit modifications, as well as closure of the Other Benefits plan to employees hired or rehired under certain conditions on or after January 1, 2016. Instead, these employees will receive a company defined contribution into a savings account of $0.50 per hour worked. Additionally, the 2015 Labor Agreements preserved the Company’s capped amounts for retiree healthcare contributions and restructured prior contractual obligations that required U. S. Steel to make $235 million in cash contributions to our trust for represented retiree health care and life insurance benefits (VEBA). These funds will now be used to help keep healthcare affordable for our retirees. The 2015 Labor Agreements required remeasurement of the other post-retirement benefit (OPEB) plans effective February 1, 2016, to reflect the changes to retiree benefits. The discount rate used for the February 1, 2016 remeasurement was 4.00 percent , as compared to 4.25 percent at December 31, 2015. As a result of the remeasurement, the OPEB accumulated benefit obligation increased by $213 million . U. S. Steel uses a December 31 measurement date for its plans and may have an interim measurement date if significant events occur. Details relating to Pension Benefits and Other Benefits are below. Pension Benefits Other Benefits (In millions) 2015 2014 2015 2014 Change in benefit obligations Benefit obligations at January 1 $ 7,319 $ 10,257 $ 2,715 $ 3,378 Service cost 102 106 21 22 Interest cost 263 396 97 132 Deconsolidation of USSC — (3,026 ) — (713 ) Plan amendments — — — (48 ) Actuarial (gains) losses (402 ) 590 (318 ) 220 Exchange rate (gain)/loss (3 ) (124 ) 2 (28 ) Settlements, curtailments and termination benefits (207 ) (74 ) — (12 ) Benefits paid (698 ) (806 ) (207 ) (236 ) Benefit obligations at December 31 $ 6,374 $ 7,319 $ 2,310 $ 2,715 Change in plan assets Fair value of plan at January 1 $ 6,353 $ 9,122 $ 2,120 $ 1,970 Actual return on plan assets (22 ) 663 (8 ) 189 Employer contributions — 187 10 — Exchange rate loss — (106 ) — — Deconsolidation of USSC — (2,720 ) — — Benefits paid from plan assets (692 ) (793 ) (132 ) (39 ) Fair value of plan assets at December 31 $ 5,639 $ 6,353 $ 1,990 $ 2,120 Funded status of plans at December 31 $ (735 ) $ (966 ) $ (320 ) $ (595 ) Amounts recognized in accumulated other comprehensive loss: 2015 (In millions) 12/31/2014 Amortization Activity 12/31/2015 Pensions Prior Service Cost $ 45 $ (17 ) $ — $ 28 Actuarial Losses 2,828 (241 ) (156 ) 2,431 Other Benefits Prior Service Cost (180 ) 6 7 (167 ) Actuarial Losses 255 (7 ) (154 ) 94 As of December 31, 2015 and 2014 , the following amounts were recognized in the Consolidated Balance Sheet: Pension Benefits Other Benefits (In millions) 2015 2014 2015 2014 Noncurrent assets $ — $ — $ — $ — Current liabilities (6 ) (158 ) (66 ) (389 ) Noncurrent liabilities (729 ) (808 ) (254 ) (206 ) Accumulated other comprehensive loss (a) 2,459 2,873 (73 ) 75 Net amount recognized $ 1,724 $ 1,907 $ (393 ) $ (520 ) (a) Accumulated other comprehensive loss effects associated with accounting for pensions and other benefits in accordance with ASC Topic 715 at December 31, 2015 and December 31, 2014 , respectively, are reflected net of tax of $938 million and $1,152 million respectively, on the Consolidated Statements of Stockholders’ Equity. The Accumulated Benefit Obligation (ABO) for all defined benefit pension plans was $6,166 million and $6,847 million at December 31, 2015 and 2014 , respectively. December 31, (In millions) 2015 2014 Information for pension plans with an accumulated benefit obligation in excess of plan assets: Aggregate accumulated benefit obligations (ABO) $ (6,166 ) $ (6,847 ) Aggregate projected benefit obligations (PBO) (6,374 ) (7,319 ) Aggregate fair value of plan assets 5,639 6,353 The aggregate ABO in excess of plan assets reflected above is included in the payroll and benefits payable and employee benefits lines on the Consolidated Balance Sheet. Following are the details of net periodic benefit costs related to Pension and Other Benefits: Pension Benefits Other Benefits (In millions) 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost: Service cost $ 102 $ 106 $ 128 $ 21 $ 22 $ 27 Interest cost 263 396 403 97 132 141 Expected return on plan assets (435 ) (563 ) (611 ) (155 ) (143 ) (131 ) Amortization - prior service costs 17 22 24 (6 ) (16 ) (13 ) - actuarial losses (gains) 241 271 367 7 (1 ) 31 Net periodic benefit cost (benefit), excluding below 188 232 311 (36 ) (6 ) 55 Multiemployer plans (a) 68 76 74 — — — Settlement, termination and curtailment losses/(gains) 35 29 11 (4 ) (19 ) — Net periodic benefit cost $ 291 $ 337 $ 396 $ (40 ) $ (25 ) $ 55 (a) Primarily represents pension expense for the SPT covering United Steelworkers (USW) employees hired from National Steel Corporation and new USW employees hired after May 21, 2003. Net periodic benefit cost for pensions and other benefits is projected to be approximately $97 million and approximately $(4) million , respectively, in 2016 . The pension cost projection includes approximately $65 million of contributions to the SPT. The amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost during 2016 are as follows: (In millions) Pension Other Amortization of actuarial loss $ 129 $ 3 Amortization of prior service cost 11 10 Total recognized from accumulated other comprehensive income $ 140 $ 13 Weighted average assumptions used to determine the benefit obligation at December 31 and net periodic benefit cost for the year ended December 31 are detailed below. As a result of the CCAA filing and the deconsolidation of USSC, 2014 assumptions for Canada are not presented. Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. and Europe U.S. and Europe U.S. U.S. Actuarial assumptions used to determine benefit obligations at December 31: Discount rate 4.25 % 3.75 % 4.25 % 3.75 % Increase in compensation rate 2.60 % 3.00 % 3.50 % 3.50 % Pension Benefits 2015 2014 2013 U.S. and Europe U.S. and Europe U.S. and Europe Canada Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31: Discount rate 3.75 % 4.50 % 3.75 % 3.75 % Expected annual return on plan assets 7.50 % 7.75 % 7.75 % 7.25 % Increase in compensation rate 3.00 % 3.00 % 3.00 % 3.00 % Other Benefits 2015 2014 2013 U.S. U.S. U.S. Canada Discount rate 3.75 % 4.50 % 3.75 % 3.75 % Expected annual return on plan assets 7.50 % 7.75 % 7.75 % n/a Increase in compensation rate 3.50 % 4.00 % 4.00 % 3.00 % The discount rate reflects the current rate at which the pension and other benefit liabilities could be effectively settled at the measurement date. In setting the domestic rates, we utilize several AAA and AA corporate bond indices as an indication of interest rate movements and levels. Based on this evaluation at December 31, 2015 , U. S. Steel increased the discount rate used to measure both domestic Pension and Other Benefits obligations to 4.25 percent . 2015 2014 Assumed health care cost trend rates at December 31: U.S. U.S. Health care cost trend rate assumed for next year 7.00% 7.00% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.00% 5.00% Year that the rate reaches the ultimate trend rate 2020 2019 A one-percentage-point change in the assumed return on plan assets, discount rate or health care cost trend rates would have the following effects: (In millions) 1-Percentage- 1-Percentage- Expected return on plan assets Incremental (decrease) increase in: Net periodic pension costs for 2016 $ (76 ) $ 76 Discount rate Incremental (decrease) increase in: Net periodic pension & other benefits costs for 2016 $ (12 ) $ 8 Pension & other benefits liabilities at December 31, 2015 $ (733 ) $ 863 Health care cost escalation trend rates Incremental increase (decrease) in: Other postretirement benefit obligations $ 94 $ (81 ) Service and interest costs components $ 4 $ (4 ) U. S. Steel reviews its actual historical rate experience and expectations of future health care cost trends to determine the escalation of per capita health care costs under U. S. Steel’s benefit plans. About two thirds of our costs for the domestic USW participants’ retiree health benefits in the Company’s main domestic benefit plan are limited to a per capita dollar maximum calculation based on 2006 base year actual costs incurred under the main U. S. Steel benefit plan for USW participants (cost cap). The full effect of the cost cap is expected to be realized around 2024. After 2024, the Company’s costs for a majority of USW retirees and their dependents are expected to remain fixed and as a result, the cost impact of health care escalation for the Company is projected to be limited for this group. Plan Assets ASC Topic 820 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Plan's investments, and requires additional disclosure about fair value. The categories for determining fair market value are summarized below: • Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Partnership has the ability to access. • Level 2 – Inputs to the valuation methodology include: ◦ Quoted prices for similar assets or liabilities in active markets; ◦ Quoted prices for identical or similar assets or liabilities in inactive markets; ◦ Inputs other than quoted prices that are observable for the asset or liability; ◦ Inputs that are derived principally from or corroborated by observable market data by correlation or other means If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. U. S. Steel’s Pension plan and Other Benefits plan assets are classified as follows: Level 1 Level 2 Level 3 Investment Trusts Internally Managed Partnerships Private Equities Exchange-traded Funds Non-public Investment Partnerships Timberlands Short-term Investments Real Estate Equity Securities - U.S. Mineral Interests An instrument’s level is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2015 and 2014. Short-term investments are valued at amortized cost which approximates fair value to the short-term maturity of the instruments. Equity securities - U.S. are valued at the closing price reported on the active exchange on which the individual securities are traded. Investments in investment trusts and exchange-traded funds are valued using a market approach at the closing price reported in an active market. Internally managed partnerships are valued using a market approach at the net asset value (NAV) of units held; however, investment opportunities in these partnerships are restricted to the benefit plans of U. S. Steel, its subsidiaries and current and former affiliates. Investments in non-public investment partnerships are valued using a NAV market approach based on the aggregate value of the underlying investments. Private equities are valued using information provided by external managers for each individual investment held in the fund. Real estate and timberland investments are either appraised or valued using the investment managers’ assessment of the assets within the fund. Mineral Interests are valued at the present value of estimated future cash flows discounted at estimated market rates for assets of similar quality and duration. The following is a summary of U. S. Steel’s Pension plan assets carried at fair value at December 31, 2015 and 2014 : Fair Value Measurements at December 31, 2015 (in millions) Total Quoted Prices in Significant Significant Asset Classes Interest in Internally Managed Partnership – Fixed Income (a) $ 1,550 $ — $ 1,550 $ — Interest in Internally Managed Partnership – Equity (b) 2,350 — 2,350 — Interest in Investment Partnerships (c) 594 — 594 — Timberlands 282 — — 282 Private equities 280 — — 280 Real estate 307 — — 307 Other (d) 276 273 — 3 Total $ 5,639 $ 273 $ 4,494 $ 872 (a) UCF Fixed Income Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which United States Steel and Carnegie Pension Fund (UCF) acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Debt Securities – U.S. $ 1,070 Government Bonds – U.S. 562 Agency Mortgages 37 Other (1) (119 ) Total $ 1,550 (1) Other includes $16 million of accrued income, $1 million of short-term investment fund, $(101) million of investment purchases payable, and a $(35) million partner withdrawal. (b) UCF Equity Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Equity Securities – U.S. $ 2,091 Equity Securities – Foreign 107 Other (2) 152 Total $ 2,350 (2) Other includes $113 million of investment sales receivable, $33 million of an exchange-traded fund, $4 million of accrued income, and $2 million of short-term investment fund. (c) Private investment partnerships whose investment objectives are to achieve long-term capital appreciation by investing in global equity markets. (d) Asset categories that are greater than 3% of investments at fair value are disclosed separately. All Other includes interests in investment trusts, exchange-traded funds, short-term investments, mineral interests and miscellaneous receivables and payables. Fair Value Measurements at December 31, 2014 (in millions) Total Quoted Prices in Significant Significant Asset Classes Interest in Internally Managed Partnership – Fixed Income (a) $ 1,800 $ — $ 1,800 $ — Interest in Internally Managed Partnership – Equity (b) 2,643 — 2,643 — Interest in Investment Partnerships (c) 642 — 642 — Timberlands 333 — — 333 Private equities 303 — — 303 Real estate 300 — — 300 Other (d) 332 328 — 4 Total $ 6,353 $ 328 $ 5,085 $ 940 (a) UCF Fixed Income Fund LP - a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Debt Securities – U.S. $ 1,265 Government Bonds – U.S. 472 Agency Mortgages 49 Other (1) 14 Total $ 1,800 (1) Other includes $16 million of accrued income, $9 million of investment sales receivable, $5 million of short-term investment fund, and a $(16) million partner withdrawal. (b) UCF Equity Fund LP - a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Equity Securities – U.S. $ 2,441 Equity Securities – Foreign 126 Other (2) 76 Total $ 2,643 (2) Other includes $64 million of an exchange-traded fund, $36 million of investment sales receivable, $6 million of short-term investment fund, $3 million of short-term investment fund, a $(24) million partner withdrawal, and $(9) million of investment purchases payable. (c) Private investment partnerships whose investment objectives are to achieve long-term capital appreciation by investing in global equity markets. (d) Asset categories that are greater than 3% of investments at fair value are disclosed separately. All Other includes interests in investment trusts, exchange-traded funds, equity securities – U.S., short-term investments, mineral interests and miscellaneous receivables and payables. The following table sets forth a summary of changes in the fair value of U. S. Steel’s Pension plan Level 3 assets for the years ended December 31, 2015 and 2014 (in millions): (In millions) 2015 2014 Balance at beginning of period $ 940 $ 913 Transfers in and/or out of Level 3 — — Deconsolidation of USSC — (14 ) Actual return on plan assets: Realized gain 87 51 Net unrealized (loss)/gain (65 ) 49 Purchases, sales, issuances and settlements: Purchases 94 89 Sales (184 ) (148 ) Balance at end of period $ 872 $ 940 The following is a summary of U. S. Steel’s Other Benefits plan assets carried at fair value at December 31, 2015 and 2014 : Fair Value Measurements at December 31, 2015 (in millions) Total Quoted Prices in Significant Significant Asset Classes Interest in Internally Managed Partnership – Fixed Income (a) $ 692 $ — $ 692 $ — Interest in Internally Managed Partnership – Equity (b) 973 — 973 — Interest in Investment Partnerships (c) 125 — 125 — Private equities 60 — — 60 Other (d) 140 58 — 82 Total $ 1,990 $ 58 $ 1,790 $ 142 (a) UCF Fixed Income Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Debt Securities – U.S. $ 346 Government Bonds – U.S. 181 Agency Mortgages 12 Other (1) 153 Total $ 692 (1) Other includes a $180 million partner contribution, $5 million of accrued income, and $(32) million of investment purchases payable. (b) UCF Equity Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Equity Securities – U.S. $ 1,033 Equity Securities – Foreign 53 Other (2) (113 ) Total $ 973 (2) Other includes $56 million of investment sales receivables, $16 million of an exchange-traded fund, $2 million of accrued income, $1 million of short-term investment fund, and a $(188) million partner withdrawal. (c) Private investment partnerships whose investment objectives are to achieve long-term capital appreciation by investing in global equity markets. (d) Asset categories that are greater than 3% of investments at fair value are disclosed separately. All Other includes short-term investments, exchange-traded funds, real estate, timberlands and miscellaneous receivables and payables. Fair Value Measurements at December 31, 2014 (in millions) Total Quoted Prices in Significant Significant Asset Classes Interest in Internally Managed Partnership – Fixed Income (a) $ 547 $ — $ 547 $ — Interest in Internally Managed Partnership – Equity (b) 1,265 — 1,265 — Interest in Investment Partnerships (c) 134 — 134 — Other (d) 174 47 — 127 Total $ 2,120 $ 47 $ 1,946 $ 127 (a) UCF Fixed Income Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Debt Securities – U.S. $ 382 Government Bonds – U.S. 143 Agency Mortgages 15 Other (1) 7 Total $ 547 (1) Other includes $5 million of accrued income, $3 million of investment sales receivables, $1 million of short-term investment fund, and a $(2) million partner withdrawal. (b) UCF Equity Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Equity Securities – U.S. $ 1,161 Equity Securities – Foreign 60 Exchange-traded funds — Other (2) 44 Total $ 1,265 (2) Other includes $30 million of an exchange-traded fund, $17 million of investment sales receivables, $3 million of short-term investment fund, $2 million of accrued income, $(4) million of investment purchases payable, and a $(4) million partner withdrawal. (c) Private investment partnerships whose investment objectives are to achieve long-term capital appreciation by investing in global equity markets. (d) Asset categories that are greater than 3% of investments at fair value are disclosed separately. All Other includes short-term investments, exchange-traded funds, private equities, real estate, timberlands and miscellaneous receivables and payables. The following table sets forth a summary of changes in the fair value of U. S. Steel’s Other Benefits plan Level 3 assets for the years ended December 31, 2015 and 2014 (in millions): (In millions) 2015 2014 Balance at beginning of period $ 127 $ 99 Transfers in and/or out of Level 3 — — Actual return on plan assets: Realized gain 10 5 Net unrealized gain 3 7 Purchases, sales, issuances and settlements: Purchases 25 30 Sales (23 ) (14 ) Balance at end of period $ 142 $ 127 U. S. Steel’s investment strategy for its U.S. pension and other benefits plan assets provides for a diversified mix of public equities, high quality bonds and selected smaller investments in private equities, investment trusts and partnerships, timber and mineral interests. For its U.S. Pension and Other Benefit plans, U. S. Steel has a target allocation for plan assets of 60 percent in equities (inclusive of private equity and investment trusts). The balance is primarily invested in corporate bonds, Treasury bonds and government-backed mortgages. U. S. Steel believes that returns on equities over the long term will be higher than returns from fixed-income securities as actual historical returns from U. S. Steel’s trusts have shown. Returns on bonds tend to offset some of the short-term volatility of stocks. Both equity and fixed-income investments are made across a broad range of industries and companies to provide protection against the impact of volatility in any single industry as well as company specific developments. U. S. Steel will use a 7.50 percent assumed rate of return on assets for the development of net periodic cost for the main defined benefit pension plan and domestic OPEB plans in 2016 . The 2016 assumed rate of return is consistent with the rate of return used for 2015 domestic expense and was determined by taking into account the intended asset mix and some moderation of the historical premiums that fixed-income and equity investments have yielded above government bonds. Actual returns since the inception of the plans have exceeded this 7.50 percent rate and while recent annual returns have been volatile, it is U. S. Steel’s expectation that rates will achieve this level in future periods. Steelworkers Pension Trust U. S. Steel participates in a multi-employer defined benefit pension plan, the Steelworkers Pension Trust (SPT). For most bargaining unit employees participating in the SPT, U. S. Steel contributes to the SPT a fixed dollar amount for each hour worked of $2.65 ; a rate agreed to as part of the 2015 Labor Agreements, that are set to expire on September 1, 2018. U. S. Steel’s contributions to the SPT represented greater than 5% of the total combined contributions of all employers participating in the plan for the years ended December 31, 2015 , 2014 and 2013 . Participation in a multi-employer pension plan agreed to under the terms of a collective bargaining agreement differ from a traditional qualified single employer defined benefit pension plan. The SPT shares risks associated with the plan in the following respects: a. Contributions to the SPT by U. S. Steel may be used to provide benefits to employees of other participating employers; b. If a participating employer stops contributing to the SPT, the unfunded obligations of the plan may be borne by the remaining participating employers; c. If U. S. Steel chooses to stop participating in the SPT, U. S. Steel may be required to pay an amount based on the underfunded status of the plan, referred to as a withdrawal liability. On March 21, 2011 the Board of Trustees of the SPT elected funding relief which has the effect of decreasing the amount of required minimum contributions in near-term years, but will increase the minimum funding requirements during later plan years. As a result of the election of funding relief, the SPT’s zone funding under the Pension Protection Act may be impacted. In addition to the funding relief election, the Board of Trustees also elected a special amortization rule, which allows the SPT to separately amortize investment losses incurred during the SPT’s December 31, 2008 plan year-end over a 29 year period, whereas they were previously required to be amortized over a 15 year period. U. S. Steel’s participation in the SPT for the annual periods ended December 31, 2015 , 2014 and 2013 is outlined in the table below. Employer Pension Protection Act Zone (a) FIP/RP Status (b) U.S. Steel Surcharge (c) Expiration Date Pension Fund 2015 2014 2015 2014 2013 2015 2014 Steelworkers Pension Trust 23-6648508/499 Green Green No $ 66 $ 73 $ 74 No No September 1, 2018 (a) The zone status is based on information that U. S. Steel received from the plan and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded, while plans in the yellow zone are less than 80 percent funded and plans in the red zone are less than 65 percent funded. (b) Indicates if a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. (c) Indicates whether there were charges to U. S. Steel from the plan. Cash Flows Employer Contributions – In addition to the contributions to the SPT noted in the table above, U. S. Steel made $38 million of pension payments not funded by trusts. In 2014 , U. S. Steel made a $140 million voluntary contribution to its main defined benefit pension plan, $47 million in required contributions to the USSC plans prior to the CCAA filing and the deconsolidation of USSC, and $87 million of pension payments not funded by trusts. Cash payments totaling $75 million and $198 million were made for other postretirement benefit payments not funded by trusts in 2015 and 2014 , respectively. The decrease in 2015 cash benefit payments not funded by trusts is due to the utilization of assets from our VEBA in the amount of $120 million to pay associated claims. In addition, in 2015, we made a $10 million contribution to our VEBA. The 2015 Labor Agreements restructured prior contractual obligations that required U. S. Steel to make $235 million in cash contributions to the VEBA trust fund. These funds will now be used to help keep healthcare affordable for our retirees. Estimated Future Benefit Payments – The following benefit payments, which reflect expected future service as appropriate, are expected to be paid from U. S. Steel’s defined benefit plans: (In millions) Pension Other 2016 $ 580 $ 198 2017 537 204 2018 512 180 2019 501 175 2020 485 169 Years 2021 - 2025 2,215 756 Defined contribution plans U. S. Steel also contributes to several defined contribution plans for its salaried employees. Approximately two-thirds of non-union salaried employees in North America receive pension benefits through a defined contribution pension plan with contribution percentages based upon age, for which company contributions totaled $17 million , $18 million and $19 million in 2015 , 2014 and 2013 , respectively. Effective December 31, 2015, all non-union salaried employees in North America will receive pension benefits through a defined contribution pension plan. The Company expects an additional $12 million in contributions related to this benefit change. U. S. Steel’s matching contributions to salaried employees’ defined contribution savings fund plans, which for the most part are based on a percentage of the employees’ contributions, totaled $22 million in 2015 and $23 million in both 2014 and 2013 . Most union employees are eligible to participate in a defined contribution savings fund plan where there is no company match on savings except for certain Canadian (prior to the deconsolidation as discussed in Note 4) and Tubular hourly employees whose company contributions totaled $1 million in 2015 , and $3 million in both 2014 and 2013 . U. S. Steel also maintains a supplemental thrift plan to provide benefits which are otherwise limited by the Internal Revenue Service for qualified plans. U. S. Steel’s costs under these defined contribution plans totaled $1 million in 2015 , $1 million in 2014 and $2 million in 2013 . Other postemployment benefits The Company provides benefits to former or inactive employees after employment but before retirement. Certain benefits including workers’ compensation and black lung benefits represent material obligations to the Company and under the guidance for nonretirement postemployment benefits, have historically been treated as accrued benefit obligations. Liabilities for these benefits recorded at December 31, 2015 , totaled $128 million as compared to $127 million at December 31, 2014 . Liability amounts were developed assuming a discount rate of 4.25 per |
Asset Retirement Obligations (N
Asset Retirement Obligations (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations U. S. Steel’s asset retirement obligations (AROs) primarily relate to mine, landfill closure and post-closure costs. The following table reflects changes in the carrying values of AROs for the years ended December 31, 2015 and 2014 : December 31, (In millions) 2015 2014 Balance at beginning of year $ 48 $ 59 Additional obligations incurred 45 (a) 6 Obligations settled (6 ) (19 ) (b) Foreign currency translation effects (1 ) (2 ) Accretion expense 3 4 Balance at end of period $ 89 $ 48 (a) Additional AROs relate to the shutdown of the coke production facilities at Gary Works and Granite City Works and the Fairfield Flat-Rolled Operations. (b) Includes $16 million as a result of the deconsolidation of USSC as of the end of the day on September 15, 2014. See Note 4 for additional details. 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) | 12 Months Ended |
Dec. 31, 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, accounts payable, bank checks outstanding, and accrued interest included in the Consolidated Balance Sheet approximate fair value. See Note 15 for disclosure of U. S. Steel’s derivative instruments, which are accounted for at fair value on a recurring basis. Additionally, see Notes 4 and 5 for disclosure of short-term and long-term receivables from related parties (USSC Retained Interest) which is presented net of the allowance for doubtful accounts, which approximates fair value. The following table summarizes U. S. Steel’s financial assets and liabilities that were not carried at fair value at December 31, 2015 and 2014 . December 31, 2015 December 31, 2014 (In millions) Fair Value Carrying Fair Value Carrying Financial liabilities: Long-term debt (a) $ 1,896 $ 3,130 $ 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 25. |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | Reclassifications from Accumulated Other Comprehensive Income (AOCI) (In millions) (a) Pension and Other Benefit Items Foreign Currency Items Other Total Balance at December 31, 2013 $ (2,127 ) $ 375 $ — $ (1,752 ) Other comprehensive (loss) before reclassifications (395 ) (96 ) (5 ) (496 ) Amounts reclassified from AOCI 177 (b) 162 (c) — 339 Deconsolidation of U. S. Steel Canada (c) 493 (25 ) — 468 Net current-period other comprehensive income (loss) 275 41 (5 ) 311 Balance at December 31, 2014 $ (1,852 ) $ 416 $ (5 ) $ (1,441 ) Other comprehensive income (loss) before reclassifications 196 (104 ) (25 ) 67 Amounts reclassified from AOCI 177 (b) — 28 205 Net current-period other comprehensive income (loss) 373 (104 ) 3 272 Balance at December 31, 2015 $ (1,479 ) $ 312 $ (2 ) $ (1,169 ) (a) All amounts are net of tax. Amounts in parentheses indicate decreases in AOCI. (b) See table below for further details. The amount for 2015 also includes $17 million for a postemployment benefits actuarial adjustment. (c) Included in the Losses associated with U. S. Steel Canada Inc. line on the Consolidated Statements of Operations. Amount reclassified (In millions) (a) Details about AOCI components 2015 2014 2013 Amortization of pension and other benefit items Prior service costs (b) $ (11 ) $ (6 ) $ (11 ) Actuarial gains/(losses) (b) (265 ) (270 ) (398 ) Settlements, termination and curtailment gains (b) — (10 ) — Total before tax (276 ) (286 ) (409 ) Tax benefit 99 109 143 Net of tax $ (177 ) $ (177 ) $ (266 ) (a) Amounts in parentheses indicate decreases in AOCI. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 17 for additional details). |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Year Ended December 31, (In millions) 2015 2014 2013 Net cash used in operating activities included: Interest and other financial costs paid (net of amount capitalized) $ (229 ) $ (236 ) $ (238 ) Income taxes refunded (paid) $ — $ 157 $ (20 ) Non-cash investing and financing activities: Change in accrued capital expenditures (a) $ 59 $ 12 $ (7 ) Assets acquired under capital lease $ — $ — $ — U. S. Steel common stock issued for employee stock plans $ — $ — $ — (a) 2014 and 2013 amounts have been revised to correct a prior period error that resulted in a decrease to the change in accrued capital expenditures of $61 million and an increase to the change in accrued capital expenditures of $9 million , respectively. |
Transactions with Related Parti
Transactions with Related Parties (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | Transactions with Related Parties Net sales to related parties and receivables from related parties primarily reflect sales of raw materials and steel products to equity investees and USSC after the CCAA filing on September 16, 2014. Generally, transactions are conducted under long-term contractual arrangements. Related party sales and service transactions were $1,463 million , $1,358 million and $1,155 million in 2015 , 2014 and 2013 , respectively. Purchases from related parties for outside processing services provided by equity investees and USSC after the CCAA filing on September 16, 2014 amounted to $383 million , $147 million and $67 million during 2015 , 2014 and 2013 , respectively. Purchases of iron ore pellets from related parties amounted to $203 million , $269 million and $246 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Accounts payable to related parties include balances due to PRO-TEC Coating Company (PRO-TEC) of $66 million and $78 million at December 31, 2015 and 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 $15 million and $53 million at December 31, 2015 and 2014 , respectively. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Leases Future minimum commitments for capital leases (including sale-leasebacks accounted for as financings) and for operating leases having initial non-cancelable lease terms in excess of one year are as follows: (In millions) Capital Operating 2016 $ 5 $ 85 2017 5 71 2018 5 43 2019 5 17 2020 5 6 Later years 17 26 Sublease rentals — — Total minimum lease payments $ 42 $ 248 Less imputed interest costs 11 Present value of net minimum lease payments included in long-term debt (see Note 16) $ 31 Operating lease rental expense: Year Ended December 31, (In millions) 2015 2014 2013 Minimum rentals $ 117 $ 111 $ 111 Contingent rentals 11 12 11 Sublease rentals — — — Net rental expense $ 128 $ 123 $ 122 U. S. Steel leases a wide variety of facilities and equipment under operating leases, including land and building space, office equipment, production equipment and transportation equipment. Most long-term leases include renewal options and, in certain leases, purchase options. See the discussion of residual value guarantees under “other contingencies” in Note 25. Contingent rental payments are determined based on operating lease agreements that include floating rental charges that are directly associated to variable operating components. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges As a result of lower steel prices, decreased demand for steel products and the continued high level of imports, during the year ended December 31, 2015, the Company recorded restructuring charges of $322 million , primarily related to the permanent shutdown of the Fairfield Flat-Rolled Operations and the cokemaking operations at Gary Works and Granite City Works, within our Flat-Rolled segment and headcount reductions across the Company. Cash payments were made related to severance and exit costs of $28 million . Favorable adjustments for changes in estimates on restructuring reserves were made for $21 million , primarily related to employee and environmental costs associated with the shutdown of our cokemaking operations at Gary Works and Granite City Works within our Flat-Rolled segment. As a result of the acceleration of imports, rationalization of our production facilities and company wide headcount reductions, during the year ended December 31, 2014, the Company recorded severance related charges of $16 million , for additional 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; and our USSK operations within our USSE segment as well as headcount reductions principally within the Company’s corporate functions. The Company also recorded charges of $195 million and $37 million , related to the impairment of carbon alloy facilities and the write-off of pre-engineering costs associated with a proposed Keetac expansion, respectively, within our Flat-Rolled segment. Additionally, 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 in our Other Businesses. Cash payments were made related to severance and exit costs of $16 million . Favorable adjustments for changes in estimates on and the removal of restructuring reserves as a result of the deconsolidation of USSC were made for $17 million within our Flat-Rolled segment. During 2013, the Company implemented certain headcount reductions and production facility closures related to our iron and steelmaking facilities at Hamilton Works in Canada within our Flat-Rolled segment, barge operations related to Warrior and Gulf Navigation (WGN) in Alabama within our Other Businesses and administrative headcount reductions at our Hamilton Works and Lake Erie Works also in Canada within our Flat-Rolled segment. We closed our iron and steelmaking facilities at Hamilton Works effective December 31, 2013. 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 are reported in restructuring and other charges in the Consolidated Statements of Operations and include employee related costs (severance, supplemental unemployment benefits, and continuation of health care benefits), accelerated depreciation, pension and other benefits curtailment charges, charges associated with take or pay contracts, asset impairments, environmental and other closure costs. The activity in the accrued balances and the non-cash charges and credits incurred in relation to restructuring and other cost reduction programs during the years ended December 31, 2015 and December 31, 2014 and recorded in the restructuring and other charges line in the Consolidated Statements of Operations are as follows: (in millions) Employee Related Costs Pension and Other Benefits Charges Exit Costs Non-cash Charges Total Balance at December 31, 2013 $ 16 $ — $ 6 $ — $ 22 Additional charges 16 — — 246 (b) 262 Cash payments/utilization (11 ) — (5 ) (246 ) (262 ) Other adjustments and reclasses (16 ) (a) — (1 ) — (17 ) Balance at December 31, 2014 $ 5 $ — $ — $ — $ 5 Additional charges 77 18 122 (c) 126 (d) 343 Cash payments/utilization (19 ) (18 ) (9 ) (126 ) (172 ) Other adjustments and reclasses (15 ) — (6 ) — (21 ) Balance at December 31, 2015 $ 48 $ — $ 107 $ — $ 155 (a) Includes an adjustment to remove restructuring reserves of $4 million as a result of the deconsolidation of USSC as of the end of the day on September 15, 2014. (b) Charges are primarily related to the impairment of carbon alloy facilities and the write-off of pre-engineering costs from the Keetac expansion project. (c) Primarily environmental costs and charges associated with take or pay contracts. (d) Charges are primarily related to asset impairments and accelerated depreciation associated with the permanent shutdown of the Fairfield Flat-Rolled Operations and the cokemaking operations at Gary Works and Granite City Works. Accrued liabilities for restructuring and other cost reduction programs are included in the following balance sheet lines: (in millions) December 31, 2015 December 31, 2014 Accounts payable $ 90 $ — Payroll and benefits payable 48 5 Deferred credits and other noncurrent liabilities 17 — Total $ 155 $ 5 |
Contingencies and Commitments (
Contingencies and Commitments (Notes) | 12 Months Ended |
Dec. 31, 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 and the costs are reasonably determinable. Asbestos matters – As of December 31, 2015 , U. S. Steel was a defendant in approximately 820 active cases involving approximately 3,315 plaintiffs. The vast majority of these cases involve multiple defendants. As of December 31, 2014 , U. S. Steel was a defendant in approximately 880 cases involving approximately 3,455 plaintiffs. About 2,465 , or approximately 74 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 2015 , settlements and other dispositions resolved approximately 415 cases, and new case filings added approximately 275 cases. During 2014 , settlements and other dispositions resolved approximately 190 cases, and new case filings added approximately 325 cases. The following table shows the number of asbestos claims in the current year and the prior two years: Period ended Opening Claims New Closing December 31, 2013 3,330 250 240 3,320 December 31, 2014 3,320 190 325 3,455 December 31, 2015 3,455 415 275 3,315 Historically, asbestos-related claims against U. S. Steel fall into three groups: (1) claims made by persons who allegedly were exposed to asbestos on the premises of U. S. Steel facilities; (2) claims made by persons allegedly exposed to products manufactured by U. S. Steel; and (3) claims made under certain federal and maritime laws by employees of former operations of U. S. Steel. The amount U. S. Steel accrues for pending asbestos claims is not material to U. S. Steel’s financial condition. However, U. S. Steel is unable to estimate the ultimate outcome of asbestos-related claims due to a number of uncertainties, including (1) the rates at which new claims are filed, (2) the number of and effect of bankruptcies of other companies traditionally defending asbestos claims, (3) uncertainties associated with the variations in the litigation process from jurisdiction to jurisdiction, (4) uncertainties regarding the facts, circumstances and disease process with each claim, and (5) any new legislation enacted to address asbestos-related claims. Despite these uncertainties, management believes that the ultimate resolution of these matters will not have a material adverse effect on U. S. Steel’s financial condition, although the resolution of such matters could significantly impact results of operations for a particular quarter. Environmental Matters – U. S. Steel is subject to federal, state, local and foreign laws and regulations relating to the environment. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites. Penalties may be imposed for noncompliance. Changes in accrued liabilities for remediation activities where U. S. Steel is identified as a named party are summarized in the following table: Year Ended December 31, (In millions) 2015 2014 Beginning of period $ 212 $ 233 Accruals for environmental remediation deemed probable and reasonably estimable — 5 Adjustments for changes in estimates (5 ) — Obligations settled (a) (10 ) (26 ) End of period $ 197 $ 212 (a) Includes approximately $2 million for the year ended December 31, 2014 as a result of the deconsolidation of USSC as of the end of the day on September 15, 2014. See Note 4 for details. Accrued liabilities for remediation activities are included in the following balance sheet lines: (In millions) December 31, 2015 December 31, 2014 Accounts payable $ 14 $ 19 Deferred credits and other noncurrent liabilities 183 193 Total $ 197 $ 212 Expenses related to remediation are recorded in cost of sales and were immaterial for the year ended December 31, 2015 , and totaled $5 million and $45 million for the years ended December 31, 2014 and 2013 , 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 15 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: Projects with Ongoing Study and Scope Development – Projects which are still in the development phase. For these projects, the extent of remediation that may be required is not yet known, the remediation methods and plans are not yet developed, and/or cost estimates cannot be determined. Therefore, significant costs, in addition to the accrued liabilities for these projects, are reasonably possible. There are five environmental remediation projects where additional costs for completion are not currently estimable, but could be material. These projects are at Fairfield Works, Lorain Tubular, USS-POSCO Industries (UPI), the Fairless Plant, and the former steelmaking plant at Joliet, Illinois. As of December 31, 2015 , accrued liabilities for these projects totaled $1 million for the costs of studies, investigations, interim measures, design and/or remediation. It is reasonably possible that additional liabilities associated with future requirements regarding studies, investigations, design and remediation for these projects could be as much as $25 million to $40 million . Significant Projects with Defined Scope – Projects with significant accrued liabilities with a defined scope. As of December 31, 2015 , there are four significant projects with defined scope greater than or equal to $5 million each, with a total accrued liability of $152 million . These projects are: Gary RCRA (accrued liability of $33 million ), the former Geneva facility (accrued liability of $63 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 with a Defined Scope – Projects with relatively small accrued liabilities for which we believe that, while additional costs are possible, they are not likely to be significant, and also include those projects for which we do not yet possess sufficient information to estimate potential costs to U. S. Steel. There are 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 December 31, 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 each an accrued liability of less than $1 million . The total accrued liability for these projects at December 31, 2015 was approximately $5 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 $24 million at December 31, 2015 and were based on known scopes of work. Administrative and Legal Costs – As of December 31, 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. 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 2015 and 2014 , such capital expenditures totaled $88 million and $83 million , respectively. U. S. Steel anticipates making additional 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. NAAQS Standards – The EPA recently revised the National Ambient Air Quality Standards (NAAQS) for nitrogen oxide, sulfur dioxide, particulate matter, and lead. It is likely that the new requirements in the State Implementation Plans (SIPs) for sulfur dioxide and particulate matter would be material to U. S. Steel, though we are unable to reasonably estimate such amount at this time. European Union (EU) Environmental Requirements – Slovakia adopted a new waste code in March 2015 that became 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 landfills. We are currently analyzing the legislation in order to estimate the potential impact on USSK's operations. Under the Emission Trading System (ETS) USSK's final allocation of free allowances for the Phase III period, which covers the years 2013 through 2020 is approximately 48 million allowances. Based on 2015 emission intensity levels and projected future production levels, and as a result of carryover allowances from the NAP II period, the earliest we would have to purchase allowances to meet the annual compliance submission would be the first quarter of 2018. We currently estimate a shortfall of 16 million allowances for the entire 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 fiscal year ended December 31, 2014, reflected as a net gain on disposal of assets. There were no such transactions for the fiscal years ended December 31, 2015 and 2013. The EU's Industry Emission Directive will require implementation of EU determined best available technology (BAT) to reduce environmental impacts as well as compliance with BAT associated levels. Our most recent broad estimate of likely capital expenditures for projects to comply with or go beyond BAT requirements is €50 million to €165 million (approximately $55 million to $180 million ) over the 2015 to 2020 period. The actual amount spent will depend largely upon the amount of EU incentive grants received. 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 $145 million ), of which €66 million (approximately $75 million ) has already been spent through December 31, 2015. 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. Environmental and other indemnifications – Throughout its history, U. S. Steel has sold numerous properties and businesses and many of these sales included indemnifications and cost sharing agreements related to the assets that were divested. These indemnifications and cost sharing agreements have included provisions related to the condition of the property, the approved use, certain representations and warranties, matters of title, and environmental matters. While most of these provisions have not specifically dealt with environmental issues, there have been transactions in which U. S. Steel indemnified the buyer for clean-up or remediation costs relating to the business sold or its then existing or past properties or losses related to non-compliance with past, current, and future environmental laws related to existing conditions, and there can be questions as to the applicability of more general indemnification provisions to environmental matters. Most of the recent indemnification and cost sharing agreements are of a limited nature, only applying to non-compliance with past and/or current laws. Some indemnifications and cost sharing agreements only run for a specified period of time after the transactions close and others run indefinitely. In addition, current owners or operators of property formerly owned or operated by U. S. Steel may have common law claims and cost recovery and contribution rights against U. S. Steel related to environmental matters. The amount of potential environmental liability associated with these transactions and properties is not estimable due to the nature and extent of the unknown conditions related to the properties divested and deconsolidated. Aside from the environmental liabilities already recorded as a result of these transactions due to specific environmental remediation activities and cases (included in the $197 million of accrued liabilities for remediation discussed above), there are no other known environmental liabilities related to these transactions. Guarantees – The maximum guarantees of the indebtedness of unconsolidated entities of U. S. Steel totaled $4 million at December 31, 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 are 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. The court-appointed Monitor has verified U. S. Steel's claims in the CCAA proceedings of 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. 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 $11 million at December 31, 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 $158 million as of December 31, 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 letters of credit are collateralized by our Third Amended and Restated Credit Agreement. The remaining trust arrangements and letters of credit are collateralized by restricted cash. Restricted cash, which is recorded in other current and noncurrent assets, totaled $37 million at December 31, 2015 , all of which was classified as noncurrent, and $51 million at December 31, 2014 , of which $1 million was classified as current. Capital Commitments – At December 31, 2015 , U. S. Steel’s contractual commitments to acquire property, plant and equipment totaled $253 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): 2016 2017 2018 2019 2020 Later years Total $528 $572 $609 $364 $329 $1,483 $3,885 The majority of U. S. Steel’s unconditional purchase obligations relate to the supply of industrial gases, and certain energy and utility services with terms ranging from two to 16 years. Unconditional purchase obligations also include coke and steam purchase commitments related to a coke supply agreement with Gateway Energy & Coke Company LLC (Gateway) under which Gateway is obligated to supply a minimum volume of the expected targeted annual production of the heat recovery coke plant, and U. S. Steel is obligated to purchase the coke from Gateway at the contract price. As of December 31, 2015 , if U. S. Steel were to terminate the agreement, it may be obligated to pay in excess of $213 million . Total payments relating to unconditional purchase obligations were approximately $408 million in 2015 , $510 million in 2014 and $750 million in 2013 . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 1, 2016, the USW ratified successor three year Collective Bargaining Agreements with U. S. Steel and its U. S. Steel Tubular Products, Inc. subsidiary covering approximately 18,000 employees at our flat-rolled, tubular, coke making and iron ore operations in the United States. The 2015 Labor Agreements are retroactive to September 1, 2015 and expire on September 1, 2018. The 2015 Labor Agreements provide for certain employee benefit modifications, as described in Note 17, and do not provide for wage increases or signing bonuses, but include certain modifications to the existing quarterly profit sharing plan to provide for 15 percent of profits above $50 of profit per ton shipped. On February 22, 2016, USSK entered into a €200 million revolving unsecured credit facility agreement (USSK Credit Agreement) that replaced USSK's existing €200 million credit facility that was scheduled to expire in July 2016. The USSK Credit Agreement contains customary representations and warranties, affirmative covenants, negative covenants and events of default substantially similar to USSK’s current credit facility. The USSK Credit Agreement expires on July 15, 2019. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES YEARS ENDED DECEMBER 31, 2015 , 2014 AND 2013 (Millions of Dollars) Additions Deductions Description Balance at Charged to Charged Charged to Charged Balance Year ended December 31, 2015: Reserves deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts $ 45 $ — $ — $ 11 $ 6 $ 28 Allowance for related party doubtful accounts 218 74 — — 38 254 Investments and long-term receivables reserve 8 — — — 1 7 Long-term receivables from related parties reserve 1,188 465 — — 207 1,446 Deferred tax valuation allowance: Domestic — 753 51 — — 804 Foreign 5 — — 1 — 4 Year ended December 31, 2014: Reserves deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts $ 53 $ — $ — $ — $ 8 $ 45 Allowance for related party doubtful accounts — — 218 (a) — — 218 Investments and long-term receivables reserve 10 — — — 2 8 Long-term receivables from related parties reserve — — 1,188 (a) — — 1,188 Deferred tax valuation allowance: Foreign 1,028 — — — 1,023 (b) 5 Year ended December 31, 2013: Reserves deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts $ 55 $ 5 $ — $ — $ 7 $ 53 Investments and long-term receivables reserve 3 — 7 — — 10 Deferred tax valuation allowance: Foreign 1,099 — 142 142 71 1,028 (a) Represents the reserve for related party notes and trade accounts payable due from USSC after the deconsolidation as of the end of the day on September 15, 2014 (See Note 4). U. S. Steel has estimated a recovery rate based upon the fair value of the net assets of USSC available for distribution to its creditors in relation to the secured and unsecured creditor claims in the CCAA filing. (b) As a result of USSC's CCAA filing, the Canadian deferred tax asset and the related valuation allowance were deconsolidated from U. S. Steel's balance sheet as of the end of the day on September 15, 2014 (See Note 4). |
Nature of Business and Signif36
Nature of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Principles applied in consolidation | Principles applied in consolidation These financial statements include the accounts of U. S. Steel and its majority-owned subsidiaries. Additionally, variable interest entities for which U. S. Steel is the primary beneficiary are included in the Consolidated Financial Statements and their impacts are either partially or completely offset by noncontrolling interests. Intercompany accounts, transactions and profits have been eliminated in consolidation. On September 16, 2014, U. S. Steel Canada Inc. (USSC), a wholly owned subsidiary of U. S. Steel, applied for relief from its creditors pursuant to Canada’s Companies’ Creditors Arrangement Act (CCAA). As a result of USSC filing for protection under CCAA (CCAA filing), U. S. Steel determined that USSC and its subsidiaries would be deconsolidated from U. S. Steel’s financial statements on a prospective basis effective as of the date of the CCAA filing. Transactions between USSC and U. S. Steel subsequent to the CCAA filing are not eliminated and are considered related party. Investments in entities over which U. S. Steel has significant influence are accounted for using the equity method of accounting and are carried at U. S. Steel’s share of net assets plus loans, advances and our share of earnings less distributions. Differences in the basis of the investment and the underlying net asset value of the investee, if any, are amortized into earnings over the remaining useful life of the associated assets. Income or loss from investees includes U. S. Steel’s share of income or loss from equity method investments, which is generally recorded a month in arrears, except for significant and unusual items which are recorded in the period of occurrence. Gains or losses from changes in ownership of unconsolidated investees are recognized in the period of change. Intercompany profits and losses on transactions with equity investees have been eliminated in consolidation. U. S. Steel evaluates impairment of its equity method investments whenever circumstances indicate that a decline in value below carrying value is other than temporary. Under these circumstances, we adjust the investment down to its estimated fair value, which then becomes its new carrying value. Investments in companies whose equity has no readily determinable fair value are carried at cost and are periodically reviewed for impairment. |
Use of estimates | Use of estimates Generally accepted accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment; intangible assets; valuation allowances for receivables, inventories and deferred income tax assets and liabilities; environmental liabilities; liabilities for potential tax deficiencies; potential litigation claims and settlements; and assets and obligations related to employee benefits. Actual results could differ materially from the estimates and assumptions used. |
Sales recognition | Sales recognition Sales are recognized when products are shipped, properties are sold or services are provided to customers; the sales price is fixed and determinable; collectability is reasonably assured; and title and risks of ownership have passed to the buyer. Shipping and other transportation costs charged to buyers are recorded in both sales and cost of sales. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash on deposit and investments in highly liquid debt instruments with maturities of three months or less. |
Inventories | Inventories Inventories are carried at the lower of cost or market. Fixed costs related to abnormal production capacity are expensed in the period incurred rather than capitalized into inventory. LIFO (last-in, first-out) is the predominant method of inventory costing for inventories in the United States and FIFO (first-in, first-out) is the predominant method used in Canada and Europe. The LIFO method of inventory costing was used on 80 percent and 78 percent of consolidated inventories at December 31, 2015 and 2014 , respectively. |
Derivative instruments | Derivative instruments U. S. Steel uses commodity-based and foreign currency derivative instruments to manage its exposure to price and foreign currency exchange rate risk. Forward physical purchase contracts and foreign exchange forward contracts are used to reduce the effects of fluctuations in the purchase price of natural gas and certain nonferrous metals and also certain business transactions denominated in foreign currencies. U. S. Steel has not elected to designate derivative instruments as qualifying for hedge accounting treatment. As a result, the changes in fair value of these derivatives are recognized immediately in results of operations. See Note 15 for further details on U. S. Steel’s derivatives. |
Goodwill and identifiable intangible assets | Goodwill and identifiable intangible assets Goodwill represents the excess of the cost over the fair value of acquired identifiable tangible and intangible assets and liabilities assumed from businesses acquired. Goodwill is tested for impairment at the reporting unit level annually in the third quarter and whenever events or circumstances indicate that the carrying value may not be recoverable. U. S. Steel evaluates goodwill for impairment by either performing a qualitative evaluation or a two-step quantitative test, which involves comparing the estimated fair value, based on a discounted cash flow model, of the associated reporting unit to its carrying value, including goodwill. U. S. Steel has determined that certain acquired intangible assets have indefinite useful lives. These assets are reviewed for impairment annually and whenever events or circumstances indicate that the carrying value may not be recoverable. Identifiable intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives and are reviewed for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. See Note 13 for further details on our evaluation of goodwill and intangible asset impairment. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment is carried at cost and is depreciated on a straight-line basis over the estimated useful lives of the assets. Depletion of mineral properties is based on rates which are expected to amortize cost over the estimated tonnage of minerals to be removed. U. S. Steel evaluates impairment of its property, plant and equipment whenever circumstances indicate that the carrying value may not be recoverable. Asset impairments are recognized when the carrying value of an asset grouping exceeds its aggregate projected undiscounted cash flows. When property, plant and equipment depreciated on a group basis is sold or otherwise disposed of, proceeds are credited to accumulated depreciation, depletion and amortization with no immediate effect on income. When property, plant and equipment depreciated on an individual basis is sold or otherwise disposed of, any gains or losses are reflected in income. Gains on disposal of long-lived assets are recognized when earned. If a loss on disposal is expected, such losses are recognized when the assets are reclassified as assets held for sale or when impaired as part of an asset group’s impairment. During 2015, the economic environment, including the significant decline in energy prices and the high levels of tubular imports, was considered a triggering event for our welded tubular and seamless tubular asset groups. U. S. Steel completed a quantitative analysis of its long-lived assets for these asset groups within the Tubular segment. This analysis indicated that the assets were not impaired. During 2013, the requirement to move to the second step of the annual goodwill impairment analysis was considered a triggering event and U. S. Steel completed a review of its long-lived assets. The review indicated that the assets were not impaired. There were no triggering events that required fixed assets to be evaluated for impairment in 2014. |
Major maintenance activities | Major maintenance activities U. S. Steel incurs maintenance costs on all of its major equipment. Costs that extend the life of the asset, materially add to its value, or adapt the asset to a new or different use are separately capitalized in property, plant and equipment and are depreciated over the estimated useful life. All other repair and maintenance costs are expensed as incurred. |
Environmental remediation | Environmental remediation Environmental expenditures are capitalized if the costs mitigate or prevent future contamination or if the costs improve existing assets’ environmental safety or efficiency. U. S. Steel provides for remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs is reasonably estimable. The timing of remediation accruals typically coincides with completion of studies defining the scope of work to be undertaken or the commitment to a formal plan of action. Remediation liabilities are accrued based on estimates of believed environmental exposure and are discounted if the amount and timing of the cash disbursements are readily determinable. |
Asset retirement obligations | Asset retirement obligations Asset retirement obligations (AROs) are initially recorded at fair value and are capitalized as part of the cost of the related long-lived asset and depreciated in accordance with U. S. Steel’s depreciation policies for property, plant and equipment. The fair value of the obligation is determined as the discounted value of expected future cash flows. Accretion expense is recorded each month to increase this discounted obligation over time. Certain AROs related to disposal costs of the majority of assets at our integrated steel facilities are not recorded because they have an indeterminate settlement date. These AROs will be initially recognized in the period in which sufficient information exists to estimate their fair value. See Note 18 for further details on U. S. Steel's AROs. |
Pensions, other postretirement and postemployment benefits | Pensions, other postretirement and postemployment benefits U. S. Steel has defined contribution or multi-employer arrangements for pension benefits for more than two-thirds of its North American employees and non-contributory defined benefit pension plans covering the remaining North American employees. Effective December 31, 2015, defined benefit pension benefits for non-union salaried employees were frozen. All salaried non-union employees now participate in defined contribution plans. U. S. Steel has defined benefit retiree health care and life insurance plans (Other Benefits) that cover the majority of its employees in North America upon their retirement. Defined benefit retiree health and retiree life insurance has been eliminated for salaried non-union retirements after December 31, 2017. The Steelworkers Pension Trust (SPT), a multi-employer pension plan, to which U. S. Steel contributes on the basis of a fixed dollar amount for each hour worked by participating employees, currently covers approximately two-thirds of our union employees in the United States. Government-sponsored programs into which U. S. Steel makes required contributions cover the majority of U. S. Steel’s European employees. The net pension and Other Benefits obligations and the related periodic costs are based on, among other things, assumptions of the discount rate, estimated return on plan assets, salary increases, the projected mortality of participants and the current level and future escalation of health care costs. Additionally, U. S. Steel recognizes an obligation to provide postemployment benefits for disability-related claims covering indemnity and medical payments for certain employees in North America. The obligation for these claims and the related periodic costs are measured using actuarial techniques and assumptions. Actuarial gains and losses occur when actual experience differs from any of the many assumptions used to value the benefit plans, or when assumptions change. For pension and other benefits, the Company recognizes into income on an annual basis any unrecognized actuarial net gains or losses that exceed 10 percent of the larger of the projected benefit obligation or plan assets (the corridor), amortized over the plan participants' average life expectancy or average future service, depending on the demographics of the plan. Unrecognized actuarial net gains and losses for disability-related claims are immediately recognized into income. |
Concentration of credit and business risks | Concentration of credit and business risks U. S. Steel is exposed to credit risk in the event of nonpayment by customers, principally within the automotive, container, construction, steel service center, appliance and electrical, conversion, and oil, gas and petrochemical industries. Changes in these industries may significantly affect U. S. Steel’s financial performance and management’s estimates. U. S. Steel mitigates its exposure to credit risk by performing ongoing credit evaluations and, when deemed necessary, requiring letters of credit, credit insurance, prepayments, guarantees or other collateral. The majority of U. S. Steel’s customers are located in North America and Europe. No single customer accounted for more than 10 percent of gross annual revenues. |
Foreign currency translation | Foreign currency translation U. S. Steel is subject to the risk of the effects of exchange rates on revenues and operating costs and existing assets or liabilities denominated in currencies other than our reporting currency, the U.S. dollar. The functional currency for U. S. Steel Europe (USSE) is the euro ( € ). USSC (which was deconsolidated as of the end of the day on September 15, 2014) had the Canadian dollar (C$) as its functional currency. Assets and liabilities of these entities are translated into U.S. dollars at period-end exchange rates. Revenue and expenses are translated using the average exchange rate for the reporting period. Resulting translation adjustments are recorded in the accumulated other comprehensive income (loss) component of stockholders’ equity. Gains and losses from foreign currency transactions are included in net income (loss) for the period. |
Stock-based compensation | Stock-based compensation U. S. Steel accounts for its various stock-based employee compensation plans in accordance with the guidance in Accounting Standards Codification (ASC) Topic 718 on stock compensation (see Note 14). |
Deferred taxes | Deferred taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The realization of deferred tax assets is assessed quarterly based on several interrelated factors. These factors include U. S. Steel’s expectation to generate sufficient future taxable income and the projected time period over which these deferred tax assets will be realized. U. S. Steel records a valuation allowance when necessary to reduce deferred tax assets to the amount that will more likely than not be realized. Deferred taxes have been recognized for the undistributed earnings of most foreign subsidiaries because management does not intend to indefinitely reinvest such earnings in foreign operations. See Note 10 for further details of deferred taxes. |
Insurance | 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 automobile 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. |
Sales taxes | Sales taxes Sales are recorded net of sales taxes charged to customers. Sales taxes primarily relate to value-added tax on sales. |
Reclassifications and out of period adjustments | Reclassifications, out of period adjustments and revision Certain reclassifications of prior years’ data have been made to conform to the current year presentation. During 2015, the Company identified a prior period error related to the classification of unpaid capital expenditures in the Consolidated Statements of Cash Flows of $61 million and $9 million for the years ended December 31, 2014 and 2013, respectively. The effect of the $61 million adjustment to correct the error decreased cash flow from investing activities and increased cash flow from operating activities for the year ended December 31, 2014 and was corrected in the 2015 Form 10-K as a revision to the 2014 Consolidated Statements of Cash Flows. The effect of the $9 million adjustment to correct the error increased cash flow from investing activities and decreased cash flow from operating activities for the year ended December 31, 2013 and was reported in the 2015 Form 10-K as a revision to the 2013 Consolidated Statement of Cash Flows. The Company also identified prior period errors in the quarterly interim financial statements in 2015. The effects of the revision to the quarterly periods in 2015 resulted in a decrease in operating activities and an increase in investing activities of $63 million (unaudited), $64 million (unaudited) and $55 million (unaudited), respectively, for the three, six and nine months ended and will be revised in future filings to correct for these errors. The effects of the revision to the comparable quarter periods in 2014 resulted in a decrease in cash flows from operating activities and an increase in cash flows from investing activities of $5 million for the three months ended and an increase in cash flows from operating activities and a decrease in cash flows from investing activities of $11 million and $29 million , respectively, for the six and nine months ended. The Company concluded that the impact of this error was not material to the previously filed financial statements. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Results of Segment Operations | The results of segment operations are as follows: (In millions) Customer Intersegment Net Earnings EBIT Depreciation, Capital 2015 Flat-Rolled $ 8,293 $ 268 $ 8,561 $ 49 $ (237 ) $ 392 $ 280 USSE 2,323 3 2,326 — 81 81 110 Tubular 898 — 898 11 (179 ) 64 102 Total reportable segments 11,514 271 11,785 60 (335 ) 537 492 Other Businesses 60 105 165 (22 ) 33 10 8 Reconciling Items and Eliminations — (376 ) (376 ) — (900 ) — — Total $ 11,574 $ — $ 11,574 $ 38 $ (1,202 ) $ 547 $ 500 2014 Flat-Rolled $ 11,708 $ 1,187 $ 12,895 $ 134 $ 709 $ 457 $ 322 USSE 2,891 45 2,936 — 133 95 74 Tubular 2,772 2 2,774 11 261 66 76 Total reportable segments 17,371 1,234 18,605 145 1,103 618 472 Other Businesses 136 133 269 (3 ) 82 9 8 Reconciling Items and Eliminations — (1,367 ) (1,367 ) — (772 ) — — Total $ 17,507 $ — $ 17,507 $ 142 $ 413 $ 627 $ 480 2013 Flat-Rolled $ 11,572 $ 1,258 $ 12,830 $ 69 $ 105 $ 512 $ 340 USSE 2,941 3 2,944 — 28 95 40 Tubular 2,772 5 2,777 (25 ) 190 62 69 Total reportable segments 17,285 1,266 18,551 44 323 669 449 Other Businesses 139 134 273 (4 ) 77 15 19 Reconciling Items and Eliminations — (1,400 ) (1,400 ) — (2,300 ) — — Total $ 17,424 $ — $ 17,424 $ 40 $ (1,900 ) $ 684 $ 468 |
Schedule of Reconciling Items to EBIT | The following is a schedule of reconciling items to income (loss) from operations: (In millions) 2015 2014 2013 Items not allocated to segments: Postretirement benefit expense (a) $ (43 ) $ (114 ) $ (221 ) Other items not allocated to segments: Losses associated with U. S. Steel Canada Inc. (Notes 4 and 5) (392 ) (416 ) — Loss on shutdown of coke production facilities (b) (153 ) — — Granite City Works temporary idling charges (99 ) — — Loss on shutdown of Fairfield Flat-Rolled Operations (b)(c) (91 ) — — Restructuring and other charges (Note 24) (b) (78 ) — (248 ) Postemployment benefit actuarial adjustment (26 ) — — Impairment of equity investment (Note 11) (18 ) — — Impairment of carbon alloy facilities (Note 24) (b) — (195 ) — Litigation reserves (Note 25) — (70 ) — Write-off of pre-engineering costs at Keetac (Note 24) (b) — (37 ) — Loss on assets held for sale (Note 24) (b) — (14 ) — Gain on sale of real estate assets (d) — 55 — Curtailment gain ( Note 17 ) — 19 — Impairment of goodwill (Note 13) — — (1,806 ) Environmental remediation charge — — (32 ) Write-off of equity investment (Note 11) — — (16 ) Supplier contract dispute settlement — — 23 Total other items not allocated to segments $ (857 ) $ (658 ) $ (2,079 ) Total reconciling items $ (900 ) $ (772 ) $ (2,300 ) (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 Statement of Operations. See Note 24 to the Consolidated Financial Statements. (c) Fairfield Flat-Rolled Operations includes the blast furnace and associated steelmaking operations, along with most of the flat-rolled finishing operations at Fairfield Works. The slab and rounds casters remain operational and the #5 coating line continues to operate. (d) Gain on sale of surface rights and mineral royalty revenue streams in the state of Alabama. |
Net Sales by Product | The following summarizes net sales by product: (In millions) 2015 2014 2013 Flat-Rolled $ 10,047 $ 13,533 $ 13,508 Tubular 929 2,818 2,826 Other (a) 598 1,156 1,090 Total $ 11,574 $ 17,507 $ 17,424 (a) Primarily includes sales of steel production by-products, railroad services and real estate operations. |
Net Sales, Property, Plant and Equipment and Equity Method Investments Based on Location of Operating Segment | The information below summarizes net sales, property, plant and equipment and equity method investments based on the location of the operating segment to which they relate. (In millions) Year Net Assets North America 2015 $ 9,251 $ 4,057 (a) 2014 14,616 4,180 (a) 2013 14,484 5,425 (a) Europe 2015 2,323 832 2014 2,891 890 2013 2,940 1,022 Other Foreign Countries 2015 — 24 2014 — 36 2013 — 33 Total 2015 11,574 4,913 2014 17,507 5,106 2013 $ 17,424 $ 6,480 (a) Assets with a book value of $4,047 million , $4,172 million and $4,443 million were located in the United States at December 31, 2015 , 2014 and 2013 , respectively. |
U. S. Steel Canada Deconsolid38
U. S. Steel Canada Deconsolidation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deconsolidation of Subsidiary [Abstract] | |
Results of Operations | Our Consolidated Statements of Operations include the following amounts for USSC’s results of operations. The amounts presented are before the elimination of USSC transactions with U. S. Steel, presenting USSC as if on a stand-alone basis. (Dollars in millions) Period from January 1, 2014 - September 15, 2014 Year ended December 31, 2013 Total net sales $ 1,508 $ 1,404 Total operating expenses 1,587 2,641 Loss from continuing operations (79 ) (1,237 ) Net interest and other financial costs 121 42 Loss before income taxes (200 ) (1,279 ) Income tax benefit — (142 ) Net loss $ (200 ) $ (1,137 ) |
Fair Value Inputs | The amount and timing of future cash flows within the DCF analysis and the liquidation basis were based on the following inputs within the fair value framework prescribed by ASC Topic 820, Fair Value Measurements , in the table below. Level 2 Other Observable Inputs Level 3 Other Unobservable Inputs Market Participant Weighted Average Cost of Capital (1) Recent Operating Budgets Perpetual Growth Rate (2) Long Range Strategic Plans Market Comparables Estimated Shipments Replacement Cost Projected Raw Material Costs Projected Margins Recoverability Measures (1) Ranged from 15.54% - 18.31% (2) Set at approximately 2% |
Net Interest and Other Financ39
Net Interest and Other Financial Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Net Interest and Other Financial Costs | (In millions) 2015 2014 2013 Interest income: Interest income $ (3 ) $ (12 ) $ (3 ) Interest expense and other financial costs: Interest incurred (a) 228 248 285 Less interest capitalized 14 14 19 Total interest expense 214 234 266 Loss on debt extinguishment (b) 36 — — Foreign currency net (gain) loss (c) (15 ) (1 ) 11 Financial costs on: Sale of receivables 2 3 3 Amended Credit Agreement 4 4 4 USSK credit facilities 3 3 3 Other (d) 5 — 28 Amortization of discounts and deferred financing costs 11 12 20 Total other financial costs 10 21 69 Net interest and other financial costs $ 257 $ 243 $ 332 (a) Includes a pretax charge of $34 million during 2013 related to premiums on the repurchase of $542 million of our 4.00% Senior Convertible Notes due May 15, 2014 (2014 Senior Convertible Notes). (b) Represents a pretax charge of $36 million during 2015 related to the retirement of our 2019 Senior Convertible Notes. (c) The functional currency for USSE is the euro and the functional currency for USSC is the Canadian dollar. Foreign currency net loss is a result of transactions denominated in currencies other than the euro or Canadian dollar, prior to USSC's CCAA filing on September 16, 2014. Additionally, for 2014 and 2013, foreign currency net loss includes the impacts of the remeasurement of a U.S. dollar-denominated intercompany loan to a European subsidiary and the impacts of euro-U.S. dollar derivatives activity. (d) Consists primarily of a charge of $22 million in 2013 related to a guarantee of an unconsolidated equity investment. |
Earnings and Dividends Per Co40
Earnings and Dividends Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computations for Basic and Diluted Earnings Per Common Share from Continuing Operations | The computations for basic and diluted earnings (loss) per common share from continuing operations are as follows: (Dollars in millions, except per share amounts) 2015 2014 2013 Net (loss) earnings attributable to United States Steel Corporation shareholders $ (1,642 ) $ 102 $ (1,645 ) Plus income effect of assumed conversion-interest on convertible notes — 3 — Net (loss) earnings after assumed conversion $ (1,642 ) $ 105 $ (1,645 ) Weighted-average shares outstanding (in thousands): Basic 146,094 145,164 144,578 Effect of convertible notes — 5,670 — Effect of stock options, restricted stock units and performance awards — 1,269 — Adjusted weighted-average shares outstanding, diluted 146,094 152,103 144,578 Basic (loss) earnings per common share $ (11.24 ) $ 0.71 $ (11.37 ) Diluted (loss) earnings per common share $ (11.24 ) $ 0.69 $ (11.37 ) |
Antidilutive Securities that were Not Included in Computations of Diluted Loss Per Common Share | The following table summarizes the securities that were antidilutive, and therefore, were not included in the computation of diluted earnings (loss) per common share: (In thousands) 2015 2014 2013 Securities granted under the 2005 Stock Incentive Plan 8,298 3,223 7,039 Securities convertible under the Senior Convertible Notes — — 14,017 (a) Total 8,298 3,223 21,056 (a) On March 27, 2013, we repurchased approximately $542 million aggregate principal amount of our 2014 Senior Convertible Notes. If the repurchases had occurred on January 1, 2013, the antidilutive securities would have been 10,058 thousand for the year ended December 31, 2013. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | (In millions) December 31, 2015 December 31, 2014 Raw materials $ 766 $ 801 Semi-finished products 841 1,053 Finished products 392 563 Supplies and sundry items 75 79 Total $ 2,074 $ 2,496 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Provisions (Benefits) for Income Taxes | Provision (benefit) for income taxes 2015 2014 2013 (In millions) Current Deferred Total Current Deferred Total Current Deferred Total Federal $ (29 ) $ 168 $ 139 $ — $ 80 $ 80 $ (210 ) $ (194 ) $ (404 ) State and local (5 ) 33 28 (9 ) (29 ) (38 ) 8 (50 ) (42 ) Foreign 4 12 16 1 25 26 1 (142 ) (141 ) Total $ (30 ) $ 213 $ 183 $ (8 ) $ 76 $ 68 $ (201 ) $ (386 ) $ (587 ) |
Reconciliation of Federal Statutory Tax to Total Provisions | A reconciliation of the federal statutory tax rate of 35 percent to total provision (benefit) follows: (In millions) 2015 2014 2013 Statutory rate applied to income (loss) before income taxes $ (511 ) $ 59 $ (781 ) Valuation allowance 804 — — Excess percentage depletion (49 ) (99 ) (94 ) State and local income taxes after federal income tax effects (42 ) (25 ) (27 ) Adjustments of prior years’ federal income taxes (23 ) (10 ) 9 Tax credits (7 ) (4 ) (3 ) Effects of foreign operations 5 25 467 Loss on deconsolidation of USSC — 116 — Worthless stock loss and bad debt deduction — — (444 ) Goodwill impairment — — 410 Tax accounting benefit related to increase in OCI — — (142 ) Deduction for domestic production activities — — 12 Other 6 6 6 Total provision (benefit) $ 183 $ 68 $ (587 ) |
Reconciliation of Unrecognized Tax Benefits | A tabular reconciliation of unrecognized tax benefits follows: (In millions) 2015 2014 2013 Unrecognized tax benefits, beginning of year $ 112 $ 127 $ 85 Increases – tax positions taken in prior years — — 1 Decreases – tax positions taken in prior years (5 ) (7 ) (6 ) Increases – current tax positions — 1 70 Settlements (26 ) — — Lapse of statute of limitations (7 ) (9 ) (23 ) Unrecognized tax benefits, end of year $ 74 $ 112 $ 127 |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities resulted from the following: December 31, (In millions) 2015 2014 Deferred tax assets: Federal tax loss carryforwards (expiring in 2033 through 2035) $ 466 $ 293 State tax credit carryforwards (expiring in 2018 through 2029) 11 11 State tax loss carryforwards (expiring in 2016 through 2035) 60 41 Minimum tax credit carryforwards 128 123 General business credit carryforwards (expiring in 2025 through 2035) 77 75 Foreign tax loss and credit carryforwards (expiring in 2017 through 2034) 16 16 Employee benefits 623 745 Receivables, payables and debt 33 59 Expected federal benefit for deducting state deferred income taxes 2 22 Inventory 123 20 Contingencies and accrued liabilities 95 114 Investments in subsidiaries and equity investees 259 57 Valuation allowance (808 ) (5 ) Total deferred tax assets 1,085 1,571 Deferred tax liabilities: Property, plant and equipment 1,035 1,117 Future reduction of foreign tax credits 6 18 Indefinite-lived intangible assets 29 29 Other temporary differences 29 60 Total deferred tax liabilities 1,099 1,224 Net deferred tax (liability) asset $ (14 ) $ 347 |
Investments and Long-Term Rec43
Investments and Long-Term Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments and Long-Term Receivables | Investments and Long-Term Receivables December 31, (In millions) 2015 2014 Equity method investments $ 502 $ 532 Receivables due after one year, less allowance of $7 and $8 33 39 Other 5 6 Total $ 540 $ 577 |
Summarized Financial Information of Investees Accounted for by Equity Method of Accounting | Summarized financial information of all investees accounted for by the equity method of accounting is as follows (amounts represent 100% of investee financial information): (In millions) 2015 2014 2013 Income data – year ended December 31: Net Sales $ 3,176 $ 3,794 $ 3,735 Operating income 529 584 449 Net income 491 545 413 Balance sheet date – December 31: Current Assets $ 732 $ 886 Noncurrent Assets 988 1,694 Current liabilities 485 642 Noncurrent Liabilities 490 722 |
Financial Information for Significant Equity Investees | Financial information for equity method investees that were significant to our results for the year ended December 31, 2014 is as follows: (Dollars in millions) PRO-TEC Coating Company Tilden Mining Company, L.C. Others Total Net Sales $ 1,271 $ 1,209 $ 1,314 $ 3,794 Operating income 69 450 65 584 Net income 50 451 44 545 Percentage of ownership in equity investees 50 % 15 % 5% - 50% Equity in net income of affiliated companies, before consolidating and reconciling adjustments $ 25 $ 68 $ 39 $ 132 Consolidation and reconciling adjustments: Intercompany profit elimination — (9 ) — (9 ) Write-down of investment — — — — Basis adjustments 6 (1 ) (11 ) (6 ) Other 7 20 (2 ) 25 Equity in net income of affiliated companies $ 38 $ 78 $ 26 $ 142 |
Investees Accounted for using Equity Method | Investees accounted for using the equity method include: Investee Country December 31, 2015 Acero Prime, S. R. L. de CV Mexico 40 % Apolo Tubulars S.A. Brazil 50 % Chrome Deposit Corporation United States 50 % Daniel Ross Bridge, LLC United States 50 % Double G Coatings Company L.P. United States 50 % Feralloy Processing Company United States 49 % Hibbing Development Company United States 24.1 % Hibbing Taconite Company (a) United States 14.7 % Leeds Retail Center, LLC United States 35.6 % Patriot Premium Threading Services United States 50 % PRO-TEC Coating Company United States 50 % Strategic Investment Fund Partners II (b) United States 5.2 % Swan Point Development Company, Inc. United States 50 % Tilden Mining Company, L.C. (c) United States 15 % USS-POSCO Industries United States 50 % Worthington Specialty Processing United States 49 % (a) Hibbing Taconite Company (HTC) is an unincorporated joint venture that is owned, in part, by Hibbing Development Company (HDC), which is accounted for using the equity method. Through HDC we are able to influence the activities of HTC, and as such, its activities are accounted for using the equity method. (b) Strategic Investment Fund Partners I and II are limited partnerships and in accordance with ASC Topic 323, the financial activities are accounted for using the equity method. (c) Tilden Mining Company, L.C. is a limited liability company and in accordance with ASC Topic 323 “Partnerships and Unincorporated Joint Ventures,” (ASC Topic 323) its financial activities are accounted for using the equity method. |
Property, Plant and Equipment44
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | December 31, (In millions) Useful Lives 2015 2014 Land and depletable property — $ 198 $ 196 Buildings 35 years 1,036 1,101 Machinery and equipment 1-22 years 12,220 13,072 Information technology 5-6 years 763 734 Assets under capital lease 5-15 years 36 36 Total 14,253 15,139 Less accumulated depreciation and depletion 9,842 10,565 Net $ 4,411 $ 4,574 |
Goodwill and Intangible Asset45
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets | Amortizable intangible assets are amortized on a straight-line basis over their estimated useful lives and are detailed below: As of December 31, 2015 As of December 31, 2014 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 22-23 Years $ 132 $ 52 $ 80 $ 132 $ 46 $ 86 Other 2-20 Years 17 8 9 23 13 10 Total amortizable intangible assets $ 149 $ 60 $ 89 $ 155 $ 59 $ 96 |
Stock-Based Compensation Plan46
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Total Stock-Based Compensation Awards Granted | The following table summarizes the total stock-based compensation awards granted during the years 2015 , 2014 and 2013 : Executive Stock Options Non-executive Stock Restricted Stock Units TSR Performance Awards ROCE Performance Awards 2015 Grants 493,430 1,145,110 807,432 273,560 — 2014 Grants 461,960 1,054,480 746,430 282,770 262,800 2013 Grants 838,610 971,860 1,043,420 271,960 — |
Total Compensation Expense Recognized for Stock-Based Compensation Awards | The following table summarizes the total compensation expense recognized for stock-based compensation awards: (In millions, except per share amounts) Year Ended Year Ended Year Ended Stock-based compensation expense recognized: Cost of sales $ 14 $ 12 $ 10 Selling, general and administrative expenses 23 23 23 Total 37 35 33 Related deferred income tax benefit 13 12 12 Decrease in net income $ 24 $ 23 $ 21 Decrease in basic earnings per share 0.16 0.15 0.14 Decrease in diluted earnings per share 0.16 0.15 0.14 |
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 2015 , 2014 and 2013 awards vest ratably over a three -year service period and have a term of ten years . Stock options are generally issued at the market price of the underlying stock on the date of the grant. The 2013 executive grants, however, were issued at the greater of (1) the premium exercise price of $25 or (2) the market price on the grant date. Upon exercise of stock options, shares of U. S. Steel stock are issued from treasury stock. Black-Scholes Assumptions (a) 2015 Grants 2014 Grants 2013 Executive Grants 2013 Non-Executive Grants Grant date price per share of option award $ 24.74 $ 24.30 $ 18.62 $ 18.64 Exercise price per share of option award $ 24.74 $ 24.30 $ 25.03 $ 18.64 Expected annual dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 Expected life in years 5.0 5.0 5.0 5.0 Expected volatility 47 % 49 % 66 % 67 % Risk-free interest rate 1.6 % 1.6 % 1.3 % 1.0 % Average grant date fair value per share of unvested option awards as calculated from above $ 10.02 $ 9.94 $ 8.44 $ 9.70 (a) The assumptions represent a weighted-average for all grants during the year. |
Status and Activity of Stock Options | The following table shows a summary of the status and activity of stock options for the year ended December 31, 2015 : Shares Weighted- Weighted- Aggregate Outstanding at January 1, 2015 5,750,989 $ 35.53 Granted 1,638,540 $ 24.74 Exercised (40,322 ) $ 20.61 Forfeited or expired (483,366 ) $ 30.54 Outstanding at December 31, 2015 6,865,841 $ 33.39 6.0 $ — Exercisable at December 31, 2015 4,164,888 $ 39.39 4.4 $ — Exercisable and expected to vest at December 31, 2015 6,535,153 $ 33.86 5.8 $ — |
Performance Awards Outstanding and their Fair Market Value on Respective Grant Date | The following table shows a summary of the performance awards outstanding as of December 31, 2015 , and their fair market value on the respective grant date: |
Status and Activity of Nonvested Stock Awards | The following table shows a summary of the status and activity of nonvested stock awards for the year ended December 31, 2015 : Restricted TSR Performance (a) ROCE Performance (a) Total Weighted- Nonvested at January 1, 2015 1,456,056 630,530 237,791 2,324,377 $ 22.46 Granted 807,432 273,560 — 1,080,992 24.63 Vested (658,175 ) — — (658,175 ) 21.72 Performance adjustment factor (b) — (209,998 ) — (209,998 ) 25.20 Forfeited or expired (172,744 ) (92,225 ) (25,755 ) (290,724 ) 23.19 Nonvested at December 31, 2015 1,432,569 601,867 212,036 2,246,472 $ 23.37 (a) The number of shares shown for the performance awards is based on the target number of share awards. (b) Consists of adjustments to vested performance awards to reflect actual performance. The adjustments were required since the original grants of the awards were at 100 percent of the targeted amounts. |
Restricted Stock Units and Performance Awards Granted | The following table presents information on RSUs and performance awards granted: 2015 2014 2013 Number of awards granted 1,080,992 1,292,000 1,315,380 Weighted-average grant-date fair value per share $ 24.63 $ 23.80 $ 19.20 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Location and Amounts of Fair Values Related to Derivatives in Financial Statements | The following summarizes the financial statement location and amounts of the fair values related to derivatives included in U. S. Steel’s financial statements as of December 31, 2015 and 2014 : Fair Value (In millions) Balance Sheet December 31, 2015 December 31, 2014 Foreign exchange forward contracts Accounts receivable $ 4 $ 31 Foreign exchange forward contracts Accounts payable $ 1 $ — |
Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements | The following summarizes the financial statement location and amounts of the gains and losses related to derivatives included in U. S. Steel’s financial statements for the years ended December 31, 2015 , 2014 and 2013 : Statement of Amount of Gain (In millions) Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Foreign exchange forward contracts Other financial costs $ 39 $ 50 $ (14 ) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Debt | December 31, (In millions) Interest Maturity 2015 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 (a) 2.75 2019 — 316 Environmental Revenue Bonds 5.50 - 6.88 2016 - 2042 490 549 Recovery Zone Facility Bonds 6.75 2040 70 70 Fairfield Caster Lease 2022 30 33 Other capital leases and all other obligations 2019 1 — Third Amended and Restated Credit Agreement Variable 2020 — N/A Amended Credit Agreement Variable N/A N/A — USSK Revolver Variable 2016 — — USSK credit facilities Variable 2016 - 2018 — — Total Debt 3,166 3,543 Less unamortized discount 5 45 Less short-term debt and long-term debt due within one year 45 378 Long-term debt $ 3,116 $ 3,120 (a) As a result of USSC's CCAA filing, the |
Trade Receivables for U.S. Steel Receivables, LLC | The eligible accounts receivable and receivables sold to third party conduits are summarized below: (In millions) 2014 Balance of accounts receivable-net, eligible for sale to third-parties $ 1,013 Accounts receivable sold to third-parties — Balance included in Receivables on the balance sheet of U. S. Steel $ 1,013 |
Aggregate Maturities of Debt | Debt Maturities – Aggregate maturities of debt are as follows (in millions): 2016 2017 2018 2019 2020 Later Total $ 45 $ 500 $ 503 $ 59 $ 604 $ 1,455 $ 3,166 |
Pensions and Other Benefits (Ta
Pensions and Other Benefits (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Details Relating to Pension Benefits and Other Benefits | Details relating to Pension Benefits and Other Benefits are below. Pension Benefits Other Benefits (In millions) 2015 2014 2015 2014 Change in benefit obligations Benefit obligations at January 1 $ 7,319 $ 10,257 $ 2,715 $ 3,378 Service cost 102 106 21 22 Interest cost 263 396 97 132 Deconsolidation of USSC — (3,026 ) — (713 ) Plan amendments — — — (48 ) Actuarial (gains) losses (402 ) 590 (318 ) 220 Exchange rate (gain)/loss (3 ) (124 ) 2 (28 ) Settlements, curtailments and termination benefits (207 ) (74 ) — (12 ) Benefits paid (698 ) (806 ) (207 ) (236 ) Benefit obligations at December 31 $ 6,374 $ 7,319 $ 2,310 $ 2,715 Change in plan assets Fair value of plan at January 1 $ 6,353 $ 9,122 $ 2,120 $ 1,970 Actual return on plan assets (22 ) 663 (8 ) 189 Employer contributions — 187 10 — Exchange rate loss — (106 ) — — Deconsolidation of USSC — (2,720 ) — — Benefits paid from plan assets (692 ) (793 ) (132 ) (39 ) Fair value of plan assets at December 31 $ 5,639 $ 6,353 $ 1,990 $ 2,120 Funded status of plans at December 31 $ (735 ) $ (966 ) $ (320 ) $ (595 ) | |
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss: 2015 (In millions) 12/31/2014 Amortization Activity 12/31/2015 Pensions Prior Service Cost $ 45 $ (17 ) $ — $ 28 Actuarial Losses 2,828 (241 ) (156 ) 2,431 Other Benefits Prior Service Cost (180 ) 6 7 (167 ) Actuarial Losses 255 (7 ) (154 ) 94 Amount reclassified (In millions) (a) Details about AOCI components 2015 2014 2013 Amortization of pension and other benefit items Prior service costs (b) $ (11 ) $ (6 ) $ (11 ) Actuarial gains/(losses) (b) (265 ) (270 ) (398 ) Settlements, termination and curtailment gains (b) — (10 ) — Total before tax (276 ) (286 ) (409 ) Tax benefit 99 109 143 Net of tax $ (177 ) $ (177 ) $ (266 ) (a) Amounts in parentheses indicate decreases in AOCI. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 17 for additional details). | |
Pension and Other Benefits Recognized in Balance Sheet | As of December 31, 2015 and 2014 , the following amounts were recognized in the Consolidated Balance Sheet: Pension Benefits Other Benefits (In millions) 2015 2014 2015 2014 Noncurrent assets $ — $ — $ — $ — Current liabilities (6 ) (158 ) (66 ) (389 ) Noncurrent liabilities (729 ) (808 ) (254 ) (206 ) Accumulated other comprehensive loss (a) 2,459 2,873 (73 ) 75 Net amount recognized $ 1,724 $ 1,907 $ (393 ) $ (520 ) (a) Accumulated other comprehensive loss effects associated with accounting for pensions and other benefits in accordance with ASC Topic 715 at December 31, 2015 and December 31, 2014 , respectively, are reflected net of tax of $938 million and $1,152 million respectively, on the Consolidated Statements of Stockholders’ Equity. | |
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | The Accumulated Benefit Obligation (ABO) for all defined benefit pension plans was $6,166 million and $6,847 million at December 31, 2015 and 2014 , respectively. December 31, (In millions) 2015 2014 Information for pension plans with an accumulated benefit obligation in excess of plan assets: Aggregate accumulated benefit obligations (ABO) $ (6,166 ) $ (6,847 ) Aggregate projected benefit obligations (PBO) (6,374 ) (7,319 ) Aggregate fair value of plan assets 5,639 6,353 | |
Details of Net Periodic Benefit Costs Related to Pension and Other Benefits | Following are the details of net periodic benefit costs related to Pension and Other Benefits: Pension Benefits Other Benefits (In millions) 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost: Service cost $ 102 $ 106 $ 128 $ 21 $ 22 $ 27 Interest cost 263 396 403 97 132 141 Expected return on plan assets (435 ) (563 ) (611 ) (155 ) (143 ) (131 ) Amortization - prior service costs 17 22 24 (6 ) (16 ) (13 ) - actuarial losses (gains) 241 271 367 7 (1 ) 31 Net periodic benefit cost (benefit), excluding below 188 232 311 (36 ) (6 ) 55 Multiemployer plans (a) 68 76 74 — — — Settlement, termination and curtailment losses/(gains) 35 29 11 (4 ) (19 ) — Net periodic benefit cost $ 291 $ 337 $ 396 $ (40 ) $ (25 ) $ 55 (a) Primarily represents pension expense for the SPT covering United Steelworkers (USW) employees hired from National Steel Corporation and new USW employees hired after May 21, 2003. | |
Amounts in Accumulated Other Comprehensive Income that are Expected to be Recognized as Components of Net Periodic Benefit Cost | The amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost during 2016 are as follows: (In millions) Pension Other Amortization of actuarial loss $ 129 $ 3 Amortization of prior service cost 11 10 Total recognized from accumulated other comprehensive income $ 140 $ 13 | |
Assumptions used to Determine Benefit Obligation and Net Periodic Benefit Cost | ssumptions used to determine the benefit obligation at December 31 and net periodic benefit cost for the year ended December 31 are detailed below. As a result of the CCAA filing and the deconsolidation of USSC, 2014 assumptions for Canada are not presented. Pension Benefits Other Benefits 2015 2014 2015 2014 U.S. and Europe U.S. and Europe U.S. U.S. Actuarial assumptions used to determine benefit obligations at December 31: Discount rate 4.25 % 3.75 % 4.25 % 3.75 % Increase in compensation rate 2.60 % 3.00 % 3.50 % 3.50 % Pension Benefits 2015 2014 2013 U.S. and Europe U.S. and Europe U.S. and Europe Canada Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31: Discount rate 3.75 % 4.50 % 3.75 % 3.75 % Expected annual return on plan assets 7.50 % 7.75 % 7.75 % 7.25 % Increase in compensation rate 3.00 % 3.00 % 3.00 % 3.00 % Other Benefits 2015 2014 2013 U.S. U.S. U.S. Canada Discount rate 3.75 % 4.50 % 3.75 % 3.75 % Expected annual return on plan assets 7.50 % 7.75 % 7.75 % n/a Increase in compensation rate 3.50 % 4.00 % 4.00 % 3.00 % | |
Assumed Health Care Cost Trend Rates | 2015 2014 Assumed health care cost trend rates at December 31: U.S. U.S. Health care cost trend rate assumed for next year 7.00% 7.00% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.00% 5.00% Year that the rate reaches the ultimate trend rate 2020 2019 | |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in the assumed return on plan assets, discount rate or health care cost trend rates would have the following effects: (In millions) 1-Percentage- 1-Percentage- Expected return on plan assets Incremental (decrease) increase in: Net periodic pension costs for 2016 $ (76 ) $ 76 Discount rate Incremental (decrease) increase in: Net periodic pension & other benefits costs for 2016 $ (12 ) $ 8 Pension & other benefits liabilities at December 31, 2015 $ (733 ) $ 863 Health care cost escalation trend rates Incremental increase (decrease) in: Other postretirement benefit obligations $ 94 $ (81 ) Service and interest costs components $ 4 $ (4 ) | |
Pension Plan and Other Benefits Plan Assets, Classification | U. S. Steel’s Pension plan and Other Benefits plan assets are classified as follows: Level 1 Level 2 Level 3 Investment Trusts Internally Managed Partnerships Private Equities Exchange-traded Funds Non-public Investment Partnerships Timberlands Short-term Investments Real Estate Equity Securities - U.S. Mineral Interests | |
Multiemployer Pension Plans | U. S. Steel’s participation in the SPT for the annual periods ended December 31, 2015 , 2014 and 2013 is outlined in the table below. Employer Pension Protection Act Zone (a) FIP/RP Status (b) U.S. Steel Surcharge (c) Expiration Date Pension Fund 2015 2014 2015 2014 2013 2015 2014 Steelworkers Pension Trust 23-6648508/499 Green Green No $ 66 $ 73 $ 74 No No September 1, 2018 (a) The zone status is based on information that U. S. Steel received from the plan and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded, while plans in the yellow zone are less than 80 percent funded and plans in the red zone are less than 65 percent funded. (b) Indicates if a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. (c) Indicates whether there were charges to U. S. Steel from the plan. | |
Benefit Payments Expected to be Paid from Defined Benefit Plans | Estimated Future Benefit Payments – The following benefit payments, which reflect expected future service as appropriate, are expected to be paid from U. S. Steel’s defined benefit plans: (In millions) Pension Other 2016 $ 580 $ 198 2017 537 204 2018 512 180 2019 501 175 2020 485 169 Years 2021 - 2025 2,215 756 | |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension and Other Benefits Plan Assets Carried at Fair Value | The following is a summary of U. S. Steel’s Pension plan assets carried at fair value at December 31, 2015 and 2014 : Fair Value Measurements at December 31, 2015 (in millions) Total Quoted Prices in Significant Significant Asset Classes Interest in Internally Managed Partnership – Fixed Income (a) $ 1,550 $ — $ 1,550 $ — Interest in Internally Managed Partnership – Equity (b) 2,350 — 2,350 — Interest in Investment Partnerships (c) 594 — 594 — Timberlands 282 — — 282 Private equities 280 — — 280 Real estate 307 — — 307 Other (d) 276 273 — 3 Total $ 5,639 $ 273 $ 4,494 $ 872 (a) UCF Fixed Income Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which United States Steel and Carnegie Pension Fund (UCF) acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Debt Securities – U.S. $ 1,070 Government Bonds – U.S. 562 Agency Mortgages 37 Other (1) (119 ) Total $ 1,550 (1) Other includes $16 million of accrued income, $1 million of short-term investment fund, $(101) million of investment purchases payable, and a $(35) million partner withdrawal. (b) UCF Equity Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Equity Securities – U.S. $ 2,091 Equity Securities – Foreign 107 Other (2) 152 Total $ 2,350 (2) Other includes $113 million of investment sales receivable, $33 million of an exchange-traded fund, $4 million of accrued income, and $2 million of short-term investment fund. (c) Private investment partnerships whose investment objectives are to achieve long-term capital appreciation by investing in global equity markets. (d) Asset categories that are greater than 3% of investments at fair value are disclosed separately. All Other includes interests in investment trusts, exchange-traded funds, short-term investments, mineral interests and miscellaneous receivables and payables. | The following is a summary of U. S. Steel’s Pension plan assets carried at fair value at December 31, 2015 and 2014 : Fair Value Measurements at December 31, 2015 (in millions) Total Quoted Prices in Significant Significant Asset Classes Interest in Internally Managed Partnership – Fixed Income (a) $ 1,550 $ — $ 1,550 $ — Interest in Internally Managed Partnership – Equity (b) 2,350 — 2,350 — Interest in Investment Partnerships (c) 594 — 594 — Timberlands 282 — — 282 Private equities 280 — — 280 Real estate 307 — — 307 Other (d) 276 273 — 3 Total $ 5,639 $ 273 $ 4,494 $ 872 (a) UCF Fixed Income Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which United States Steel and Carnegie Pension Fund (UCF) acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Debt Securities – U.S. $ 1,070 Government Bonds – U.S. 562 Agency Mortgages 37 Other (1) (119 ) Total $ 1,550 (1) Other includes $16 million of accrued income, $1 million of short-term investment fund, $(101) million of investment purchases payable, and a $(35) million partner withdrawal. (b) UCF Equity Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Equity Securities – U.S. $ 2,091 Equity Securities – Foreign 107 Other (2) 152 Total $ 2,350 (2) Other includes $113 million of investment sales receivable, $33 million of an exchange-traded fund, $4 million of accrued income, and $2 million of short-term investment fund. (c) Private investment partnerships whose investment objectives are to achieve long-term capital appreciation by investing in global equity markets. (d) Asset categories that are greater than 3% of investments at fair value are disclosed separately. All Other includes interests in investment trusts, exchange-traded funds, short-term investments, mineral interests and miscellaneous receivables and payables. Fair Value Measurements at December 31, 2014 (in millions) Total Quoted Prices in Significant Significant Asset Classes Interest in Internally Managed Partnership – Fixed Income (a) $ 1,800 $ — $ 1,800 $ — Interest in Internally Managed Partnership – Equity (b) 2,643 — 2,643 — Interest in Investment Partnerships (c) 642 — 642 — Timberlands 333 — — 333 Private equities 303 — — 303 Real estate 300 — — 300 Other (d) 332 328 — 4 Total $ 6,353 $ 328 $ 5,085 $ 940 (a) UCF Fixed Income Fund LP - a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Debt Securities – U.S. $ 1,265 Government Bonds – U.S. 472 Agency Mortgages 49 Other (1) 14 Total $ 1,800 (1) Other includes $16 million of accrued income, $9 million of investment sales receivable, $5 million of short-term investment fund, and a $(16) million partner withdrawal. (b) UCF Equity Fund LP - a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Equity Securities – U.S. $ 2,441 Equity Securities – Foreign 126 Other (2) 76 Total $ 2,643 (2) Other includes $64 million of an exchange-traded fund, $36 million of investment sales receivable, $6 million of short-term investment fund, $3 million of short-term investment fund, a $(24) million partner withdrawal, and $(9) million of investment purchases payable. (c) Private investment partnerships whose investment objectives are to achieve long-term capital appreciation by investing in global equity markets. (d) Asset categories that are greater than 3% of investments at fair value are disclosed separately. All Other includes interests in investment trusts, exchange-traded funds, equity securities – U.S., short-term investments, mineral interests and miscellaneous receivables and payables. |
Changes in Fair Value of Pension and Other Benefits Plan Level 3 Assets | The following table sets forth a summary of changes in the fair value of U. S. Steel’s Pension plan Level 3 assets for the years ended December 31, 2015 and 2014 (in millions): (In millions) 2015 2014 Balance at beginning of period $ 940 $ 913 Transfers in and/or out of Level 3 — — Deconsolidation of USSC — (14 ) Actual return on plan assets: Realized gain 87 51 Net unrealized (loss)/gain (65 ) 49 Purchases, sales, issuances and settlements: Purchases 94 89 Sales (184 ) (148 ) Balance at end of period $ 872 $ 940 | |
Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension and Other Benefits Plan Assets Carried at Fair Value | The following is a summary of U. S. Steel’s Other Benefits plan assets carried at fair value at December 31, 2015 and 2014 : Fair Value Measurements at December 31, 2015 (in millions) Total Quoted Prices in Significant Significant Asset Classes Interest in Internally Managed Partnership – Fixed Income (a) $ 692 $ — $ 692 $ — Interest in Internally Managed Partnership – Equity (b) 973 — 973 — Interest in Investment Partnerships (c) 125 — 125 — Private equities 60 — — 60 Other (d) 140 58 — 82 Total $ 1,990 $ 58 $ 1,790 $ 142 (a) UCF Fixed Income Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Debt Securities – U.S. $ 346 Government Bonds – U.S. 181 Agency Mortgages 12 Other (1) 153 Total $ 692 (1) Other includes a $180 million partner contribution, $5 million of accrued income, and $(32) million of investment purchases payable. (b) UCF Equity Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Equity Securities – U.S. $ 1,033 Equity Securities – Foreign 53 Other (2) (113 ) Total $ 973 (2) Other includes $56 million of investment sales receivables, $16 million of an exchange-traded fund, $2 million of accrued income, $1 million of short-term investment fund, and a $(188) million partner withdrawal. (c) Private investment partnerships whose investment objectives are to achieve long-term capital appreciation by investing in global equity markets. (d) Asset categories that are greater than 3% of investments at fair value are disclosed separately. All Other includes short-term investments, exchange-traded funds, real estate, timberlands and miscellaneous receivables and payables. | The following is a summary of U. S. Steel’s Other Benefits plan assets carried at fair value at December 31, 2015 and 2014 : Fair Value Measurements at December 31, 2015 (in millions) Total Quoted Prices in Significant Significant Asset Classes Interest in Internally Managed Partnership – Fixed Income (a) $ 692 $ — $ 692 $ — Interest in Internally Managed Partnership – Equity (b) 973 — 973 — Interest in Investment Partnerships (c) 125 — 125 — Private equities 60 — — 60 Other (d) 140 58 — 82 Total $ 1,990 $ 58 $ 1,790 $ 142 (a) UCF Fixed Income Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Debt Securities – U.S. $ 346 Government Bonds – U.S. 181 Agency Mortgages 12 Other (1) 153 Total $ 692 (1) Other includes a $180 million partner contribution, $5 million of accrued income, and $(32) million of investment purchases payable. (b) UCF Equity Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Equity Securities – U.S. $ 1,033 Equity Securities – Foreign 53 Other (2) (113 ) Total $ 973 (2) Other includes $56 million of investment sales receivables, $16 million of an exchange-traded fund, $2 million of accrued income, $1 million of short-term investment fund, and a $(188) million partner withdrawal. (c) Private investment partnerships whose investment objectives are to achieve long-term capital appreciation by investing in global equity markets. (d) Asset categories that are greater than 3% of investments at fair value are disclosed separately. All Other includes short-term investments, exchange-traded funds, real estate, timberlands and miscellaneous receivables and payables. Fair Value Measurements at December 31, 2014 (in millions) Total Quoted Prices in Significant Significant Asset Classes Interest in Internally Managed Partnership – Fixed Income (a) $ 547 $ — $ 547 $ — Interest in Internally Managed Partnership – Equity (b) 1,265 — 1,265 — Interest in Investment Partnerships (c) 134 — 134 — Other (d) 174 47 — 127 Total $ 2,120 $ 47 $ 1,946 $ 127 (a) UCF Fixed Income Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Debt Securities – U.S. $ 382 Government Bonds – U.S. 143 Agency Mortgages 15 Other (1) 7 Total $ 547 (1) Other includes $5 million of accrued income, $3 million of investment sales receivables, $1 million of short-term investment fund, and a $(2) million partner withdrawal. (b) UCF Equity Fund LP – a Delaware limited partnership that offers interests to employee benefit plans for which UCF acts as trustee, investment advisor and/or investment manager. Looking through the limited partnership, the plan’s holdings are as follows: Equity Securities – U.S. $ 1,161 Equity Securities – Foreign 60 Exchange-traded funds — Other (2) 44 Total $ 1,265 (2) Other includes $30 million of an exchange-traded fund, $17 million of investment sales receivables, $3 million of short-term investment fund, $2 million of accrued income, $(4) million of investment purchases payable, and a $(4) million partner withdrawal. (c) Private investment partnerships whose investment objectives are to achieve long-term capital appreciation by investing in global equity markets. (d) Asset categories that are greater than 3% of investments at fair value are disclosed separately. All Other includes short-term investments, exchange-traded funds, private equities, real estate, timberlands and miscellaneous receivables and payables. |
Changes in Fair Value of Pension and Other Benefits Plan Level 3 Assets | The following table sets forth a summary of changes in the fair value of U. S. Steel’s Other Benefits plan Level 3 assets for the years ended December 31, 2015 and 2014 (in millions): (In millions) 2015 2014 Balance at beginning of period $ 127 $ 99 Transfers in and/or out of Level 3 — — Actual return on plan assets: Realized gain 10 5 Net unrealized gain 3 7 Purchases, sales, issuances and settlements: Purchases 25 30 Sales (23 ) (14 ) Balance at end of period $ 142 $ 127 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 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 for the years ended December 31, 2015 and 2014 : December 31, (In millions) 2015 2014 Balance at beginning of year $ 48 $ 59 Additional obligations incurred 45 (a) 6 Obligations settled (6 ) (19 ) (b) Foreign currency translation effects (1 ) (2 ) Accretion expense 3 4 Balance at end of period $ 89 $ 48 (a) Additional AROs relate to the shutdown of the coke production facilities at Gary Works and Granite City Works and the Fairfield Flat-Rolled Operations. (b) Includes $16 million as a result of the deconsolidation of USSC as of the end of the day on September 15, 2014. See Note 4 for additional details. |
Fair Value of Financial Instr51
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 . December 31, 2015 December 31, 2014 (In millions) Fair Value Carrying Fair Value Carrying Financial liabilities: Long-term debt (a) $ 1,896 $ 3,130 $ 3,740 $ 3,466 (a) Excludes capital lease obligations. |
Reclassifications from Accumu52
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Reclassifications from Accumulated Other Comprehensive Income (AOCI) (In millions) (a) Pension and Other Benefit Items Foreign Currency Items Other Total Balance at December 31, 2013 $ (2,127 ) $ 375 $ — $ (1,752 ) Other comprehensive (loss) before reclassifications (395 ) (96 ) (5 ) (496 ) Amounts reclassified from AOCI 177 (b) 162 (c) — 339 Deconsolidation of U. S. Steel Canada (c) 493 (25 ) — 468 Net current-period other comprehensive income (loss) 275 41 (5 ) 311 Balance at December 31, 2014 $ (1,852 ) $ 416 $ (5 ) $ (1,441 ) Other comprehensive income (loss) before reclassifications 196 (104 ) (25 ) 67 Amounts reclassified from AOCI 177 (b) — 28 205 Net current-period other comprehensive income (loss) 373 (104 ) 3 272 Balance at December 31, 2015 $ (1,479 ) $ 312 $ (2 ) $ (1,169 ) (a) All amounts are net of tax. Amounts in parentheses indicate decreases in AOCI. (b) See table below for further details. The amount for 2015 also includes $17 million for a postemployment benefits actuarial adjustment. (c) Included in the Losses associated with U. S. Steel Canada Inc. line on the Consolidated Statements of Operations. |
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss: 2015 (In millions) 12/31/2014 Amortization Activity 12/31/2015 Pensions Prior Service Cost $ 45 $ (17 ) $ — $ 28 Actuarial Losses 2,828 (241 ) (156 ) 2,431 Other Benefits Prior Service Cost (180 ) 6 7 (167 ) Actuarial Losses 255 (7 ) (154 ) 94 Amount reclassified (In millions) (a) Details about AOCI components 2015 2014 2013 Amortization of pension and other benefit items Prior service costs (b) $ (11 ) $ (6 ) $ (11 ) Actuarial gains/(losses) (b) (265 ) (270 ) (398 ) Settlements, termination and curtailment gains (b) — (10 ) — Total before tax (276 ) (286 ) (409 ) Tax benefit 99 109 143 Net of tax $ (177 ) $ (177 ) $ (266 ) (a) Amounts in parentheses indicate decreases in AOCI. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 17 for additional details). |
Supplemental Cash Flow Inform53
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Year Ended December 31, (In millions) 2015 2014 2013 Net cash used in operating activities included: Interest and other financial costs paid (net of amount capitalized) $ (229 ) $ (236 ) $ (238 ) Income taxes refunded (paid) $ — $ 157 $ (20 ) Non-cash investing and financing activities: Change in accrued capital expenditures (a) $ 59 $ 12 $ (7 ) Assets acquired under capital lease $ — $ — $ — U. S. Steel common stock issued for employee stock plans $ — $ — $ — (a) 2014 and 2013 amounts have been revised to correct a prior period error that resulted in a decrease to the change in accrued capital expenditures of $61 million and an increase to the change in accrued capital expenditures of $9 million , respectively. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Commitments for Capital Leases and Operating Leases | Future minimum commitments for capital leases (including sale-leasebacks accounted for as financings) and for operating leases having initial non-cancelable lease terms in excess of one year are as follows: (In millions) Capital Operating 2016 $ 5 $ 85 2017 5 71 2018 5 43 2019 5 17 2020 5 6 Later years 17 26 Sublease rentals — — Total minimum lease payments $ 42 $ 248 Less imputed interest costs 11 Present value of net minimum lease payments included in long-term debt (see Note 16) $ 31 |
Operating Lease Rental Expense | Operating lease rental expense: Year Ended December 31, (In millions) 2015 2014 2013 Minimum rentals $ 117 $ 111 $ 111 Contingent rentals 11 12 11 Sublease rentals — — — Net rental expense $ 128 $ 123 $ 122 |
Restructuring and Other Charg55
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Activity in Accrued Balances for Restructuring and Other Cost Reduction Programs | The activity in the accrued balances and the non-cash charges and credits incurred in relation to restructuring and other cost reduction programs during the years ended December 31, 2015 and December 31, 2014 and recorded in the restructuring and other charges line in the Consolidated Statements of Operations are as follows: (in millions) Employee Related Costs Pension and Other Benefits Charges Exit Costs Non-cash Charges Total Balance at December 31, 2013 $ 16 $ — $ 6 $ — $ 22 Additional charges 16 — — 246 (b) 262 Cash payments/utilization (11 ) — (5 ) (246 ) (262 ) Other adjustments and reclasses (16 ) (a) — (1 ) — (17 ) Balance at December 31, 2014 $ 5 $ — $ — $ — $ 5 Additional charges 77 18 122 (c) 126 (d) 343 Cash payments/utilization (19 ) (18 ) (9 ) (126 ) (172 ) Other adjustments and reclasses (15 ) — (6 ) — (21 ) Balance at December 31, 2015 $ 48 $ — $ 107 $ — $ 155 (a) Includes an adjustment to remove restructuring reserves of $4 million as a result of the deconsolidation of USSC as of the end of the day on September 15, 2014. (b) Charges are primarily related to the impairment of carbon alloy facilities and the write-off of pre-engineering costs from the Keetac expansion project. (c) Primarily environmental costs and charges associated with take or pay contracts. (d) Charges are primarily related to asset impairments and accelerated depreciation associated with the permanent shutdown of the Fairfield Flat-Rolled Operations and the cokemaking operations at Gary Works and Granite City Works. |
Balance Sheet Location of Accrued Liabilities for Restructuring and Other Cost Reduction Programs | Accrued liabilities for restructuring and other cost reduction programs are included in the following balance sheet lines: (in millions) December 31, 2015 December 31, 2014 Accounts payable $ 90 $ — Payroll and benefits payable 48 5 Deferred credits and other noncurrent liabilities 17 — Total $ 155 $ 5 |
Contingencies and Commitments56
Contingencies and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Asbestos Litigation Activity | The following table shows the number of asbestos claims in the current year and the prior two years: Period ended Opening Claims New Closing December 31, 2013 3,330 250 240 3,320 December 31, 2014 3,320 190 325 3,455 December 31, 2015 3,455 415 275 3,315 |
Changes in Accrued Liabilities for Remediation Activities | Changes in accrued liabilities for remediation activities where U. S. Steel is identified as a named party are summarized in the following table: Year Ended December 31, (In millions) 2015 2014 Beginning of period $ 212 $ 233 Accruals for environmental remediation deemed probable and reasonably estimable — 5 Adjustments for changes in estimates (5 ) — Obligations settled (a) (10 ) (26 ) End of period $ 197 $ 212 (a) Includes approximately $2 million for the year ended December 31, 2014 as a result of the deconsolidation of USSC as of the end of the day on September 15, 2014. See Note 4 for details. |
Accrued Liabilities for Remediation Activities Included in Balance Sheet | Accrued liabilities for remediation activities are included in the following balance sheet lines: (In millions) December 31, 2015 December 31, 2014 Accounts payable $ 14 $ 19 Deferred credits and other noncurrent liabilities 183 193 Total $ 197 $ 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): 2016 2017 2018 2019 2020 Later years Total $528 $572 $609 $364 $329 $1,483 $3,885 |
Nature of Business and Signif57
Nature of Business and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Significant Accounting Policies [Line Items] | ||||||||
Percentage of LIFO (last in first out) inventory to total inventory | 80.00% | 78.00% | ||||||
Percentage of employees that receive benefits through a defined contribution pension plan | 66.67% | |||||||
Percentage of employees included in multiemployer plan | 66.67% | |||||||
Pension Corridor Percentage | 10.00% | |||||||
Prior Period Revision, Increase in Operating Activities | $ 11 | $ 29 | ||||||
Prior Period Revision, Decrease in Operating Activities | $ 63 | $ 5 | $ 64 | $ 55 | ||||
Adjustment | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Prior Period Revision, Decrease in Investing Activities | $ 5 | $ 61 | ||||||
Prior Period Revision, Increase in Investing Activities | $ 63 | $ 64 | $ 11 | $ 55 | $ 29 | 9 | ||
Prior Period Revision, Increase in Operating Activities | 61 | |||||||
Prior Period Revision, Decrease in Operating Activities | $ 9 | |||||||
Maximum | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of gross annual revenues accounted for by single customer | 10.00% |
New Accounting Standards (Detai
New Accounting Standards (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred tax liabilities, noncurrent | $ 29 | $ 0 |
New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred tax benefits, current | 602 | |
Deferred tax benefits, net, noncurrent | 301 | |
Deferred tax liabilities, noncurrent | $ 301 |
Segment Information - Results o
Segment Information - Results of Segment Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 11,574 | $ 17,507 | $ 17,424 |
Earnings (loss) from investees | 38 | 142 | 40 |
EBIT | (1,202) | 413 | (1,900) |
Depreciation, depletion & amortization | 547 | 627 | 684 |
Capital expenditures | 500 | 480 | 468 |
Flat-Rolled | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 8,561 | 12,895 | 12,830 |
Earnings (loss) from investees | 49 | 134 | 69 |
EBIT | (237) | 709 | 105 |
Depreciation, depletion & amortization | 392 | 457 | 512 |
Capital expenditures | 280 | 322 | 340 |
USSE | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,326 | 2,936 | 2,944 |
Earnings (loss) from investees | 0 | 0 | 0 |
EBIT | 81 | 133 | 28 |
Depreciation, depletion & amortization | 81 | 95 | 95 |
Capital expenditures | 110 | 74 | 40 |
Tubular | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 898 | 2,774 | 2,777 |
Earnings (loss) from investees | 11 | 11 | (25) |
EBIT | (179) | 261 | 190 |
Depreciation, depletion & amortization | 64 | 66 | 62 |
Capital expenditures | 102 | 76 | 69 |
Total reportable segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 11,785 | 18,605 | 18,551 |
Earnings (loss) from investees | 60 | 145 | 44 |
EBIT | (335) | 1,103 | 323 |
Depreciation, depletion & amortization | 537 | 618 | 669 |
Capital expenditures | 492 | 472 | 449 |
Other Businesses | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 165 | 269 | 273 |
Earnings (loss) from investees | (22) | (3) | (4) |
EBIT | 33 | 82 | 77 |
Depreciation, depletion & amortization | 10 | 9 | 15 |
Capital expenditures | 8 | 8 | 19 |
Reconciling Items and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net Sales | (376) | (1,367) | (1,400) |
Earnings (loss) from investees | 0 | 0 | 0 |
EBIT | (900) | (772) | (2,300) |
Depreciation, depletion & amortization | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Customer Sales | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 11,574 | 17,507 | 17,424 |
Customer Sales | Flat-Rolled | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 8,293 | 11,708 | 11,572 |
Customer Sales | USSE | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,323 | 2,891 | 2,941 |
Customer Sales | Tubular | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 898 | 2,772 | 2,772 |
Customer Sales | Total reportable segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 11,514 | 17,371 | 17,285 |
Customer Sales | Other Businesses | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 60 | 136 | 139 |
Customer Sales | Reconciling Items and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 0 | 0 | 0 |
Intersegment Sales | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 0 | 0 | 0 |
Intersegment Sales | Flat-Rolled | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 268 | 1,187 | 1,258 |
Intersegment Sales | USSE | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 3 | 45 | 3 |
Intersegment Sales | Tubular | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 0 | 2 | 5 |
Intersegment Sales | Total reportable segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 271 | 1,234 | 1,266 |
Intersegment Sales | Other Businesses | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 105 | 133 | 134 |
Intersegment Sales | Reconciling Items and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ (376) | $ (1,367) | $ (1,400) |
Segment Information - Schedule
Segment Information - Schedule of Reconciling Items to EBIT (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other items not allocated to segments: | |||
Losses associated with U. S. Steel Canada Inc. (Notes 4 and 5) | $ (392) | $ (416) | $ 0 |
Restructuring and other charges | (322) | (250) | (248) |
Impairment of equity investment (Note 11) | (18) | 0 | |
Impairment of carbon alloy facilities (Note 24) (b) | (195) | ||
Write-off of pre-engineering costs at Keetac (Note 24) (b) | (37) | ||
Impairment of goodwill (Note 13) | 0 | 0 | (1,806) |
Environmental remediation charge | (5) | (45) | |
(Loss) earnings before interest and income taxes (EBIT) | (1,202) | 413 | (1,900) |
Reconciling Items and Eliminations | |||
Items not allocated to segments: | |||
Postretirement benefit expense | (43) | (114) | (221) |
Other items not allocated to segments: | |||
Losses associated with U. S. Steel Canada Inc. (Notes 4 and 5) | (392) | (416) | 0 |
Restructuring and other charges | (78) | 0 | (248) |
Postemployment benefit actuarial adjustment | (26) | 0 | 0 |
Impairment of equity investment (Note 11) | (18) | 0 | 0 |
Impairment of carbon alloy facilities (Note 24) (b) | 0 | (195) | 0 |
Litigation reserves (Note 25) | 0 | (70) | 0 |
Write-off of pre-engineering costs at Keetac (Note 24) (b) | 0 | (37) | 0 |
Loss on assets held for sale (Note 24) (b) | 0 | (14) | 0 |
Gain on sale of real estate assets (d) | 0 | 55 | 0 |
Curtailment gain (Note 17) | 0 | 19 | 0 |
Impairment of goodwill (Note 13) | 0 | 0 | (1,806) |
Environmental remediation charge | 0 | 0 | (32) |
Supplier contract dispute settlement | 0 | 0 | 23 |
Total other items not allocated to segments | (857) | (658) | (2,079) |
(Loss) earnings before interest and income taxes (EBIT) | (900) | (772) | (2,300) |
United Spiral Pipe, LLC | |||
Other items not allocated to segments: | |||
Write-off of equity investment (Note 11) | 0 | (16) | |
United Spiral Pipe, LLC | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
Write-off of equity investment (Note 11) | 0 | ||
Coke Production Facilities [Member] | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
Restructuring and other charges | (153) | 0 | 0 |
Granite City [Member] | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
Restructuring and other charges | (99) | 0 | 0 |
Fairfield Flat-Rolled Operations | Reconciling Items and Eliminations | |||
Other items not allocated to segments: | |||
Restructuring and other charges | $ (91) | $ 0 | $ 0 |
Segment Information - Net Sales
Segment Information - Net Sales by Product (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total | $ 11,574 | $ 17,507 | $ 17,424 |
Flat-rolled Segment | |||
Segment Reporting Information [Line Items] | |||
Total | 8,561 | 12,895 | 12,830 |
Tubular | |||
Segment Reporting Information [Line Items] | |||
Total | 898 | 2,774 | 2,777 |
Other | |||
Segment Reporting Information [Line Items] | |||
Total | 598 | 1,156 | 1,090 |
Flat-rolled Segment | |||
Segment Reporting Information [Line Items] | |||
Total | 10,047 | 13,533 | 13,508 |
Tubular | |||
Segment Reporting Information [Line Items] | |||
Total | $ 929 | $ 2,818 | $ 2,826 |
Segment Information - Net Sal62
Segment Information - Net Sales, Property, Plant and Equipment and Equity Method Investments Based on Location of Operating Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 11,574 | $ 17,507 | $ 17,424 |
Assets | 4,913 | 5,106 | 6,480 |
North America | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 9,251 | 14,616 | 14,484 |
Assets | 4,057 | 4,180 | 5,425 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,323 | 2,891 | 2,940 |
Assets | 832 | 890 | 1,022 |
Other Foreign Countries | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 0 | 0 | 0 |
Assets | 24 | 36 | 33 |
U.S. and Europe | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 4,047 | $ 4,172 | $ 4,443 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Millions | Jan. 01, 2016 | Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | Segment | 3 | |||
Losses associated with U. S. Steel Canada Inc. (Notes 4 and 5) | $ | $ (392) | $ (416) | $ 0 | |
Number of commercial entities | 5 | |||
Flat-rolled Segment | Subsequent Event | ||||
Segment Reporting Information [Line Items] | ||||
Number of commercial entities | 3 |
U. S. Steel Canada Deconsolid64
U. S. Steel Canada Deconsolidation - Results of Operations (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 15, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling Interest [Line Items] | ||||
Net Sales | $ 11,574 | $ 17,507 | $ 17,424 | |
(Loss) earnings before interest and income taxes (EBIT) | (1,202) | 413 | (1,900) | |
Net interest and other financial costs | 257 | 243 | 332 | |
(Loss) earnings before income taxes | (1,459) | 170 | (2,232) | |
Income tax benefit | 183 | 68 | (587) | |
Net (loss) earnings attributable to United States Steel Corporation | $ (1,642) | $ 102 | (1,645) | |
Us Steel Canada Inc | ||||
Noncontrolling Interest [Line Items] | ||||
Net Sales | $ 1,508 | 1,404 | ||
Total operating expenses | 1,587 | 2,641 | ||
(Loss) earnings before interest and income taxes (EBIT) | (79) | (1,237) | ||
Net interest and other financial costs | 121 | 42 | ||
(Loss) earnings before income taxes | (200) | (1,279) | ||
Income tax benefit | 0 | (142) | ||
Net (loss) earnings attributable to United States Steel Corporation | $ (200) | $ (1,137) |
U. S. Steel Canada Deconsolid65
U. S. Steel Canada Deconsolidation -Additional Information (Details) - USD ($) | Sep. 15, 2014 | Sep. 15, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Noncontrolling Interest [Line Items] | |||||
Non-cash charge on deconsolidation of USSC | $ 392,000,000 | $ 416,000,000 | $ 0 | ||
Assets | 9,190,000,000 | 12,013,000,000 | |||
Us Steel Canada Inc | |||||
Noncontrolling Interest [Line Items] | |||||
Non-cash charge on deconsolidation of USSC | $ 416,000,000 | ||||
Professional Fees | 20,000,000 | ||||
U. S. Steel's interest in USSC under cost method of accounting | $ 0 | 0 | |||
Assets | $ (1,704,000,000) | $ (1,704,000,000) | |||
Fair Value Inputs, Perpetual Growth Rate | 2.00% | ||||
Retained Interest in Intercompany Loans and Other Receivables | 434,000,000 | ||||
Allowance for Doubtful Accounts Receivable | $ 1,435,000,000 | ||||
Minimum | Us Steel Canada Inc | |||||
Noncontrolling Interest [Line Items] | |||||
Fair Value Inputs, Discount Rate | 15.54% | ||||
Maximum | Us Steel Canada Inc | |||||
Noncontrolling Interest [Line Items] | |||||
Fair Value Inputs, Discount Rate | 18.31% |
USSC Retained Interest and Ot66
USSC Retained Interest and Other Related Charges - Additional Information (Details) - Us Steel Canada Inc | 12 Months Ended |
Dec. 31, 2015 | |
Investments in and Advances to Affiliates [Line Items] | |
Maximum Length of Time for Transition Plan | 24 months |
Number of Pension Plans | 4 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Millions | May. 29, 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 |
Net Interest and Other Financ68
Net Interest and Other Financial Costs -Net Interest and Other Financial Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income: | |||
Interest income | $ (3) | $ (12) | $ (3) |
Interest expense and other financial costs: | |||
Interest incurred (a) | 228 | 248 | 285 |
Less interest capitalized | 14 | 14 | 19 |
Total interest expense | 214 | 234 | 266 |
Foreign currency net (gain) loss | (15) | (1) | 11 |
Financial costs on: | |||
Sale of receivables | 2 | 3 | 3 |
Amended Credit Agreement | 4 | 4 | 4 |
USSK credit facilities | 3 | 3 | 3 |
Other | 5 | 0 | 28 |
Amortization of discounts and deferred financing costs | 11 | 12 | 20 |
Total other financial costs | 10 | 21 | 69 |
Net interest and other financial costs | 257 | 243 | 332 |
2019 Senior Convertible Notes | |||
Net Interest and Other Fnancial Costs [Line Items] | |||
Gain (Loss) on Repurchase of Debt Instrument | $ 36 | $ 0 | $ 0 |
Net Interest and Other Financ69
Net Interest and Other Financial Costs -Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 04, 2009 | |
Net Interest and Other Fnancial Costs [Line Items] | |||||
Charge for guarantee in unconsolidated equity method investment during the period | $ 22 | ||||
2019 Senior Convertible Notes | |||||
Net Interest and Other Fnancial Costs [Line Items] | |||||
Gain (Loss) on Repurchase of Debt Instrument | $ 36 | $ 0 | $ 0 | ||
Stated interest rate | 2.75% | ||||
2014 Senior Convertible Notes | |||||
Net Interest and Other Fnancial Costs [Line Items] | |||||
Gain (Loss) on Repurchase of Debt Instrument | $ 34 | ||||
Redemption of notes | $ 542 | ||||
Stated interest rate | 4.00% |
Earnings and Dividends Per Co70
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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Net (loss) earnings attributable to United States Steel Corporation shareholders | $ (1,642) | $ 102 | $ (1,645) |
Plus income effect of assumed conversion-interest on convertible notes | 0 | 3 | 0 |
Net (loss) earnings after assumed conversion | $ (1,642) | $ 105 | $ (1,645) |
Weighted-average shares outstanding: | |||
Basic | 146,094 | 145,164 | 144,578 |
Effect of convertible notes | 0 | 5,670 | 0 |
Effect of stock options, restricted stock units and performance awards | 0 | 1,269 | 0 |
Adjusted weighted-average shares outstanding, diluted | 146,094 | 152,103 | 144,578 |
Basic (loss) earnings per common share | $ (11.24) | $ 0.71 | $ (11.37) |
Diluted (loss) earnings per common share | $ (11.24) | $ 0.69 | $ (11.37) |
Earnings and Dividends Per Co71
Earnings and Dividends Per Common Share - Antidilutive Securities that were Not Included in Computation of Diluted Loss Per Common Share (Detail) - USD ($) shares in Thousands, $ in Millions | Mar. 27, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted loss per common share | 8,298 | 3,223 | 21,056 | |
2014 Senior Convertible Notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Repurchase of convertible notes | $ 542 | |||
Antidilutive securities assumed excluded from computation of diluted loss per common share, if repurchases had occurred on January 1, 2013 | 10,058 | |||
Securities granted under the 2005 Stock Incentive Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted loss per common share | 8,298 | 3,223 | 7,039 | |
Securities convertible under the Senior Convertible Notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted loss per common share | 0 | 0 | 14,017 |
Earnings and Dividends Per Co72
Earnings and Dividends Per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ||||||||||||
Quarterly dividends per common share | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
Inventories Inventory balances
Inventories Inventory balances (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 766 | $ 801 |
Semi-finished products | 841 | 1,053 |
Finished products | 392 | 563 |
Supplies and sundry items | 75 | 79 |
Total | $ 2,074 | $ 2,496 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)T | Dec. 31, 2014USD ($)T | Dec. 31, 2013USD ($) | |
Inventory Disclosure [Line Items] | |||
Estimate in excess of current acquisition costs over stated inventory values | $ | $ 900 | $ 1,000 | |
Increase (decrease) in income from operations as a result of liquidations of LIFO inventories | $ | 9 | 3 | $ 9 |
Land held for residential or commercial development | $ | $ 64 | $ 69 | |
Coke | Swap agreement | |||
Inventory Disclosure [Line Items] | |||
Amount of commodity shipped under swap agreement (in tons) | 645,000 | 965,000 | |
Amount Of Commodity Received | 920,000 | 965,000 | |
Iron ore pellet | Swap agreement | |||
Inventory Disclosure [Line Items] | |||
Amount of commodity shipped under swap agreement (in tons) | 0 | 651,000 | |
Amount Of Commodity Received | 651,000 |
Income Taxes - Provisions (Bene
Income Taxes - Provisions (Benefits) for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current Provisions (Benefits) for Income Taxes | |||
Current Federal Income tax (benefit) provision | $ (29) | $ 0 | $ (210) |
Current State and local Income tax (benefit) provision | (5) | (9) | 8 |
Current Foreign Income tax (benefit) provision | 4 | 1 | 1 |
Current Income tax (benefit) provision | (30) | (8) | (201) |
Deferred Provisions (Benefits) for Income Taxes | |||
Deferred Federal Income tax (benefit) provision | 168 | 80 | (194) |
Deferred State and local Income tax (benefit) provision | 33 | (29) | (50) |
Deferred Foreign Income tax (benefit) provision | 12 | 25 | (142) |
Deferred Income tax (benefit) provision | 213 | 76 | (386) |
Provisions (Benefits) for Income Taxes, Total | |||
Federal Income tax (benefit) provision | 139 | 80 | (404) |
State and local Income tax (benefit) provision | 28 | (38) | (42) |
Foreign Income tax (benefit) provision | 16 | 26 | (141) |
Total provision (benefit) | $ 183 | $ 68 | $ (587) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Federal Statutory Tax to Total Provisions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate applied to income (loss) before income taxes | $ (511) | $ 59 | $ (781) |
Valuation allowance | 804 | 0 | 0 |
Excess percentage depletion | (49) | (99) | (94) |
State and local income taxes after federal income tax effects | (42) | (25) | (27) |
Adjustments of prior years’ federal income taxes | (23) | (10) | 9 |
Tax credits | (7) | (4) | (3) |
Effects of foreign operations | 5 | 25 | 467 |
Loss on deconsolidation of USSC | 0 | 116 | 0 |
Worthless stock loss and bad debt deduction | 0 | 0 | (444) |
Goodwill impairment | 0 | 0 | 410 |
Tax accounting benefit related to increase in OCI | 0 | 0 | (142) |
Deduction for domestic production activities | 0 | 0 | 12 |
Other | 6 | 6 | 6 |
Total provision (benefit) | $ 183 | $ 68 | $ (587) |
Income Taxes - Reconciliation77
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of unrecognized tax benefits [Roll Forward]: | |||
Unrecognized tax benefits, beginning of year | $ 112 | $ 127 | $ 85 |
Increases – tax positions taken in prior years | 0 | 0 | 1 |
Decreases – tax positions taken in prior years | (5) | (7) | (6) |
Increases – current tax positions | 0 | 1 | 70 |
Settlements | (26) | 0 | 0 |
Lapse of statute of limitations | (7) | (9) | (23) |
Unrecognized tax benefits, end of year | $ 74 | $ 112 | $ 127 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Federal tax loss carryforwards (expiring in 2033 through 2035) | $ 466 | $ 293 |
State tax credit carryforwards (expiring in 2018 through 2029) | 11 | 11 |
State tax loss carryforwards (expiring in 2016 through 2035) | 60 | 41 |
Minimum tax credit carryforwards | 128 | 123 |
General business credit carryforwards (expiring in 2025 through 2035) | 77 | 75 |
Foreign tax loss and credit carryforwards (expiring in 2017 through 2034) | 16 | 16 |
Employee benefits | 623 | 745 |
Receivables, payables and debt | 33 | 59 |
Expected federal benefit for deducting state deferred income taxes | 2 | 22 |
Inventory | 123 | 20 |
Contingencies and accrued liabilities | 95 | 114 |
Investments in subsidiaries and equity investees | 259 | 57 |
Valuation allowance | ||
Deferred tax assets valuation allowances | (808) | (5) |
Total deferred tax assets | 1,085 | 1,571 |
Deferred tax liabilities: | ||
Property, plant and equipment | 1,035 | 1,117 |
Future reduction of foreign tax credits | 6 | 18 |
Deferred Tax Liabilities, Intangible Assets | 29 | 29 |
Other temporary differences | 29 | 60 |
Total deferred tax liabilities | 1,099 | 1,224 |
Deferred Tax Liabilities, Net | $ (14) | |
Net deferred tax (liability) asset | $ 347 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ||||
Deferred Tax Liabilities, Net | $ 14,000,000 | |||
Statutory tax rate | 35.00% | 35.00% | ||
Other | $ 31,000,000 | |||
Tax Benefit from Loss on Deconsolidation of United States Steel Canada and Other Charges | $ 32,000,000 | |||
Tax Benefit for Worthless Security and Bad Debt Deductions | $ 419,000,000 | |||
Income tax provision (benefit) (Note 10) | 183,000,000 | 68,000,000 | (587,000,000) | |
Impairment of goodwill | 0 | 0 | 1,806,000,000 | |
Federal Income Tax Refund | 176,000,000 | |||
Income tax receivable (Note 10) | 185,000,000 | |||
Unrecognized tax benefits | 74,000,000 | 112,000,000 | 127,000,000 | $ 85,000,000 |
Total amount of unrecognized tax benefits that, if recognized, would affect effective tax rate | 74,000,000 | |||
Accrued liabilities, interest on unrecognized tax benefits | 1,000,000 | 7,000,000 | 7,000,000 | |
Undistributed earnings of certain consolidated foreign subsidiaries | 10,000,000 | |||
Net deferred tax (liability) asset | 347,000,000 | |||
Deferred tax asset, valuation allowance | 808,000,000 | 5,000,000 | ||
Domestic Country | ||||
Income Taxes [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 804,000,000 | |||
Deferred Tax Liabilities, Net | 29,000,000 | |||
Domestic (loss) income before income taxes | (1,193,000,000) | 440,000,000 | (899,000,000) | |
Net deferred tax (liability) asset | 318,000,000 | |||
Foreign Country | ||||
Income Taxes [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (266,000,000) | (270,000,000) | (1,333,000,000) | |
Net deferred tax (liability) asset | 15,000,000 | 29,000,000 | ||
Deferred tax asset, valuation allowance | $ 4,000,000 | $ 5,000,000 | ||
Goodwill | ||||
Income Taxes [Line Items] | ||||
Income tax provision (benefit) (Note 10) | 0 | |||
Restatement Adjustment | ||||
Income Taxes [Line Items] | ||||
Discrete tax benefit included in tax benefit, to adjust state deferred taxes | 13,000,000 | |||
Charge included in tax benefit to adjust deferred taxes for prior years' differences between the financial statement carrying amounts of assets and liabilities and their tax bases | $ 19,000,000 |
Investments and Long-Term Rec80
Investments and Long-Term Receivables - Schedule of Investments and Long-Term Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Equity method investments | $ 502 | $ 532 |
Receivables due after one year | 33 | 39 |
Other | 5 | 6 |
Total | 540 | 577 |
Investments and long-term receivables, allowance | $ 7 | $ 8 |
Investments and Long-Term Rec81
Investments and Long-Term Receivables - Summarized Financial Information of Investees Accounted for by Equity Method of Accounting (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income data: | |||
Net Sales | $ 3,176 | $ 3,794 | $ 3,735 |
Operating income | 529 | 584 | 449 |
Net income | 491 | 545 | $ 413 |
Balance sheet data: | |||
Current Assets | 732 | 886 | |
Noncurrent Assets | 988 | 1,694 | |
Current liabilities | 485 | 642 | |
Noncurrent Liabilities | $ 490 | $ 722 |
Investments and Long-Term Rec82
Investments and Long-Term Receivables -Financial Information for Significant Investees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Net Sales | $ 3,176 | $ 3,794 | $ 3,735 |
Operating income | 529 | 584 | 449 |
Net income | 491 | 545 | 413 |
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | 132 | ||
Intercompany profit elimination | (9) | ||
Write-down of investment | 18 | 0 | |
Basis adjustments | (6) | ||
Other | 25 | ||
Earnings (loss) from investees | $ 38 | 142 | $ 40 |
PRO-TEC Coating Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Net Sales | 1,271 | ||
Operating income | 69 | ||
Net income | $ 50 | ||
Percentage of ownership in equity investees | 50.00% | ||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | $ 25 | ||
Intercompany profit elimination | 0 | ||
Write-down of investment | 0 | ||
Basis adjustments | 6 | ||
Other | 7 | ||
Earnings (loss) from investees | 38 | ||
Tilden Mining Company, L.C. | |||
Schedule of Equity Method Investments [Line Items] | |||
Net Sales | 1,209 | ||
Operating income | 450 | ||
Net income | $ 451 | ||
Percentage of ownership in equity investees | 15.00% | ||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | $ 68 | ||
Intercompany profit elimination | (9) | ||
Write-down of investment | 0 | ||
Basis adjustments | (1) | ||
Other | 20 | ||
Earnings (loss) from investees | 78 | ||
Other Equity Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Net Sales | 1,314 | ||
Operating income | 65 | ||
Net income | 44 | ||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | 39 | ||
Intercompany profit elimination | 0 | ||
Write-down of investment | 0 | ||
Basis adjustments | (11) | ||
Other | (2) | ||
Earnings (loss) from investees | $ 26 | ||
Minimum | Other Equity Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of ownership in equity investees | 5.00% | ||
Maximum | Other Equity Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of ownership in equity investees | 50.00% |
Investments and Long-Term Rec83
Investments and Long-Term Receivables - Investees Accounted for using Equity Method (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Acero Prime S.R.L. de CV | Mexico | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 40.00% | |
Apolo Tubulars S.A. | Brazil | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
Chrome Deposit Corporation | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
Daniel Ross Bridge, LLC | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
Double G Coatings Company L.P. | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
Feralloy Processing Company | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 49.00% | |
Hibbing Development Company | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 24.10% | |
Hibbing Taconite Company | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 14.70% | |
Leeds Retail Center LLC | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 35.60% | |
Patriot Premium Threading Services | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
PRO-TEC Coating Company | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
PRO-TEC Coating Company | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
Strategic Investment Fund Partners II | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 5.20% | |
Swan Point Development Company, Inc. | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
Tilden Mining Company, L.C. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 15.00% | |
Tilden Mining Company, L.C. | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 15.00% | |
USS-POSCO Industries | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 50.00% | |
Worthington Specialty Processing | U.S. and Europe | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in equity investees | 49.00% |
Investments and Long-Term Rec84
Investments and Long-Term Receivables - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Investments [Line Items] | |||
Income from investees | $ 38,000,000 | $ 142,000,000 | $ 40,000,000 |
Dividends and partnership distributions received from equity investees | 10,000,000 | 8,000,000 | 13,000,000 |
Write-down of investment | 18,000,000 | 0 | |
Equity method investments | $ 502,000,000 | 532,000,000 | |
United Spiral Pipe, LLC | |||
Schedule of Investments [Line Items] | |||
Write-off of equity investment | 0 | (16,000,000) | |
Equity method investments | 0 | ||
Guarantor Obligations, Current Carrying Value | $ 24,000,000 | 22,000,000 | |
U.S. and Europe | United Spiral Pipe, LLC | |||
Schedule of Investments [Line Items] | |||
Write-off of equity investment | 16,000,000 | ||
Increase (Decrease) in Accrued Interest Receivable, Net | $ 6,000,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Land and depletable property | $ 198 | $ 196 |
Buildings | 1,036 | 1,101 |
Machinery and equipment | 12,220 | 13,072 |
Information technology | 763 | 734 |
Assets under capital lease | 36 | 36 |
Total | 14,253 | 15,139 |
Less accumulated depreciation and depletion | 9,842 | 10,565 |
Net | $ 4,411 | $ 4,574 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives (in years) | 35 years | |
Machinery and Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives (in years) | 1 year | |
Machinery and Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives (in years) | 22 years | |
Information Technology | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives (in years) | 5 years | |
Information Technology | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives (in years) | 6 years | |
Assets Held under Capital Leases | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives (in years) | 5 years | |
Assets Held under Capital Leases | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives (in years) | 15 years |
Property, Plant and Equipment86
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Accumulated depreciation and depletion for assets acquired under capital leases (including sale-leasebacks accounted for as financings) | $ 14 | $ 7 |
Goodwill and Intangible Asset87
Goodwill and Intangible Assets - Amortizable Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 149 | $ 155 |
Accumulated Amortization | 60 | 59 |
Net Amount | 89 | 96 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 132 | 132 |
Accumulated Amortization | 52 | 46 |
Net Amount | $ 80 | 86 |
Customer Relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives (in years) | 22 years | |
Customer Relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives (in years) | 23 years | |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 17 | 23 |
Accumulated Amortization | 8 | 13 |
Net Amount | $ 9 | $ 10 |
Other Intangible Assets | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives (in years) | 2 years | |
Other Intangible Assets | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives (in years) | 20 years |
Goodwill and Intangible Asset88
Goodwill and Intangible Assets - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)Unit | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Number of reporting units that have significant amount of goodwill | Unit | 2 | |||
Impairment of goodwill | $ 0 | $ 0 | $ 1,806 | |
Goodwill | 7 | |||
Carrying amount of acquired water rights with indefinite lives | 75 | |||
Payment for acquisition of indefinite-lived intangible assets | 25 | 0 | 12 | |
Purchase price | 36 | |||
Maximum potential liability for contingent consideration | 53 | |||
Liability for estimated fair value of contingent consideration | 20 | |||
Amortization expense | 7 | $ 7 | 7 | |
Expected amortization expense for 2016 | 7 | |||
Expected amortization expense for 2017 | 7 | |||
Expected amortization expense for 2018 | 7 | |||
Expected amortization expense for 2019 | 7 | |||
Expected amortization expense for 2020 | 7 | |||
Use Rights | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Carrying amount of acquired water rights with indefinite lives | $ 75 | |||
Developed Technology Rights | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets acquired | 33 | |||
Flat Rolled reporting unit | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment of goodwill | $ 969 | |||
Goodwill | $ 0 | |||
Texas Operations reporting unit | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment of goodwill | $ 837 |
Stock-Based Compensation Plan89
Stock-Based Compensation Plans - Total Stock-Based Compensation Awards Granted (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Restricted Stock Units and Performance Awards, Grants | 1,080,992 | ||
Executive Stock Options | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Stock Options, Grants | 493,430 | 461,960 | 838,610 |
Non-executive Stock Options | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Stock Options, Grants | 1,145,110 | 1,054,480 | 971,860 |
Restricted Stock Units | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Restricted Stock Units and Performance Awards, Grants | 807,432 | 746,430 | 1,043,420 |
TSR Performance Awards | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Restricted Stock Units and Performance Awards, Grants | 273,560 | 282,770 | 271,960 |
ROCE Performance Awards | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Restricted Stock Units and Performance Awards, Grants | 0 | 262,800 | 0 |
Stock-Based Compensation Plan90
Stock-Based Compensation Plans - Total Compensation Expense Recognized for Stock-Based Compensation Awards (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-based compensation expense recognized: | |||
Stock-based compensation expense recognized | $ 37 | $ 35 | $ 33 |
Related deferred income tax benefit | 13 | 12 | 12 |
Decrease in net income | $ 24 | $ 23 | $ 21 |
Share Based Compensation Expense Per Share, Basic | $ 0.16 | $ 0.15 | $ 0.14 |
Share Based Compensation Expense Per Share, Diluted | $ 0.16 | $ 0.15 | $ 0.14 |
Cost of sales | |||
Stock-based compensation expense recognized: | |||
Stock-based compensation expense recognized | $ 14 | $ 12 | $ 10 |
Selling, general and administrative expenses | |||
Stock-based compensation expense recognized: | |||
Stock-based compensation expense recognized | $ 23 | $ 23 | $ 23 |
Stock-Based Compensation Plan91
Stock-Based Compensation Plans - Black-Scholes Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Granted | $ 24.74 | ||
Executive Grants | |||
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Grant date price per share of option award | $ 18.62 | ||
Granted | 25.03 | ||
Expected annual dividends per share | $ 0.2 | ||
Expected life in years | 5 years | ||
Expected volatility | 66.00% | ||
Risk-free interest rate | 1.30% | ||
Average grant date fair value per share of unvested option awards as calculated from above | $ 8.44 | ||
Non-executive Stock Options | |||
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Grant date price per share of option award | 18.64 | ||
Granted | 18.64 | ||
Expected annual dividends per share | $ 0.2 | ||
Expected life in years | 5 years | ||
Expected volatility | 67.00% | ||
Risk-free interest rate | 1.00% | ||
Average grant date fair value per share of unvested option awards as calculated from above | $ 9.70 | ||
Executive and Non-Executive Grants | |||
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Grant date price per share of option award | 24.74 | $ 24.30 | |
Granted | 24.74 | 24.30 | |
Expected annual dividends per share | $ 0.20 | $ 0.20 | |
Expected life in years | 5 years | 5 years | |
Expected volatility | 47.00% | 49.00% | |
Risk-free interest rate | 1.60% | 1.60% | |
Average grant date fair value per share of unvested option awards as calculated from above | $ 10.02 | $ 9.94 |
Stock-Based Compensation Plan92
Stock-Based Compensation Plans - Status and Activity of Stock Options (Detail) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Shares [Roll Forward] | |
Outstanding at beginning of period | shares | 5,750,989 |
Granted | shares | 1,638,540 |
Exercised | shares | (40,322) |
Forfeited or expired | shares | (483,366) |
Outstanding at end of period | shares | 6,865,841 |
Exercisable at end of period | shares | 4,164,888 |
Exercisable and expected to vest at end of period | shares | 6,535,153 |
Weighted- Average Exercise Price (per share) | |
Outstanding at beginning of period | $ / shares | $ 35.53 |
Granted | $ / shares | 24.74 |
Exercised | $ / shares | 20.61 |
Forfeited or expired | $ / shares | 30.54 |
Outstanding at end of period | $ / shares | 33.39 |
Exercisable at end of period | $ / shares | 39.39 |
Exercisable and expected to vest at end of a period | $ / shares | $ 33.86 |
Weighted- Average Remaining Contractual Term (in years) | |
Outstanding at end of period | 6 years |
Exercisable at end of period | 4 years 4 months 24 days |
Exercisable and expected to vest at end of period | 5 years 9 months 18 days |
Aggregate Intrinsic Value | |
Outstanding at end of period | $ | $ 0 |
Exercisable at end of period | $ | 0 |
Exercisable and expected to vest at end of period | $ | $ 0 |
Stock-Based Compensation Plan93
Stock-Based Compensation Plans - Performance Awards Outstanding and their Fair Market Value on Respective Grant Date (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
TSR Awards | Performance Period 2014 to 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair Value | $ | $ 6 |
Minimum Shares | 0 |
Target Shares | 251,167 |
Maximum Shares | 502,334 |
TSR Awards | Period Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair Value | $ | $ 5 |
Minimum Shares | 0 |
Target Shares | 228,040 |
Maximum Shares | 456,080 |
TSR Awards | Performance Period 2012 to 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair Value | $ | $ 3 |
Minimum Shares | 0 |
Target Shares | 122,660 |
Maximum Shares | 245,320 |
ROCE Awards | Period Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair Value | $ | $ 5 |
Minimum Shares | 0 |
Target Shares | 212,036 |
Maximum Shares | 424,072 |
Stock-Based Compensation Plan94
Stock-Based Compensation Plans - Status and Activity of Nonvested Stock Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Nonvested Stock Awards [Roll Forward] | |||
Nonvested, beginning of period | 2,324,377 | ||
Granted | 1,080,992 | ||
Vested | (658,175) | ||
Performance adjustment factor | (209,998) | ||
Forfeited or expired | (290,724) | ||
Nonvested, end of period | 2,246,472 | 2,324,377 | |
Weighted- Average Grant-Date Fair Value | |||
Beginning of period | $ 22.46 | ||
Granted | 24.63 | ||
Vested | 21.72 | ||
Performance adjustment factor | 25.20 | ||
Forfeited or expired | 23.19 | ||
End of period | $ 23.37 | $ 22.46 | |
Percentage of original grants of awards to targeted amounts | 100.00% | ||
Restricted Stock Units | |||
Nonvested Stock Awards [Roll Forward] | |||
Nonvested, beginning of period | 1,456,056 | ||
Granted | 807,432 | 746,430 | 1,043,420 |
Vested | (658,175) | ||
Performance adjustment factor | 0 | ||
Forfeited or expired | (172,744) | ||
Nonvested, end of period | 1,432,569 | 1,456,056 | |
TSR Awards | |||
Nonvested Stock Awards [Roll Forward] | |||
Nonvested, beginning of period | 630,530 | ||
Granted | 273,560 | 282,770 | 271,960 |
Vested | 0 | ||
Performance adjustment factor | (209,998) | ||
Forfeited or expired | (92,225) | ||
Nonvested, end of period | 601,867 | 630,530 | |
ROCE Awards | |||
Nonvested Stock Awards [Roll Forward] | |||
Nonvested, beginning of period | 237,791 | ||
Granted | 0 | 262,800 | 0 |
Vested | 0 | ||
Performance adjustment factor | 0 | ||
Forfeited or expired | (25,755) | ||
Nonvested, end of period | 212,036 | 237,791 |
Stock-Based Compensation Plan95
Stock-Based Compensation Plans - Restricted Stock Units and Performance Awards Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards granted | 1,080,992 | ||
Weighted-average grant-date fair value per share | $ 23.37 | $ 22.46 | |
Restricted Stock Units and Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards granted | 1,080,992 | 1,292,000 | 1,315,380 |
Weighted-average grant-date fair value per share | $ 24.63 | $ 23.80 | $ 19.20 |
Stock-Based Compensation Plan96
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs related to nonvested stocks | $ 32 | ||
Weighted average period for recognizing nonvested stock based compensation costs | 11 months | ||
Exercise price | $ 24.74 | ||
Stock options exercised, total intrinsic value | $ 6 | ||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ 1 | 13 | |
Shares vested, fair value | $ 14 | $ 16 | $ 17 |
2005 Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate Number of Shares to be Issued | 21,250,000 | ||
Number of shares available for future grant | 2,923,291 | ||
Reduction in number of shares available under Stock Plan for each share issued under Plan pursuant to award other than stock option | 1.64 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation plans, vesting period | 3 years | 3 years | 3 years |
Share-based compensation plans, term | 10 years | 10 years | 10 years |
Premium-Priced Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | $ 25 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation plans, vesting period | 3 years | ||
TSR Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation plans, vesting period | 3 years | ||
TSR Awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting of performance awards as percentage to target award | 0.00% | ||
TSR Awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting of performance awards as percentage to target award | 200.00% | ||
ROCE Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation plans, vesting period | 3 years | ||
Performance Period Weighting Year One | 20.00% | ||
Performance Period Weighting Year Two | 30.00% | ||
Performance Period Weighting Year Three | 50.00% | ||
ROCE Awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting of performance awards as percentage to target award | 200.00% | ||
ROCE Awards | Threshold | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting of performance awards as percentage to target award | 50.00% | ||
ROCE Awards | Target | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting of performance awards as percentage to target award | 100.00% |
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable | ||
Derivative [Line Items] | ||
Foreign exchange forward contracts, fair value | $ 4 | $ 31 |
Accounts payable | ||
Derivative [Line Items] | ||
Foreign exchange forward contracts, fair value | $ 1 | $ 0 |
Derivative Instruments - Loca98
Derivative Instruments - Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreign exchange forward contracts | Other financial costs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) | $ 39 | $ 50 | $ (14) |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Euro forward sales contracts notional value | $ 266 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Total Debt | $ 3,166 | $ 3,543 |
Less unamortized discount | 5 | 45 |
Less short-term debt and long-term debt due within one year | 45 | 378 |
Long-term debt | $ 3,116 | 3,120 |
2037 Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest Rates % | 6.65% | |
Total Debt | $ 350 | 350 |
2022 Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest Rates % | 7.50% | |
Total Debt | $ 400 | 400 |
2021 Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest Rates % | 6.875% | |
Total Debt | $ 275 | 275 |
2020 Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest Rates % | 7.375% | |
Total Debt | $ 600 | 600 |
2018 Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest Rates % | 7.00% | |
Total Debt | $ 500 | 500 |
2017 Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest Rates % | 6.05% | |
Total Debt | $ 450 | 450 |
2019 Senior Convertible Notes | ||
Debt Instrument [Line Items] | ||
Interest Rates % | 2.75% | |
Debt Instrument, Face Amount | $ 0 | 316 |
Environmental Revenue Bonds | ||
Debt Instrument [Line Items] | ||
Interest Rates %, minimum | 5.50% | |
Interest Rates %, maximum | 6.88% | |
Total Debt | $ 490 | 549 |
Recovery Zone Facility Bonds | ||
Debt Instrument [Line Items] | ||
Interest Rates % | 6.75% | |
Total Debt | $ 70 | 70 |
Fairfield Caster Lease | ||
Debt Instrument [Line Items] | ||
Total Debt | 30 | 33 |
Debt And Capital Lease Obligations Other | ||
Debt Instrument [Line Items] | ||
Total Debt | 1 | 0 |
Third Amended and Restated Credit Agreement | ||
Debt Instrument [Line Items] | ||
Total Debt | 0 | |
Second Amended and Restated Credit Agreement | ||
Debt Instrument [Line Items] | ||
Total Debt | 0 | |
USSK Revolver | ||
Debt Instrument [Line Items] | ||
Total Debt | 0 | 0 |
USSK Credit Facilities | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 0 | $ 0 |
Pensions and Other Benefits - D
Pensions and Other Benefits - Details Relating to Pension Benefits and Other Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | |||
Change in benefit obligations [Roll Forward] | |||
Benefit obligations, Beginning Balance | $ 7,319 | $ 10,257 | |
Service cost | 102 | 106 | $ 128 |
Interest cost | 263 | 396 | 403 |
Deconsolidation of USSC | 0 | (3,026) | |
Plan amendments | 0 | 0 | |
Actuarial (gains) losses | (402) | 590 | |
Exchange rate (gain)/loss | (3) | (124) | |
Settlements, curtailments and termination benefits | (207) | (74) | |
Benefits paid | (698) | (806) | |
Benefit obligations, Ending Balance | 6,374 | 7,319 | 10,257 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan Beginning Balance | 6,353 | 9,122 | |
Actual return on plan assets | (22) | 663 | |
Employer contributions | 0 | 187 | |
Exchange rate loss | 0 | (106) | |
Deconsolidation of USSC | 0 | (2,720) | |
Fair value of plan assets, Ending Balance | 5,639 | 6,353 | 9,122 |
Funded status of plans, Ending Balance | (735) | (966) | |
Pension Benefits | Change in plan assets | |||
Change in benefit obligations [Roll Forward] | |||
Benefits paid | (692) | (793) | |
Other Benefits | |||
Change in benefit obligations [Roll Forward] | |||
Benefit obligations, Beginning Balance | 2,715 | 3,378 | |
Service cost | 21 | 22 | 27 |
Interest cost | 97 | 132 | 141 |
Deconsolidation of USSC | 0 | (713) | |
Plan amendments | 0 | (48) | |
Actuarial (gains) losses | (318) | 220 | |
Exchange rate (gain)/loss | 2 | (28) | |
Settlements, curtailments and termination benefits | 0 | (12) | |
Benefits paid | (207) | (236) | |
Benefit obligations, Ending Balance | 2,310 | 2,715 | 3,378 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan Beginning Balance | 2,120 | 1,970 | |
Actual return on plan assets | (8) | 189 | |
Employer contributions | 10 | 0 | |
Exchange rate loss | 0 | 0 | |
Deconsolidation of USSC | 0 | 0 | |
Fair value of plan assets, Ending Balance | 1,990 | 2,120 | $ 1,970 |
Funded status of plans, Ending Balance | (320) | (595) | |
Other Benefits | Change in plan assets | |||
Change in benefit obligations [Roll Forward] | |||
Benefits paid | $ (132) | $ (39) |
Debt - Trade Receivables for Un
Debt - Trade Receivables for United States Steel Receivables, Limited Liability Company (Detail) - Receivables Purchase Agreement $ in Millions | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |
Balance of accounts receivable-net, eligible for sale to third-parties | $ 1,013 |
Accounts receivable sold to third-parties | 0 |
Balance included in Receivables on the balance sheet of U. S. Steel | $ 1,013 |
Pensions and Other Benefits - A
Pensions and Other Benefits - Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Benefits | Prior Service Cost | |
Accumulated Other Comprehensive Income [Roll Forward] | |
Defined Benefit Plan costs in Accumulated Other Comprehensive, beginning balance | $ 45 |
Amortization | (17) |
Deconsolidation of USSC | 0 |
Defined Benefit Plan costs in Accumulated Other Comprehensive, ending balance | 28 |
Pension Benefits | Actuarial Losses | |
Accumulated Other Comprehensive Income [Roll Forward] | |
Defined Benefit Plan costs in Accumulated Other Comprehensive, beginning balance | 2,828 |
Amortization | (241) |
Deconsolidation of USSC | (156) |
Defined Benefit Plan costs in Accumulated Other Comprehensive, ending balance | 2,431 |
Other Benefits | Prior Service Cost | |
Accumulated Other Comprehensive Income [Roll Forward] | |
Defined Benefit Plan costs in Accumulated Other Comprehensive, beginning balance | (180) |
Amortization | 6 |
Deconsolidation of USSC | 7 |
Defined Benefit Plan costs in Accumulated Other Comprehensive, ending balance | (167) |
Other Benefits | Actuarial Losses | |
Accumulated Other Comprehensive Income [Roll Forward] | |
Defined Benefit Plan costs in Accumulated Other Comprehensive, beginning balance | 255 |
Amortization | (7) |
Deconsolidation of USSC | (154) |
Defined Benefit Plan costs in Accumulated Other Comprehensive, ending balance | $ 94 |
Debt - Aggregate Maturities of
Debt - Aggregate Maturities of Debt (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 45 |
2,017 | 500 |
2,018 | 503 |
2,019 | 59 |
2,020 | 604 |
Later Years | 1,455 |
Total | $ 3,166 |
Pensions and Other Benefits - P
Pensions and Other Benefits - Pension and Other Benefits Recognized in Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||
Accumulated other comprehensive loss effects associated with accounting for pensions and other benefits in accordance with ASC Topic 715 | $ 938 | $ 1,152 |
Pension Benefits | ||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (6) | (158) |
Noncurrent liabilities | (729) | (808) |
Accumulated other comprehensive loss | 2,459 | 2,873 |
Net amount recognized | 1,724 | 1,907 |
Other Benefits | ||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (66) | (389) |
Noncurrent liabilities | (254) | (206) |
Accumulated other comprehensive loss | (73) | 75 |
Net amount recognized | $ (393) | $ (520) |
Debt - Additional Information (
Debt - Additional Information (Detail) | Nov. 13, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014EUR (€) |
Debt Instrument [Line Items] | ||||||
Payments relating to fees | $ 2,000,000 | $ 3,000,000 | $ 3,000,000 | |||
2019 Senior Convertible Notes | ||||||
Debt Instrument [Line Items] | ||||||
Repurchase of notes | $ 316,000,000 | |||||
Second Amended and Restated Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | 875,000,000 | |||||
Line of credit facility, amount outstanding | 0 | |||||
Third Amended and Restated Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Term | 5 years | |||||
Debt instrument, maximum borrowing capacity | 1,500,000,000 | |||||
Line of credit facility, amount outstanding | $ 0 | |||||
Minimum fixed charge coverage ratio | 1 | 1 | ||||
Percentage of total aggregate commitments, upper range under financial covenant | 10.00% | 10.00% | ||||
Credit Agreement, upper range of outstanding debt | $ 150,000,000 | |||||
Receivables Purchase Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Receivables Purchase Agreement, maximum amount of receivable eligible for sale | 625,000,000 | |||||
Receivables sold to third-party conduits | 0 | |||||
Receivables Purchase Agreement Subordinated Retained Interest | 625,000,000 | |||||
Receivables Purchase Agreement Availability at Period End | 576,000,000 | |||||
Receivables Purchase Agreement Borrowing Capacity Decrease Due To Letters Of Credit Outstanding | 49,000,000 | |||||
Payments relating to fees | 2,000,000 | 3,000,000 | ||||
Cash Flows Between Transferor and Transferee, Proceeds from Collections Reinvested in Revolving Period Transfers | 0 | 0 | ||||
USSK Revolver | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | 218,000,000 | 244,000,000 | € 200,000,000 | € 200,000,000 | ||
Line of credit facility, amount outstanding | 0 | 0 | ||||
USSK Credit Facilities | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | 55,000,000 | 36,000,000 | ||||
Available borrowing capacity | 52,000,000 | |||||
Customs and other guarantees outstanding | 3,000,000 | |||||
USSK €20 Million Unsecured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | € | 20,000,000 | 20,000,000 | ||||
Line of credit facility, amount outstanding | 0 | |||||
Available borrowing capacity | 33,000,000 | |||||
Customs and other guarantees outstanding | $ 3,000,000 | |||||
USSK 40 Million Euro Unsecured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | € | 40,000,000 | |||||
Line of credit facility, amount outstanding | 0 | |||||
USSK €10 Million Unsecured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | € | € 10,000,000 | € 10,000,000 | ||||
Change in Control Debt Obligations | ||||||
Debt Instrument [Line Items] | ||||||
Loss exposure | 2,575,000,000 | |||||
Change In Control Fairfield Lease | ||||||
Debt Instrument [Line Items] | ||||||
Loss exposure | $ 32,000,000 | |||||
Minimum | 2019 Senior Convertible Notes | ||||||
Debt Instrument [Line Items] | ||||||
Holders of Notes to declare them immediately due, percentage | 25.00% |
Pensions and Other Benefits - I
Pensions and Other Benefits - Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||
Aggregate accumulated benefit obligations (ABO) | $ (6,166) | $ (6,847) |
Aggregate projected benefit obligations (PBO) | (6,374) | (7,319) |
Aggregate fair value of plan assets | $ 5,639 | $ 6,353 |
Pensions and Other Benefits 108
Pensions and Other Benefits - Details of Net Periodic Benefit Costs Related to Pension and Other Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | |||
Components of net periodic benefit cost: | |||
Service cost | $ 102 | $ 106 | $ 128 |
Interest cost | 263 | 396 | 403 |
Expected return on plan assets | (435) | (563) | (611) |
Amortization - prior service costs | 17 | 22 | 24 |
Amortization - actuarial losses | 241 | 271 | 367 |
Net periodic benefit cost (benefit), excluding below | 188 | 232 | 311 |
Multiemployer plans | 68 | 76 | 74 |
Settlement, termination and curtailment losses/(gains) | 35 | 29 | 11 |
Net periodic benefit cost | 291 | 337 | 396 |
Other Benefits | |||
Components of net periodic benefit cost: | |||
Service cost | 21 | 22 | 27 |
Interest cost | 97 | 132 | 141 |
Expected return on plan assets | (155) | (143) | (131) |
Amortization - prior service costs | (6) | (16) | (13) |
Amortization - actuarial losses | 7 | (1) | 31 |
Net periodic benefit cost (benefit), excluding below | (36) | (6) | 55 |
Multiemployer plans | 0 | 0 | 0 |
Settlement, termination and curtailment losses/(gains) | (4) | (19) | 0 |
Net periodic benefit cost | $ (40) | $ (25) | $ 55 |
Pensions and Other Benefits 109
Pensions and Other Benefits - Amounts in Accumulated Other Comprehensive Income Expected to Be Recognized as Components of Net Periodic Benefit Cost (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of actuarial loss | $ 129 |
Amortization of prior service cost | 11 |
Total recognized from accumulated other comprehensive income | 140 |
Other Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amortization of actuarial loss | (3) |
Amortization of prior service cost | 10 |
Total recognized from accumulated other comprehensive income | $ 13 |
Pensions and Other Benefits 110
Pensions and Other Benefits - Assumptions used to Determine Benefit Obligation and Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Actuarial assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 4.25% | ||
Pension Benefits | |||
Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31: | |||
Expected annual return on plan assets | 7.50% | ||
Pension Benefits | U.S. and Europe | |||
Actuarial assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 4.25% | 3.75% | |
Increase in compensation rate | 2.60% | 3.00% | |
Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31: | |||
Discount rate | 3.75% | 4.50% | 3.75% |
Expected annual return on plan assets | 7.50% | 7.75% | 7.75% |
Increase in compensation rate | 3.00% | 3.00% | 3.00% |
Pension Benefits | Canada | |||
Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31: | |||
Discount rate | 3.75% | ||
Expected annual return on plan assets | 7.25% | ||
Increase in compensation rate | 3.00% | ||
Other Benefits | U.S. and Europe | |||
Actuarial assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 4.25% | 3.75% | |
Increase in compensation rate | 3.50% | 3.50% | |
Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31: | |||
Discount rate | 3.75% | 4.50% | 3.75% |
Expected annual return on plan assets | 7.50% | 7.75% | 7.75% |
Increase in compensation rate | 3.50% | 4.00% | 4.00% |
Other Benefits | Canada | |||
Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31: | |||
Discount rate | 3.75% | ||
Increase in compensation rate | 3.00% |
Pensions and Other Benefits 111
Pensions and Other Benefits - Assumed Health Care Cost Trend Rates (Detail) - U.S. and Europe | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assumed health care cost trend rates | ||
Health care cost trend rate assumed for next year | 7.00% | 7.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,020 | 2,019 |
Pensions and Other Benefits - E
Pensions and Other Benefits - Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Effect of one-percentage-point increase on expected return on plan assets, incremental (decrease) increase in net periodic pension costs for 2014 | $ (76) |
Effect of one-percentage-point increase on discount rate, incremental (decrease) increase in net periodic pension & other benefits costs for 2014 | (12) |
Effect of one-percentage-point increase on discount rate, incremental (decrease) increase in pension & other benefits liabilities at December 31, 2013 | (733) |
Effect of one-percentage-point increase on health care cost escalation trend rates, incremental (decrease) increase in other postretirement benefit obligations | 94 |
Effect of one-percentage-point increase on health care cost escalation trend rates, incremental (decrease) increase in service and interest costs components | 4 |
Effect of one-percentage-point decrease on expected return on plan assets, incremental (decrease) increase in net periodic pension costs for 2014 | 76 |
Effect of one-percentage-point decrease on discount rate, incremental (decrease) increase in net periodic pension & other benefits costs for 2014 | 8 |
Effect of one-percentage-point decrease on discount rate, incremental (decrease) increase in pension & other benefits liabilities at December 31, 2013 | 863 |
Effect of one-percentage-point decrease on health care cost escalation trend rates, incremental (decrease) increase in other postretirement benefit obligations | (81) |
Effect of one-percentage-point decrease on health care cost escalation trend rates, incremental (decrease) increase in service and interest costs components | $ (4) |
Pensions and Other Benefits 113
Pensions and Other Benefits - Pension Plan and Other Plan Assets Carried at Fair Value (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | $ 1,990 | $ 2,120 | $ 1,970 |
Other Benefits | Fixed Income Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 692 | 547 | |
Other Benefits | Equity Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 973 | 1,265 | |
Other Benefits | Interest in Investment Partnerships | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 125 | 134 | |
Other Benefits | Private equities | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 60 | ||
Other Benefits | Other | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 140 | 174 | |
Pension Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 5,639 | 6,353 | $ 9,122 |
Pension Benefits | Fixed Income Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 1,550 | 1,800 | |
Pension Benefits | Equity Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 2,350 | 2,643 | |
Pension Benefits | Interest in Investment Partnerships | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 594 | 642 | |
Pension Benefits | Timberlands | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 282 | 333 | |
Pension Benefits | Private equities | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 280 | 303 | |
Pension Benefits | Real estate | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 307 | 300 | |
Pension Benefits | Other | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 276 | 332 | |
Quoted Prices in Active Markets (Level 1) | Other Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 58 | 47 | |
Quoted Prices in Active Markets (Level 1) | Other Benefits | Fixed Income Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Quoted Prices in Active Markets (Level 1) | Other Benefits | Equity Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Quoted Prices in Active Markets (Level 1) | Other Benefits | Interest in Investment Partnerships | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Quoted Prices in Active Markets (Level 1) | Other Benefits | Private equities | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | ||
Quoted Prices in Active Markets (Level 1) | Other Benefits | Other | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 58 | 47 | |
Quoted Prices in Active Markets (Level 1) | Pension Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 273 | 328 | |
Quoted Prices in Active Markets (Level 1) | Pension Benefits | Fixed Income Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Quoted Prices in Active Markets (Level 1) | Pension Benefits | Equity Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Quoted Prices in Active Markets (Level 1) | Pension Benefits | Interest in Investment Partnerships | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Quoted Prices in Active Markets (Level 1) | Pension Benefits | Timberlands | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Quoted Prices in Active Markets (Level 1) | Pension Benefits | Private equities | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Quoted Prices in Active Markets (Level 1) | Pension Benefits | Real estate | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Quoted Prices in Active Markets (Level 1) | Pension Benefits | Other | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 273 | 328 | |
Significant Observable Inputs (Level 2) | Other Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 1,790 | 1,946 | |
Significant Observable Inputs (Level 2) | Other Benefits | Fixed Income Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 692 | 547 | |
Significant Observable Inputs (Level 2) | Other Benefits | Equity Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 973 | 1,265 | |
Significant Observable Inputs (Level 2) | Other Benefits | Interest in Investment Partnerships | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 125 | 134 | |
Significant Observable Inputs (Level 2) | Other Benefits | Private equities | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | ||
Significant Observable Inputs (Level 2) | Other Benefits | Other | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Significant Observable Inputs (Level 2) | Pension Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 4,494 | 5,085 | |
Significant Observable Inputs (Level 2) | Pension Benefits | Fixed Income Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 1,550 | 1,800 | |
Significant Observable Inputs (Level 2) | Pension Benefits | Equity Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 2,350 | 2,643 | |
Significant Observable Inputs (Level 2) | Pension Benefits | Interest in Investment Partnerships | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 594 | 642 | |
Significant Observable Inputs (Level 2) | Pension Benefits | Timberlands | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Significant Observable Inputs (Level 2) | Pension Benefits | Private equities | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Significant Observable Inputs (Level 2) | Pension Benefits | Real estate | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Significant Observable Inputs (Level 2) | Pension Benefits | Other | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Other Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 142 | 127 | |
Significant Unobservable Inputs (Level 3) | Other Benefits | Fixed Income Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Other Benefits | Equity Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Other Benefits | Interest in Investment Partnerships | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Other Benefits | Private equities | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 60 | ||
Significant Unobservable Inputs (Level 3) | Other Benefits | Other | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 82 | 127 | |
Significant Unobservable Inputs (Level 3) | Pension Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 872 | 940 | |
Significant Unobservable Inputs (Level 3) | Pension Benefits | Fixed Income Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Pension Benefits | Equity Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Pension Benefits | Interest in Investment Partnerships | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Pension Benefits | Timberlands | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 282 | 333 | |
Significant Unobservable Inputs (Level 3) | Pension Benefits | Private equities | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 280 | 303 | |
Significant Unobservable Inputs (Level 3) | Pension Benefits | Real estate | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 307 | 300 | |
Significant Unobservable Inputs (Level 3) | Pension Benefits | Other | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 3 | 4 | |
Fixed Income Funds | Other Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 692 | 547 | |
Fixed Income Funds | Other Benefits | Accrued Income | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 5 | ||
Fixed Income Funds | Other Benefits | Short-term Investments | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 1 | ||
Fixed Income Funds | Other Benefits | Investment Purchases Payable | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | (32) | ||
Fixed Income Funds | Other Benefits | Partner Withdrawal | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | (2) | ||
Fixed Income Funds | Other Benefits | Investment Sales Receivable | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 3 | ||
Fixed Income Funds | Other Benefits | Exchange Traded Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 5 | ||
Fixed Income Funds | Other Benefits | Debt Securities – U.S. | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 346 | 382 | |
Fixed Income Funds | Other Benefits | Government Bonds - U.S. | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 181 | 143 | |
Fixed Income Funds | Other Benefits | Agency Mortgages | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 12 | 15 | |
Fixed Income Funds | Other Benefits | Partner Contribution | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 180 | ||
Fixed Income Funds | Other Benefits | Other Securities [Member] | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 153 | 7 | |
Fixed Income Funds | Pension Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 1,550 | 1,800 | |
Fixed Income Funds | Pension Benefits | Accrued Income | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 16 | 16 | |
Fixed Income Funds | Pension Benefits | Short-term Investments | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 1 | 5 | |
Fixed Income Funds | Pension Benefits | Investment Purchases Payable | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | (101) | ||
Fixed Income Funds | Pension Benefits | Partner Withdrawal | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | (35) | (16) | |
Fixed Income Funds | Pension Benefits | Investment Sales Receivable | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 9 | ||
Fixed Income Funds | Pension Benefits | Debt Securities – U.S. | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 1,070 | 1,265 | |
Fixed Income Funds | Pension Benefits | Government Bonds - U.S. | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 562 | 472 | |
Fixed Income Funds | Pension Benefits | Agency Mortgages | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 37 | 49 | |
Fixed Income Funds | Pension Benefits | Other Securities [Member] | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | (119) | 14 | |
Equity Funds | Other Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 973 | 1,265 | |
Equity Funds | Other Benefits | Accrued Income | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 2 | 2 | |
Equity Funds | Other Benefits | Short-term Investments | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 1 | 3 | |
Equity Funds | Other Benefits | Investment Purchases Payable | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | (4) | ||
Equity Funds | Other Benefits | Partner Withdrawal | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | (188) | (4) | |
Equity Funds | Other Benefits | Investment Sales Receivable | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 56 | 17 | |
Equity Funds | Other Benefits | Exchange Traded Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 16 | 30 | |
Equity Funds | Other Benefits | Equity Securities – U.S. | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 1,033 | 1,161 | |
Equity Funds | Other Benefits | Equity Securities - Foreign | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 53 | 60 | |
Equity Funds | Other Benefits | Investment sales receivable | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 0 | ||
Equity Funds | Other Benefits | Other Securities [Member] | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | (113) | 44 | |
Equity Funds | Pension Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 2,350 | 2,643 | |
Equity Funds | Pension Benefits | Accrued Income | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 4 | ||
Equity Funds | Pension Benefits | Short-term Investments | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 2 | 6 | |
Equity Funds | Pension Benefits | Investment Purchases Payable | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | (9) | ||
Equity Funds | Pension Benefits | Partner Withdrawal | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | (24) | ||
Equity Funds | Pension Benefits | Investment Sales Receivable | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 113 | 36 | |
Equity Funds | Pension Benefits | Exchange Traded Funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 33 | 64 | |
Equity Funds | Pension Benefits | Equity Securities – U.S. | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 2,091 | 2,441 | |
Equity Funds | Pension Benefits | Equity Securities - Foreign | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 107 | 126 | |
Equity Funds | Pension Benefits | Short Term Investment Fund | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | 3 | ||
Equity Funds | Pension Benefits | Other Securities [Member] | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Plan assets carried at fair value | $ 152 | $ 76 | |
Minimum | Other Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Percentage Of Investments Disclosed | 3.00% | 3.00% | |
Minimum | Pension Benefits | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Percentage Of Investments Disclosed | 3.00% | 3.00% |
Pensions and Other Benefits - C
Pensions and Other Benefits - Changes in Fair Value of Pension Plan and Other Benefit Plan Level 3 Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Benefits | ||
Pension Plan Assets [Roll Forward] | ||
Balance at beginning of period | $ 127 | $ 99 |
Transfers in and/or out of Level 3 | 0 | 0 |
Actual return on plan assets: | ||
Realized gain | 10 | 5 |
Net unrealized (loss)/gain | 3 | 7 |
Purchases, sales, issuances and settlements: | ||
Purchases | 25 | 30 |
Sales | (23) | (14) |
Balance at end of period | 142 | 127 |
Pension Benefits | ||
Pension Plan Assets [Roll Forward] | ||
Balance at beginning of period | 940 | 913 |
Transfers in and/or out of Level 3 | 0 | 0 |
Actual return on plan assets: | ||
Realized gain | 87 | 51 |
Net unrealized (loss)/gain | (65) | 49 |
Purchases, sales, issuances and settlements: | ||
Purchases | 94 | 89 |
Sales | (184) | (148) |
Balance at end of period | 872 | 940 |
Us Steel Canada Inc | Pension Benefits | ||
Pension Plan Assets [Roll Forward] | ||
Transfers in and/or out of Level 3 | $ 0 | $ (14) |
Pensions and Other Benefits - M
Pensions and Other Benefits - Multiemployer Pension Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Steelworkers Pension Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer Identification Number/ Pension Plan Number | 23-6648508/499 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status Pending/Implemented | No | ||
U.S. Steel Contributions | $ 66 | $ 73 | $ 74 |
Surcharged Imposed | No | No | |
Expiration Date of Collective Bargaining Agreement | Sep. 1, 2018 | ||
Minimum | Steelworkers Pension Trust | Green Zone | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded Percentage Under Pension Protection Act | 80.00% | ||
Maximum | Steelworkers Pension Trust | Yellow Zone | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded Percentage Under Pension Protection Act | 80.00% | ||
Maximum | Steelworkers Pension Trust | Red Zone | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded Percentage Under Pension Protection Act | 65.00% |
Pensions and Other Benefits - B
Pensions and Other Benefits - Benefit Payments Expected to be Paid from Defined Benefit Plans (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Pension Benefits | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
2,015 | $ 580 |
2,016 | 537 |
2,017 | 512 |
2,018 | 501 |
2,019 | 485 |
Years 2021 - 2025 | 2,215 |
Other Benefits | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
2,015 | 198 |
2,016 | 204 |
2,017 | 180 |
2,018 | 175 |
2,019 | 169 |
Years 2021 - 2025 | $ 756 |
- Additional Information (Detai
- Additional Information (Detail) | Feb. 01, 2016USD ($) | Dec. 31, 2015USD ($)$ / h | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2007 |
Defined Contribution Plan Disclosure [Line Items] | |||||
Portion of Salaried Employees that Receive Pension Benefits Through a Defined Contribution Pension Plan | two-thirds | ||||
Portion of Costs for Retiree Health Benefits Limited to a Per Capital Dollar Maximum | two thirds | ||||
Additional Contributions Expected in Next Fiscal Year Due to Pension Benefits Change | $ 12,000,000 | ||||
Percentage of employees covered by Steelworkers Pension Trust (SPT) | two-thirds | ||||
Defined benefit pension plan accumulated benefit obligation | $ 6,166,000,000 | $ 6,847,000,000 | |||
Discount rate used to measure Pension and Other Benefits obligations | 4.25% | ||||
Reduction in Cash Benefit Payments Due to Reimbursement from our Trust | $ 120,000,000 | ||||
APBO amounts, discount rate | 4.25% | 3.75% | |||
Projected future net periodic benefit costs - next year | $ 19,000,000 | ||||
Other Postemployment Benefits, Net Periodic Benefit Cost | 46,000,000 | $ 16,000,000 | |||
Postemployment Benefits, Period Expense | 133,000,000 | ||||
Payments for Postemployment Benefits | 33,000,000 | 0 | |||
Defined Contribution Pension Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Defined Contribution Plan, Cost Recognized | $ 17,000,000 | 18,000,000 | $ 19,000,000 | ||
Employees currently covered by Defined Contribution Plans | 66.67% | ||||
Defined Contribution Pension Matching Contribution | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Defined Contribution Plan, Cost Recognized | $ 22,000,000 | 23,000,000 | 23,000,000 | ||
Canadian Hourly Employees Savings Match | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Defined Contribution Plan, Cost Recognized | 1,000,000 | 3,000,000 | 3,000,000 | ||
Supplemental Thrift Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Defined Contribution Plan, Cost Recognized | 1,000,000 | 1,000,000 | $ 2,000,000 | ||
Pension Benefits | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Defined Benefit Plan Expected Net Periodic Benefit Cost | $ 97,000,000 | ||||
Target allocation for plan assets of equities | 60.00% | ||||
Assumed rate of return | 7.50% | ||||
Employer contributions, defined benefit plans | $ 0 | 187,000,000 | |||
Other Benefits | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Defined Benefit Plan Expected Net Periodic Benefit Cost | (4,000,000) | ||||
Employer contributions, defined benefit plans | 10,000,000 | $ 0 | |||
Steelworkers Pension Trust | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Defined Benefit Plan Expected Net Periodic Benefit Cost | $ 65,000,000 | ||||
Fixed dollar amount that U.S. Steel contributed to SPT plan for each hour participants worked | $ / h | 2.65 | ||||
Investment losses, amortization period | 29 years | 15 years | |||
Steelworkers Pension Trust | Minimum | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Percentage of U.S. Steel's contribution to SPT plan as to total combined contribution | 5.00% | 5.00% | |||
Main Defined Benefit Pension Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Employer contributions, defined benefit plans | $ 140,000,000 | ||||
Reduction in Annual Funding Requirement starting in next Fiscal Year due to Freeze of Future Benefit Accruals for Salaried Employees | $ 40,000,000 | ||||
USSC Plans | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Employer contributions, defined benefit plans | 47,000,000 | ||||
Unfunded Defined Benefit Pension Plans | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Employer contributions, pension plans | 38,000,000 | 87,000,000 | |||
Unfunded Other Postretirement Benefit Plans | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Employer contributions, pension plans | 75,000,000 | 198,000,000 | |||
Retiree Health Care and Life Insurance Trust | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Contribution to a restricted account within trust for represented retiree health care and life insurance benefits | 10,000,000 | ||||
Other Postemployment Benefit | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Accrued obligation benefits to former or inactive employees after employment but before retirement | $ 128,000,000 | $ 127,000,000 | |||
UNITED STATES | Pension Benefits | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Discount rate used to measure Pension and Other Benefits obligations | 4.25% | 3.75% | |||
Assumed rate of return | 7.50% | 7.75% | 7.75% | ||
UNITED STATES | Other Benefits | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Discount rate used to measure Pension and Other Benefits obligations | 4.25% | 3.75% | |||
Assumed rate of return | 7.50% | 7.75% | 7.75% | ||
Subsequent Event | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Labor Agreement, Term | 3 years | ||||
Company Contribution, Other Benefits | $ 0.50 | ||||
Reductions to Contributions to Trust for Represented Retiree Health Care and Life Insurance Benefits | 235,000,000 | ||||
Increase to Other Postretirement Benefits Accumulated Benefit Obligation | $ 213,000,000 | ||||
Subsequent Event | UNITED STATES | Pension Benefits | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Discount rate used to measure Pension and Other Benefits obligations | 4.00% |
Asset Retirement Obligations -C
Asset Retirement Obligations -Changes in Carrying Values of Asset Retirement Obligations (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligations [Roll Forward] | |||
Balance at beginning of year | $ 59 | $ 48 | $ 59 |
Additional obligations incurred | 45 | 6 | |
Obligations settled | (6) | (19) | |
Foreign currency translation effects | (1) | (2) | |
Accretion expense | 3 | 4 | |
Balance at end of period | $ 89 | $ 48 | |
Us Steel Canada Inc | |||
Asset Retirement Obligations [Roll Forward] | |||
Obligations settled | $ (16) |
Fair Value of Financial Inst119
Fair Value of Financial Instruments -Financial Assets and Liabilities Not Carried at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financial liabilities: | ||
Debt | $ 3,166 | |
Fair Value | ||
Financial liabilities: | ||
Debt | 1,896 | $ 3,740 |
Carrying Amount | ||
Financial liabilities: | ||
Debt | $ 3,130 | $ 3,466 |
Reclassifications from Accum120
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | $ (1,441) | $ (1,752) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 67 | (496) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 205 | 339 | ||
Net current-period other comprehensive income (loss) | 272 | 311 | ||
Deconsolidation of USSC | [1] | 0 | 468 | $ 0 |
Balance, end of period | (1,169) | (1,441) | (1,752) | |
Pension and Other Benefit Items | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 17 | |||
Foreign Currency Items | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | 416 | 375 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (104) | (96) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 162 | ||
Net current-period other comprehensive income (loss) | (104) | 41 | ||
Deconsolidation of USSC | (25) | |||
Balance, end of period | 312 | 416 | 375 | |
Derivative | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | (5) | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (25) | (5) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 28 | 0 | ||
Net current-period other comprehensive income (loss) | 3 | (5) | ||
Deconsolidation of USSC | 0 | |||
Balance, end of period | $ (2) | $ (5) | $ 0 | |
[1] | onsists of $493 million for Pension and other benefit adjustments and $(25) million for currency translation adjustments. |
Reclassifications from Accum121
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Detail of Amounts Reclassified From Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss (Note 20) | $ (1,169) | $ (1,441) | $ (1,752) | |
(Loss) earnings before income taxes | (1,459) | 170 | (2,232) | |
Tax benefit | (183) | (68) | 587 | |
Net (loss) earnings | (1,642) | 102 | (1,645) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 67 | (496) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (205) | (339) | ||
Deconsolidation of U. S. Steel Canada (b) | [1] | 0 | 468 | 0 |
Other Comprehensive Income, Other, Net of Tax | 272 | 311 | ||
Derivative | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss (Note 20) | (2) | (5) | 0 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (25) | (5) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (28) | 0 | ||
Deconsolidation of U. S. Steel Canada (b) | 0 | |||
Other Comprehensive Income, Other, Net of Tax | 3 | (5) | ||
Pension and Other Benefit Items | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss (Note 20) | (1,479) | (1,852) | (2,127) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 196 | (395) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (177) | (177) | ||
Deconsolidation of U. S. Steel Canada (b) | 493 | |||
Other Comprehensive Income, Other, Net of Tax | 373 | 275 | ||
Pension and Other Benefit Items | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Prior service costs (b) | (11) | (6) | (11) | |
Actuarial gains/(losses) (b) | (265) | (270) | (398) | |
Curtailment gain (Note 17) | 0 | (10) | 0 | |
(Loss) earnings before income taxes | (276) | (286) | (409) | |
Tax benefit | 99 | 109 | 143 | |
Net (loss) earnings | (177) | (177) | (266) | |
Foreign currency translation adjustments: | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive loss (Note 20) | 312 | 416 | $ 375 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (104) | (96) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (162) | ||
Deconsolidation of U. S. Steel Canada (b) | (25) | |||
Other Comprehensive Income, Other, Net of Tax | $ (104) | $ 41 | ||
[1] | onsists of $493 million for Pension and other benefit adjustments and $(25) million for currency translation adjustments. |
Supplemental Cash Flow Infor122
Supplemental Cash Flow Information -Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Prior Period Revision, Decrease in Change in Accrued Capital Expenditures | $ 61 | ||
Prior Period Revision, Increase in Change in Accrued Capital Expenditures | $ 9 | ||
Net cash used in operating activities included: | |||
Interest and other financial costs paid (net of amount capitalized) | $ (229) | (236) | (238) |
Income taxes refunded (paid) | 0 | 157 | (20) |
Non-cash investing and financing activities: | |||
Change in accrued capital expenditures (a) | 59 | 12 | (7) |
Assets acquired under capital lease | 0 | 0 | 0 |
U. S. Steel common stock issued for employee stock plans | $ 0 | $ 0 | $ 0 |
Transactions with Related Pa123
Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Related party sales and service transactions | $ 1,463 | $ 1,358 | $ 1,155 |
Accounts payable to related parties | 81 | 131 | |
Outside processing services | |||
Related Party Transaction [Line Items] | |||
Purchases from related parties | 383 | 147 | 67 |
Taconite pellets | |||
Related Party Transaction [Line Items] | |||
Purchases from related parties | 203 | 269 | $ 246 |
PRO-TEC Coating Company | |||
Related Party Transaction [Line Items] | |||
Accounts payable to related parties | 66 | 78 | |
Other Related Parties [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts payable to related parties | $ 15 | $ 53 |
Leases -Future Minimum Commitme
Leases -Future Minimum Commitments for Capital Leases and Operating Leases (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Capital Leases | |
Capital leases future minimum payment in 2016 | $ 5 |
Capital leases future minimum payment in 2017 | 5 |
Capital leases future minimum payment in 2018 | 5 |
Capital leases future minimum payment in 2019 | 5 |
Capital leases future minimum payment in 2020 | 5 |
Capital leases future minimum payment, later years | 17 |
Capital leases sublease rentals | 0 |
Total minimum lease payments | 42 |
Less imputed interest costs | 11 |
Present value of net minimum lease payments included in long-term debt (see Note 16) | 31 |
Operating Leases | |
Operating leases future minimum payment in 2016 | 85 |
Operating leases future minimum payment in 2017 | 71 |
Operating leases future minimum payment in 2018 | 43 |
Operating leases future minimum payment in 2019 | 17 |
Operating leases future minimum payment in 2020 | 6 |
Operating leases future minimum payment, later years | 26 |
Operating leases sublease rentals | 0 |
Total minimum lease payments | $ 248 |
Leases -Operating Lease Rental
Leases -Operating Lease Rental Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Minimum rentals | $ 117 | $ 111 | $ 111 |
Contingent rentals | 11 | 12 | 11 |
Sublease rentals | 0 | 0 | 0 |
Net rental expense | $ 128 | $ 123 | $ 122 |
Restructuring and Other Char126
Restructuring and Other Charges - Activity in Accrued Balances for Restructuring and Other Cost Reduction Programs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 5 | $ 22 |
Restructuring Reserve, Gross Restructuring Charges Before Adjustments | 343 | 262 |
Cash payments/utilization | (172) | (262) |
Other adjustments and reclasses | (21) | (17) |
Balance at end of period | 155 | 5 |
Severance Accrual | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 5 | 16 |
Restructuring Reserve, Gross Restructuring Charges Before Adjustments | 77 | 16 |
Cash payments/utilization | (19) | (11) |
Other adjustments and reclasses | (15) | (16) |
Balance at end of period | 48 | 5 |
Pension and Other Postretirement Plans Activity | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Restructuring Reserve, Gross Restructuring Charges Before Adjustments | 18 | 0 |
Cash payments/utilization | (18) | 0 |
Other adjustments and reclasses | 0 | 0 |
Balance at end of period | 0 | 0 |
Exit Costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 0 | 6 |
Restructuring Reserve, Gross Restructuring Charges Before Adjustments | 122 | 0 |
Cash payments/utilization | 9 | 5 |
Other adjustments and reclasses | (6) | (1) |
Balance at end of period | 107 | 0 |
Non-cash Charges | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Restructuring Reserve, Gross Restructuring Charges Before Adjustments | 126 | 246 |
Cash payments/utilization | (126) | (246) |
Other adjustments and reclasses | 0 | 0 |
Balance at end of period | $ 0 | $ 0 |
Restructuring and Other Char127
Restructuring and Other Charges - Balance Sheet Location of Accrued Liabilities for Restructuring and Other Cost Reduction Programs (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | |||
Total | $ 155 | $ 5 | $ 22 |
Accounts payable | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, current | 90 | 0 | |
Payroll and benefits payable | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, current | 48 | 5 | |
Deferred credits and other noncurrent liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, noncurrent | $ 17 | $ 0 |
Restructuring and Other Char128
Restructuring and Other Charges -Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges (Note 24) | $ 322 | $ 250 | $ 248 |
Other adjustments and reclasses | (21) | (17) | |
Severance Costs | 16 | ||
Asset Impairment Charges | 195 | ||
Write-off of pre-engineering costs | 37 | ||
Restructuring Charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges (Note 24) | 322 | ||
Impairment of Long-Lived Assets to be Disposed of | 14 | ||
Severance Accrual | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | 28 | 16 | |
Other adjustments and reclasses | (15) | $ (16) | |
Us Steel Canada Inc | Severance Accrual | |||
Restructuring Cost and Reserve [Line Items] | |||
Other adjustments and reclasses | $ 4 |
Contingencies and Commitments -
Contingencies and Commitments - Asbestos Litigation Activity (Details) - Asbestos Matters - Claim_Group | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingency Accrual [Roll Forward] | |||
Opening Number of Claims | 3,455 | 3,320 | 3,330 |
Cases resolved upon payment | 415 | 190 | 250 |
Number of cases added and resulted in claims | 275 | 325 | 240 |
Closing Number of Claims | 3,315 | 3,455 | 3,320 |
Contingencies and Commitment130
Contingencies and Commitments - Changes in Accrued Liabilities for Remediation Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Accrued Liabilities for Remediation Activities [Roll Forward] | ||
Beginning of period | $ 212 | $ 233 |
Accruals for environmental remediation deemed probable and reasonably estimable | 0 | 5 |
Adjustments for changes in estimates | (5) | 0 |
Obligations settled (a) | (10) | (26) |
End of period | $ 197 | 212 |
Us Steel Canada Inc | ||
Change in Accrued Liabilities for Remediation Activities [Roll Forward] | ||
Obligations settled (a) | $ (2) |
Contingencies and Commitment131
Contingencies and Commitments - Accrued Liabilities for Remediation Activities Included in Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Line Items] | |||
Accounts payable, Deferred credits and other non-current liabilities | $ 197 | $ 212 | $ 233 |
Accounts payable | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Accounts payable, Deferred credits and other non-current liabilities | 14 | 19 | |
Deferred credits and other noncurrent liabilities | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Accounts payable, Deferred credits and other non-current liabilities | $ 183 | $ 193 |
Contingencies and Commitment132
Contingencies and Commitments - Payments for Contracts with Remaining Terms in Excess of One Year (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 528 |
2,017 | 572 |
2,018 | 609 |
2,019 | 364 |
2,020 | 329 |
Later years | 1,483 |
Total | $ 3,885 |
Contingencies and Commitment133
Contingencies and Commitments - Additional Information (Detail) € in Millions, Allowances in Millions | Aug. 02, 2012Facilityphase | Jan. 30, 2014Allowances | Dec. 31, 2015USD ($)ProjectboilerFacilityClaim_GroupPlaintiff | Dec. 31, 2015EUR (€)boilerClaim_GroupPlaintiff | Dec. 31, 2014USD ($)Claim_Group | Dec. 31, 2013USD ($)Claim_Group | Dec. 31, 2012Claim_Group |
Loss Contingencies [Line Items] | |||||||
Expenses related to remediation included in cost of sales | $ 5,000,000 | $ 45,000,000 | |||||
Accrued liabilities for remediation activities | $ 197,000,000 | 212,000,000 | 233,000,000 | ||||
Accrued liabilities for post-closure site monitoring and other costs | 24,000,000 | ||||||
Accrued liability for administrative and legal costs | $ 7,000,000 | ||||||
Number of years of projected administrative and legal costs included in accrual | 3 years | 3 years | |||||
Capital expenditures | $ 88,000,000 | 83,000,000 | |||||
Final Allocation for Emissions Allowances During NAP III period | Allowances | 48 | ||||||
Estimated Shortfall in Emissions Allowances During NAP III period | Allowances | 16 | ||||||
Gain (Loss) on Disposition of Other Assets | $ 0 | 17,000,000 | 0 | ||||
Number of boilers to be reconstructed for environmental compliance | boiler | 1 | 1 | |||||
Number of new boilers to be built for environmental compliance | boiler | 1 | 1 | |||||
Estimated Capital Expenditures For Project, Boiler | $ 145,000,000 | € 131 | |||||
Actual Capital Expenditures to Date For Project, Boiler | 75,000,000 | € 66 | |||||
Financial assurance guarantees, maximum | 4,000,000 | ||||||
Number of facilities that failed to meet certain environmental requirements | Facility | 3 | ||||||
Number of phases of fact discovery | phase | 3 | ||||||
Claims Against U. S. Steel Canada | 1,800,000,000 | ||||||
Residual value of equipment | 11,000,000 | ||||||
Leveraged leases, Net Investment in Leveraged Leases, Residual Value Liability Recorded | 0 | ||||||
Restricted cash | 37,000,000 | 51,000,000 | |||||
Restricted cash current | 1,000,000 | ||||||
Contract commitments to acquire property, plant and equipment | 253,000,000 | ||||||
Total payment under take-or-pay contracts | 408,000,000 | $ 510,000,000 | $ 750,000,000 | ||||
Gateway Energy and Coke Company, LLC | |||||||
Loss Contingencies [Line Items] | |||||||
Maximum default payment on termination of agreement | $ 213,000,000 | ||||||
Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Projected percentage remediation costs may exceed accrued liabilities | 15.00% | 15.00% | |||||
Estimated capital expenditures of complying with BAT over 2013 to 2016 period | $ 55,000,000 | € 50 | |||||
Unconditional purchase obligation term | 2 years | 2 years | |||||
Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Projected percentage remediation costs may exceed accrued liabilities | 25.00% | 25.00% | |||||
Estimated capital expenditures of complying with BAT over 2013 to 2016 period | $ 180,000,000 | € 165 | |||||
Unconditional purchase obligation term | 16 years | 16 years | |||||
Asbestos Matters | |||||||
Loss Contingencies [Line Items] | |||||||
Active cases brought against U.S. Steel | Claim_Group | 820 | 880 | |||||
Number of claims pending in jurisdictions | Claim_Group | 3,315 | 3,455 | 3,320 | 3,330 | |||
Number of plaintiffs involved | Plaintiff | 2,465 | 2,465 | |||||
Percentage of claims pending in jurisdictions | 74.00% | ||||||
Cases resolved upon payment | Claim_Group | 415 | 415 | 190 | 250 | |||
Number of cases added and resulted in claims | Claim_Group | 275 | 275 | 325 | 240 | |||
Projects with Ongoing Study and Scope Development | |||||||
Loss Contingencies [Line Items] | |||||||
Environmental remediation projects | Facility | 5 | ||||||
Accrued liabilities for remediation activities | $ 1,000,000 | ||||||
Projects with Ongoing Study and Scope Development | Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Environment exit costs, possible additional loss | 25,000,000 | ||||||
Projects with Ongoing Study and Scope Development | Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Environment exit costs, possible additional loss | $ 40,000,000 | ||||||
Other Project With Defined Scope | |||||||
Loss Contingencies [Line Items] | |||||||
Environmental remediation projects | Project | 4 | ||||||
Accrued liabilities for remediation activities | $ 152,000,000 | ||||||
Other Project With Defined Scope | Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued liabilities for remediation activities | 5,000,000 | ||||||
Gary Works, Project with Defined Scope | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued liabilities for remediation activities | 33,000,000 | ||||||
Geneva Project | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued liabilities for remediation activities | 63,000,000 | ||||||
St Louis Estuary Project | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued liabilities for remediation activities | 49,000,000 | ||||||
SWMU Project at UPI, Project with Defined Scope | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued liabilities for remediation activities | $ 7,000,000 | ||||||
Environmental Remediation Other Projects | |||||||
Loss Contingencies [Line Items] | |||||||
Environmental remediation projects | Facility | 4 | ||||||
Accrued liabilities for remediation activities | $ 8,000,000 | ||||||
Environmental Remediation Other Projects | Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued liabilities for remediation activities | 1,000,000 | ||||||
Environmental Remediation Other Projects | Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued liabilities for remediation activities | 5,000,000 | ||||||
Environmental Remediation Projects Less Than One Million | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued liabilities for remediation activities | 5,000,000 | ||||||
Environmental Remediation Projects Less Than One Million | Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued liabilities for remediation activities | 1,000,000 | ||||||
Surety Bonds | |||||||
Loss Contingencies [Line Items] | |||||||
Financial assurance guarantees, maximum | $ 158,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 01, 2016USD ($) | Feb. 22, 2016EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014EUR (€) |
USSK Revolver | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | $ 218,000,000 | € 200,000,000 | $ 244,000,000 | € 200,000,000 | ||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Labor Agreement, Term | 3 years | |||||
Number of Employees Covered by Bargaining Agreement | 18,000 | |||||
Profit From Sales | 15.00% | |||||
Profit Sharing Threshold | $ | $ 50 | |||||
Subsequent Event | USSK Revolver | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | € | € 200,000,000 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 45 | $ 53 | $ 55 |
Additions, Charged to Costs and Expenses | 0 | 0 | 5 |
Additions, Charged to Other Accounts | 0 | 0 | 0 |
Deductions, Charged to Costs and Expenses | 11 | 0 | 0 |
Deductions, Charged to Other Accounts | 6 | 8 | 7 |
Balance at End of Period | 28 | 45 | 53 |
Allowance for doubtful accounts, Related Party | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 218 | 0 | |
Additions, Charged to Costs and Expenses | 74 | 0 | |
Additions, Charged to Other Accounts | 0 | 218 | |
Deductions, Charged to Costs and Expenses | 0 | 0 | |
Deductions, Charged to Other Accounts | 38 | 0 | |
Balance at End of Period | 254 | 218 | 0 |
Investments and long-term receivables reserve | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 8 | 10 | 3 |
Additions, Charged to Costs and Expenses | 0 | 0 | 0 |
Additions, Charged to Other Accounts | 0 | 0 | 7 |
Deductions, Charged to Costs and Expenses | 0 | 0 | 0 |
Deductions, Charged to Other Accounts | 1 | 2 | 0 |
Balance at End of Period | 7 | 8 | 10 |
Long-term receivables from related parties reserve | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 1,188 | 0 | |
Additions, Charged to Costs and Expenses | 465 | 0 | |
Additions, Charged to Other Accounts | 0 | 1,188 | |
Deductions, Charged to Costs and Expenses | 0 | 0 | |
Deductions, Charged to Other Accounts | 207 | 0 | |
Balance at End of Period | 1,446 | 1,188 | 0 |
Valuation Allowance Of Deferred Tax Domestic [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 0 | ||
Additions, Charged to Costs and Expenses | 753 | ||
Additions, Charged to Other Accounts | 51 | ||
Deductions, Charged to Costs and Expenses | 0 | ||
Deductions, Charged to Other Accounts | 0 | ||
Balance at End of Period | 804 | 0 | |
Deferred tax valuation allowance, Foreign | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 5 | 1,028 | 1,099 |
Additions, Charged to Costs and Expenses | 0 | 0 | 0 |
Additions, Charged to Other Accounts | 0 | 0 | 142 |
Deductions, Charged to Costs and Expenses | 1 | 0 | 142 |
Deductions, Charged to Other Accounts | 0 | 1,023 | 71 |
Balance at End of Period | $ 4 | $ 5 | $ 1,028 |