Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 27, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | X | |
Entity Registrant Name | UNITED STATES STEEL CORP | |
Entity Central Index Key | 1,163,302 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 172,459,063 |
Consolidated Statement Of Opera
Consolidated Statement Of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales: | ||||
Net sales | $ 2,370 | $ 2,446 | $ 6,716 | $ 7,901 |
Net sales to related parties (Note 18) | 316 | 384 | 895 | 1,101 |
Total | 2,686 | 2,830 | 7,611 | 9,002 |
Operating expenses (income): | ||||
Cost of sales (excludes items shown below) | 2,360 | 2,654 | 7,193 | 8,512 |
Selling, general and administrative expenses | 73 | 99 | 206 | 308 |
Depreciation, depletion and amortization | 126 | 136 | 384 | 418 |
Earnings from investees | (18) | (6) | (91) | (29) |
Impairment of intangible assets | 14 | 0 | 14 | 0 |
Losses associated with U. S. Steel Canada Inc. (Note 21) | 0 | 16 | 0 | 271 |
Restructuring and other charges (Note 19) | (3) | 103 | 1 | 275 |
Net loss (gain) on disposal of assets | 3 | (1) | 6 | (2) |
Other income, net | (1) | (1) | (1) | (2) |
Total | 2,554 | 3,000 | 7,712 | 9,751 |
Earnings (loss) before interest and income taxes | 132 | (170) | (101) | (749) |
Interest expense | 58 | 56 | 173 | 160 |
Interest income | (2) | (2) | (5) | (2) |
Loss on debt extinguishment | 0 | 0 | 22 | 0 |
Other financial (income) costs | 6 | (1) | 18 | 12 |
Net interest and other financial costs (Note 7) | 62 | 53 | 208 | 170 |
Earnings (loss) before income taxes | 70 | (223) | (309) | (919) |
Income tax provision (benefit) (Note 9) | 19 | (50) | 26 | (410) |
Net earnings (loss) | 51 | (173) | (335) | (509) |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to United States Steel Corporation | $ 51 | $ (173) | $ (335) | $ (509) |
Earnings (loss) per share attributable to United States Steel Corporation stockholders: | ||||
Basic (in dollars per share) | $ 0.32 | $ (1.18) | $ (2.22) | $ (3.49) |
Diluted (in dollars per share) | $ 0.32 | $ (1.18) | $ (2.22) | $ (3.49) |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 51 | $ (173) | $ (335) | $ (509) |
Other comprehensive income (loss), net of tax: | ||||
Changes in foreign currency translation adjustments | 10 | (5) | 41 | (83) |
Changes in pension and other employee benefit accounts | 48 | (131) | (134) | (44) |
Changes in unrecognized (losses) gains on other | (4) | 0 | 17 | 0 |
Total other comprehensive income (loss), net of tax | 54 | (136) | (76) | (127) |
Comprehensive income (loss) including noncontrolling interest | 105 | (309) | (411) | (636) |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to United States Steel Corporation | $ 105 | $ (309) | $ (411) | $ (636) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 1,445 | $ 755 |
Receivables, less allowance of $26 and $28 | 1,014 | 864 |
Receivables from related parties, less allowance of $270 and $254 (Note 18) | 182 | 199 |
Inventories (Note 11) | 1,742 | 2,074 |
Other current assets | 28 | 25 |
Total current assets | 4,411 | 3,917 |
Property, plant and equipment | 14,453 | 14,253 |
Less accumulated depreciation and depletion | 10,235 | 9,842 |
Total property, plant and equipment, net | 4,218 | 4,411 |
Investments and long-term receivables, less allowance of $7 and $7 | 538 | 540 |
Long-term receivables from related parties, less allowance of $1,624 and $1,446 (Note 18) | 0 | 0 |
Intangibles – net (Note 5) | 177 | 196 |
Deferred income tax benefits (Note 9) | 6 | 15 |
Other noncurrent assets | 117 | 88 |
Total assets | 9,467 | 9,167 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 1,566 | 1,412 |
Accounts payable to related parties (Note 18) | 89 | 81 |
Payroll and benefits payable | 464 | 462 |
Accrued taxes | 108 | 99 |
Accrued interest | 78 | 49 |
Current portion of long-term debt (Note 13) | 92 | 45 |
Total current liabilities | 2,397 | 2,148 |
Long-term debt, less unamortized discount and debt issuance costs (Note 13) | 2,988 | 3,093 |
Employee benefits | 1,097 | 1,101 |
Deferred income tax liabilities (Note 9) | 28 | 29 |
Deferred credits and other noncurrent liabilities | 355 | 359 |
Total liabilities | 6,865 | 6,730 |
Contingencies and commitments (Note 20) | ||
Stockholders’ Equity (Note 16): | ||
Common stock (176,424,554 shares and 150,925,911 shares issued) (Notes 10 and 22) | 176 | 151 |
Treasury stock, at cost (3,966,770 and 4,644,867 shares) | (277) | (339) |
Additional paid-in capital | 4,092 | 3,603 |
(Accumulated deficit) retained earnings | (145) | 190 |
Accumulated other comprehensive loss (Note 17) | (1,245) | (1,169) |
Total United States Steel Corporation stockholders’ equity | 2,601 | 2,436 |
Noncontrolling interests | 1 | 1 |
Total liabilities and stockholders’ equity | $ 9,467 | $ 9,167 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables, allowance | $ 26 | $ 28 |
Investments and long-term receivables, allowance | $ 7 | $ 7 |
Common stock, shares issued | 176,424,554 | 150,925,911 |
Treasury stock, shares | 3,966,770 | 4,644,867 |
Affiliated Entity [Member] | ||
Receivables, allowance | $ 270 | $ 254 |
Investments and long-term receivables, allowance | $ 1,624 | $ 1,446 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net loss | $ (335) | $ (509) |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 384 | 418 |
Impairment of intangible assets | 14 | 0 |
Losses associated with U. S. Steel Canada Inc. (Note 21) | 0 | 271 |
Restructuring and other charges (Note 19) | 1 | 275 |
Provision for doubtful accounts | 0 | (13) |
Pensions and other postretirement benefits | (38) | (33) |
Deferred income taxes | 9 | (385) |
Net loss (gain) on disposal of assets | 6 | (2) |
Distributions received, net of equity investees earnings | (86) | (26) |
Changes in: | ||
Current receivables | (127) | 529 |
Inventories | 339 | 38 |
Current accounts payable and accrued expenses | 279 | (261) |
Income taxes receivable/payable | 14 | 7 |
Bank checks outstanding | 15 | 8 |
All other, net | 102 | (64) |
Net cash provided by operating activities | 577 | 253 |
Investing activities: | ||
Capital expenditures | (268) | (354) |
Acquisitions (Note 4) | 0 | (25) |
Disposal of assets | 6 | 2 |
Change in restricted cash, net | (3) | 8 |
Investments, net | (17) | (2) |
Net cash used in investing activities | (282) | (371) |
Financing activities: | ||
Issuance of long-term debt, net of financing costs | 958 | 0 |
Repayment of long-term debt | (1,019) | (18) |
Settlement of contingent consideration | (15) | 0 |
Common stock issued | 482 | 0 |
Receipts from exercise of stock options | 4 | 1 |
Dividends paid | (22) | (22) |
Net cash provided by (used in) financing activities | 388 | (39) |
Effect of exchange rate changes on cash | 7 | (32) |
Net increase (decrease) in cash and cash equivalents | 690 | (189) |
Cash and cash equivalents at beginning of year | 755 | 1,354 |
Cash and cash equivalents at end of period | $ 1,445 | $ 1,165 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies United States Steel Corporation produces and sells steel products, including flat-rolled and tubular products, in North America and Central Europe. Operations in North America also include iron ore and coke production facilities, railroad services and real estate operations. Operations in Europe also include coke production facilities. The year-end Consolidated Balance Sheet data was derived from audited statements but does not include all disclosures required for complete financial statements by accounting principles generally accepted in the United States of America (U.S. GAAP). The other information in these financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair statement of the results for the periods covered. All such adjustments are of a normal recurring nature unless disclosed otherwise. These financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. Additional information is contained in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , which should be read in conjunction with these financial statements. Revision of Prior Period Financial Statements During 2015, the Company identified a prior period error related to the classification of unpaid capital expenditures in the Consolidated Statements of Cash Flows that impacted the quarterly interim financial statements in 2015. As a result, the Consolidated Statement of Cash Flows for the the nine months ended September 30, 2015 has been revised to reflect a decrease in cash provided by operating activities and a decrease in cash used in investing activities of $55 million . The Company has concluded the impact of this error was not material to the previously filed financial statements. |
New Accounting Standards (Notes
New Accounting Standards (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting Standards On August 26, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15). ASU 2016-15 reduces diversity in practice in how certain transactions are classified in the statement of cash flows by addressing eight specific cash receipt and cash payment issues. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. U. S. Steel is evaluating the financial statement implications of adopting ASU 2016-15. On March 30, 2016, the FASB issued Accounting Standards Update 2016-09, Compensation - Stock Compensation (ASU 2016-09). ASU 2016-09 simplifies the accounting and reporting of certain aspects of share-based payment transactions, including income tax treatment of excess tax benefits, forfeitures, classification of share-based awards as either equity or liabilities, and classification in the statement of cash flows for certain share-based transactions related to tax benefits and tax payments. ASU 2016-09 is effective for public business entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods; early adoption is permitted. U. S. Steel is evaluating the financial statement implications of adopting ASU 2016-09, but does not expect a material financial statement impact relating to the adoption of this ASU. On February 25, 2016, the FASB issued Accounting Standards Update 2016-02, Leases (ASU 2016-02). ASU 2016-02 supersedes prior lease accounting guidance. Under ASU 2016-02, for operating leases, a lessee should recognize in its statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term; recognize a single lease cost, which is allocated over the lease term, generally on a straight line basis; and classify all cash payments within the operating activities in the statement of cash flows. For financing leases, a lessee is required to recognize a right-of-use asset; and a lease liability; recognize interest on the lease liability separately from amortization of the right-of-use asset, and classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability within the operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. In addition, at the inception of a contract, an entity should determine whether the contract is or contains a lease. ASU 2016-02 is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, using a modified retrospective approach. U. S. Steel is evaluating the financial statement implications of adopting ASU 2016-02. 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 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. 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. Effective January 1, 2016, U. S. Steel retroactively adopted ASU 2015-03. As a result, debt issuance costs which were a component of other non-current assets in the Consolidated Balance Sheets were reclassified and are now reflected as a reduction of long-term debt. As of September 30, 2016 and December 31, 2015, other non-current assets and long-term debt in the Consolidated Balance Sheets decreased by approximately $37 million and $23 million , respectively. On August 27, 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 explicitly requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. 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 does not expect a material financial statement impact relating to the adoption of this ASU. On May 28, 2014, the FASB and the International Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016; early application is not permitted. On 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 (Notes)
Segment Information (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information U. S. Steel has three reportable segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular). The results of our railroad and real estate businesses that do not constitute reportable segments are combined and disclosed in the Other Businesses category. 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. These realignments did not affect the Company's reportable segments. The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measure being earnings (loss) before interest and income taxes. Earnings (loss) before interest and income taxes for reportable segments and Other Businesses does not include net interest and other financial costs (income), income taxes, 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 chief operating decision maker assesses the Company's assets on an enterprise wide level, based upon the projects that yield the greatest return to the Company as a whole, and not on an individual segment level. The accounting principles applied at the operating segment level in determining earnings (loss) before interest and income taxes are generally the same as those applied at the consolidated financial statement level. 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 raw steel for rounds production 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 for three months ended September 30, 2016 and 2015 are: (In millions) Three Months Ended September 30, 2016 Customer Intersegment Net Earnings Earnings (Loss) Before Interest and Income Taxes Flat-Rolled $ 1,986 $ — $ 1,986 $ 18 $ 114 USSE 575 1 576 — 81 Tubular 114 — 114 1 (75 ) Total reportable segments 2,675 1 2,676 19 120 Other Businesses 11 27 38 (1 ) 18 Reconciling Items and Eliminations — (28 ) (28 ) — (6 ) Total $ 2,686 $ — $ 2,686 $ 18 $ 132 Three Months Ended September 30, 2015 Flat-Rolled $ 2,070 $ 72 $ 2,142 $ 4 $ (18 ) USSE 546 1 547 — 18 Tubular 199 — 199 2 (50 ) Total reportable segments 2,815 73 2,888 6 (50 ) Other Businesses 15 28 43 — 10 Reconciling Items and Eliminations — (101 ) (101 ) — (130 ) Total $ 2,830 $ — $ 2,830 $ 6 $ (170 ) The results of segment operations for the nine months ended September 30, 2016 and 2015 are: (In millions) Nine Months Ended September 30, 2016 Customer Intersegment Net Earnings Earnings (Loss) Before Interest and Income Taxes Flat-Rolled $ 5,643 $ 16 $ 5,659 $ 88 $ (68 ) USSE 1,616 2 1,618 — 122 Tubular 303 2 305 5 (217 ) Total reportable segments 7,562 20 7,582 93 (163 ) Other Businesses 49 80 129 (2 ) 42 Reconciling Items and Eliminations — (100 ) (100 ) — 20 Total $ 7,611 $ — $ 7,611 $ 91 $ (101 ) Nine Months Ended September 30, 2015 Flat-Rolled $ 6,388 $ 245 $ 6,633 $ 26 $ (149 ) USSE 1,837 2 1,839 — 75 Tubular 730 — 730 6 (115 ) Total reportable segments 8,955 247 9,202 32 (189 ) Other Businesses 47 81 128 (3 ) 24 Reconciling Items and Eliminations — (328 ) (328 ) — (584 ) Total $ 9,002 $ — $ 9,002 $ 29 $ (749 ) The following is a schedule of reconciling items to Earnings (Loss) Before Interest and Income Taxes: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2016 2015 2016 2015 Items not allocated to segments: Postretirement benefit (expense) (a) $ 8 $ (11 ) $ 36 $ (38 ) Other items not allocated to segments: Impairment of intangible assets (14 ) — (14 ) — Loss on shutdown of Fairfield flat-rolled operations (b)(d) — (91 ) — (91 ) Losses associated with U. S. Steel Canada Inc. (Note 21) — (16 ) — (271 ) Restructuring and other charges and adjustments (c) — (12 ) (2 ) (31 ) Loss on shutdown of coke production facilities (d) — — — (153 ) Total other items not allocated to segments (14 ) (119 ) (16 ) (546 ) Total reconciling items $ (6 ) $ (130 ) $ 20 $ (584 ) (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) Fairfield Flat-Rolled Operations include the blast furnace and associated steelmaking operations, along with most of the flat-rolled finishing operations at Fairfield Works. The slab and rounds casters and the #5 coating line continue to operate. (c) For the three months ended September 30, 2016, there were no restructuring and other charges and adjustment items not allocated to the Company's reportable segments. For the nine months ended September 30, 2016, approximately $(2) million is included in Cost of sales and approximately $4 million is included in the Restructuring and other charges in the Consolidated Statement of Operations. See Note 19 to the Consolidated Financial Statements. (d) Included in Restructuring and other charges on the Consolidated Statement of Operations. See Note 19 to the Consolidated Financial Statements. |
Acquisition (Notes)
Acquisition (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
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 Generation 3 grades under development, as well as to provide high quality exposed steel for automotive body and closure applications. The Company's previously held 50 percent equity interest of $3 million was recorded at fair market value resulting in a net gain of approximately $3 million which has been recognized in the earnings from investees line in the consolidated statement of operations. Goodwill of approximately $3 million was recognized and is included as a component of other noncurrent assets in the Company's Consolidated Balance Sheet. The fair value of the DESCO acquisition was measured using both cost and market approaches, Level 2 inputs, in accordance with ASC No. 820, Fair Value Measurement . Transaction costs associated with the acquisition were insignificant. The amount of revenue recognized in the consolidated statement of operations as a result of the acquisition was not significant for the periods presented. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets are being amortized on a straight-line basis over their estimated useful lives and are detailed below: As of September 30, 2016 As of December 31, 2015 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 22-23 Years $ 132 $ 57 $ 75 $ 132 $ 52 $ 80 Other 2-20 Years 17 9 8 17 8 9 Total amortizable intangible assets $ 149 $ 66 $ 83 $ 149 $ 60 $ 89 The carrying amount of acquired water rights and patents with indefinite lives as of September 30, 2016 totaled $75 million and $19 million and as of December 31, 2015 totaled $75 million and $33 million , respectively. The water rights and patents are tested for impairment annually in the third quarter, or whenever events or circumstances indicate the carrying value may not be recoverable. U. S. Steel performed a quantitative impairment evaluation of its indefinite-lived intangible assets, which includes its water rights and in-process research and development patents, during the third quarter of 2016. Based on the results of the evaluation, the water rights were not impaired; however, the estimated fair value of the patents had decreased below their carrying value. As a result, an impairment charge of approximately $14 million was recorded during the three months ended September 30, 2016. Key assumptions used in the discounted cash flow analysis for the evaluation of the patents consisted of a combination of Level 2 and Level 3 inputs, which included future cash flow projections, a royalty rate of 5% and a discount rate of 17% . Identifiable intangible assets with finite lives are reviewed for impairment whenever events or circumstances indicate the carrying values may not be recoverable. During the fourth quarter of 2015, due to a significant decline in energy prices and high levels of tubular imports, U. S. Steel completed a review of certain of its identifiable intangible assets with finite lives, primarily customer relationships with a carrying value of $80 million , and determined the assets were not impaired. Amortization expense was $2 million for both of the three month periods ended September 30, 2016 and 2015 , respectively, and $6 million for both of the nine month periods ended September 30, 2016 and 2015 , respectively. The estimated future amortization expense of identifiable intangible assets during the next five years is $2 million for the remaining portion of 2016 and $7 million each year from 2017 to 2020 . |
Pensions and Other Benefits (No
Pensions and Other Benefits (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pensions and Other Benefits | Pensions and Other Benefits The following table reflects the components of net periodic benefit cost (income) for the three months ended September 30, 2016 and 2015 : Pension Other (In millions) 2016 2015 2016 2015 Service cost $ 14 $ 25 $ 5 $ 5 Interest cost 64 66 25 24 Expected return on plan assets (106 ) (109 ) (38 ) (38 ) Amortization of prior service cost 2 4 6 (2 ) Amortization of actuarial net loss 33 60 1 2 Net periodic benefit cost (income), excluding below 7 46 (1 ) (9 ) Multiemployer plans 16 17 — — Settlement, termination and curtailment losses 10 24 (a) — (4 ) (a) Net periodic benefit cost (income) $ 33 $ 87 $ (1 ) $ (13 ) (a) Includes approximately $20 million of pension and other benefits that were reclassified to Restructuring and other charges on the Consolidated Statements of Operations. The following table reflects the components of net periodic benefit cost (income) for the nine months ended September 30, 2016 and 2015 : Pension Other (In millions) 2016 2015 2016 2015 Service cost $ 40 $ 78 $ 15 $ 16 Interest cost 194 197 74 73 Expected return on plan assets (316 ) (330 ) (113 ) (115 ) Amortization of prior service cost 8 13 19 (5 ) Amortization of actuarial net loss 97 188 2 5 Net periodic benefit cost (income), excluding below 23 146 (3 ) (26 ) Multiemployer plans 48 51 — — Settlement, termination and curtailment losses 13 29 (a) — (4 ) (a) Net periodic benefit cost (income) $ 84 $ 226 $ (3 ) $ (30 ) (a) Includes approximately $20 million of pension and other benefits that were reclassified to Restructuring and other charges on the Consolidated Statements of Operations. Settlements During the first nine months of 2016 , the non-qualified pension plan incurred settlement charges of approximately $13 million due to lump sum payments for certain individuals. For 2015 , the non-qualified pension plan and the other benefits plan incurred settlement and curtailment charges of $25 million primarily due to lump sum payments for certain individuals and pension curtailment charges associated with the shutdown of the blast furnace and associated steelmaking operations, along with most of the flat-rolled finishing operations at Fairfield Works (Fairfield Flat-Rolled Operations). Employer Contributions On August 1, 2016, the Company made a voluntary contribution of 3,763,643 shares of common stock (the shares), par value of $1.00 per share, to the U. S. Steel Retirement Plan Trust, which is the funding vehicle for the Company’s main defined benefit pension plan. The shares were valued by an independent valuation firm for purposes of the contribution at $26.57 per share, or approximately $100 million in the aggregate, which was the closing price of the Company’s common stock on August 1, 2016. During the first nine months of 2016 , U. S. Steel made cash payments of $47 million to the Steelworkers’ Pension Trust and $25 million of pension payments not funded by trusts. During the first nine months of 2016 , cash payments of $47 million were made for other postretirement benefit payments not funded by trusts. Company contributions to defined contribution plans totaled $10 million and $ 10 million in the three months ended September 30, 2016 and 2015 , respectively. Company contributions to defined contribution plans totaled $32 million and $31 million for the nine months ended September 30, 2016 and 2015 , respectively. Non-retirement postemployment benefits U. S. Steel incurred costs of approximately $9 million and $7 million for the three and nine months ended September 30, 2016 , respectively, compared to costs of $4 million and $44 million for the three and nine months ended September 30, 2015 , respectively, related to employee costs for supplemental unemployment benefits and the continuation of health care benefits and life insurance coverage for employees associated with the temporary idling of certain facilities and reduced production at others. Payments for these benefits during the three and nine months ended September 30, 2016 were $19 million and $58 million , respectively. Payments for these benefits during the three and nine months ended September 30, 2015 were $10 million and $25 million , respectively. Pension Funding In November 2015, pension stabilization legislation further extended a revised interest rate formula to be used to measure defined benefit pension obligations for calculating minimum annual contributions. The new interest rate formula results in higher interest rates for minimum funding calculations as compared to prior law over the next few years, which will improve the funded status of our main defined benefit pension plan and reduce minimum required contributions. The Company estimates there will be no minimum required contribution to the main pension plan in 2016 or 2017. |
Net Interest and Other Financia
Net Interest and Other Financial Costs (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Net Interest and Other Financial Costs | Net Interest and Other Financial Costs Net interest and other financial costs includes interest expense (net of capitalized interest), interest income, financing costs, derivatives gains and losses and foreign currency remeasurement gains and losses. Foreign currency gains and losses are primarily a result of foreign currency denominated assets and liabilities that require remeasurement and the impacts of euro-U.S. dollar derivatives activity. During the three months ended September 30, 2016 and 2015 , net foreign currency losses of $ 1 million and gains of $ 6 million respectively, were recorded in other financial costs. During the nine months ended September 30, 2016 and 2015 , net foreign currency losses of $ 2 million and gains of $ 10 million respectively, were recorded in other financial costs. Additionally, during the nine months ended September 30, 2016 , there was a loss on debt extinguishment recognized of $22 million . See Note 12 for additional information on U. S. Steel’s use of derivatives to mitigate its foreign currency exchange rate exposure. See Note 13 for further details on U. S. Steel's redemption of its senior debt. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans U. S. Steel has outstanding stock-based compensation awards that were granted by the Compensation & Organization Committee of the Board of Directors (the Committee) under the 2005 Stock Incentive Plan (the 2005 Plan) and the 2016 Omnibus Incentive Compensation Plan (the Omnibus Plan), which is more fully described in Note 14 of the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and the 2016 Proxy Statement, respectively. On April 26, 2016, the Company's stockholders approved the Omnibus Plan and authorized the Company to issue up to 7,200,000 shares of U. S. Steel common stock under the Omnibus Plan. While the awards that were previously granted under the 2005 Plan remain outstanding, all future awards will be granted under the Omnibus Plan. As of September 30, 2016 , there were 5,131,175 shares available for future grants under the Omnibus Plan. Recent grants of stock-based compensation consist of stock options, restricted stock units, and total shareholder return (TSR) performance awards. Stock options are generally issued at the market price of the underlying stock on the date of the grant. Upon exercise of stock options, shares of U. S. Steel common stock are issued from treasury stock. The following table is a general summary of the awards made under the 2005 Plan and the Omnibus Plan. 2016 2015 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Stock Options 1,333,210 $ 6.24 1,638,540 $ 10.02 Restricted Stock Units 1,117,495 $ 14.27 800,500 $ 24.64 TSR Performance Awards (c) 308,130 $ 10.02 273,560 $ 24.95 (a) The share amounts shown in this table do not reflect an adjustment for estimated forfeitures. (b) Represents the per share weighted-average for all grants during the period. (c) The number of performance awards shown represents the target value of the award. U. S. Steel recognized pretax stock-based compensation expense in the amount of $5 million and $8 million in the three month periods ended September 30, 2016 and 2015 , respectively, and $16 million and $31 million in the first nine months of 2016 and 2015 , respectively. As of September 30, 2016 , total future compensation expense related to nonvested stock-based compensation arrangements was $31 million , and the weighted average period over which this expense is expected to be recognized is approximately 1 year . Compensation expense for stock options is recorded over the vesting period based on the fair value on the date of grant, as calculated by U. S. Steel using the Black-Scholes model and the assumptions listed below. The stock options vest ratably over a three -year service period and have a term of ten years. Black-Scholes Assumptions (a) 2016 Grants 2015 Grants Grant date price per share of option award $ 14.78 $ 24.74 Exercise price per share of option award $ 14.78 $ 24.74 Expected annual dividends per share, at grant date $ 0.20 $ 0.20 Expected life in years 5 5 Expected volatility 53 % 47 % Risk-free interest rate 1.463 % 1.639 % Grant date fair value per share of unvested option awards as calculated from above $ 6.24 $ 10.02 (a) The assumptions represent a weighted average of all grants during the period. The expected annual dividends per share are based on the latest annualized dividend rate at the date of grant; the expected life in years is determined primarily from historical stock option exercise data; the expected volatility is based on the historical volatility of U. S. Steel stock; and the risk-free interest rate is based on the U.S. Treasury strip rate for the expected life of the option. Restricted stock units generally vest ratably over three years. The fair value of the restricted stock units is the average market price of the underlying common stock on the date of the grant. TSR performance awards vest at the end of a three -year performance period as a function of U. S. Steel's total shareholder return compared to the total shareholder return of a group of peer companies over the three -year performance period. TSR performance awards can vest at between zero and 200 percent of the target award. The fair value of the TSR performance awards is calculated using a Monte-Carlo simulation. |
Income Taxes (Notes)
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Tax provision For the nine months ended September 30, 2016 and 2015 , we recorded a tax provision of $26 million on our pretax loss of $309 million and a tax benefit of $410 million on our pretax loss of $919 million , respectively. Due to the full valuation allowance on our domestic deferred tax assets in 2016, the tax provision does not reflect any benefit for domestic pretax losses. For 2015, the tax provision reflects a benefit for percentage depletion in excess of cost depletion for iron ore that we produce and consume or sell. Included in the tax provision is a net benefit of $31 million relating to the adjustment of certain tax reserves in the first nine months of 2015. The tax provision for the first nine months of 2016 is based on an estimated annual effective rate, which requires management to make its best estimate of annual pretax income or loss. Due to the full valuation allowance on our domestic deferred tax assets, the tax provision does not reflect any benefit for domestic pretax losses. During the year, management regularly updates forecasted annual pretax results for the various countries in which we operate based on changes in factors such as prices, shipments, product mix, plant operating performance and cost estimates. To the extent that actual 2016 pretax results for U.S. and foreign income or loss vary from estimates applied herein, the actual tax provision or benefit recognized in 2016 could be materially different from the forecasted amount used to estimate the tax provision for the nine months ended September 30, 2016 . Deferred taxes Each quarter U. S. Steel analyzes the likelihood that our deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not that some portion, or all, of a deferred tax asset may not be realized. At December 31, 2015 , the Company determined that a valuation allowance of $804 million was required for the Company's domestic deferred tax assets. At September 30, 2016 , U. S. Steel reviewed all available positive and negative evidence and determined that it is more likely than not that all of its net domestic deferred tax assets may not be realized. As a result, an incremental valuation allowance of $32 million was recorded against the increase in the 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. Unrecognized tax benefits Unrecognized tax benefits are the differences between a tax position taken, or expected to be taken, in a tax return and the benefit recognized for accounting purposes pursuant to the guidance in Accounting Standards Codification (ASC) Topic 740 on income taxes. The total amount of gross unrecognized tax benefits was $74 million at both September 30, 2016 and December 31, 2015 . The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $10 million as of September 30, 2016 and $12 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 Statement of Operations. Any penalties are recognized as part of selling, general and administrative expenses. As of September 30, 2016 and December 31, 2015 , U. S. Steel had accrued liabilities of $5 million and $1 million , respectively, for interest and penalties related to uncertain tax positions. |
Earnings and Dividends Per Comm
Earnings and Dividends Per Common Share (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
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 Stockholders 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. The “treasury stock” method was used to calculate the dilutive effect of the Senior Convertible Notes due in 2019 (2019 Senior Convertible Notes) while they were outstanding due to 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 (as described in Note 16 to the Annual Report on Form 10-K, the 2019 Senior Convertible Notes were redeemed in the fourth quarter of 2015). The computations for basic and diluted earnings (loss) per common share from continuing operations are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions, except per share amounts) 2016 2015 2016 2015 Earnings (loss) attributable to United States Steel Corporation stockholders $ 51 $ (173 ) $ (335 ) $ (509 ) Weighted-average shares outstanding (in thousands): Basic 160,513 146,324 151,199 146,008 Effect of stock options, restricted stock units and performance awards 1,187 — — — Adjusted weighted-average shares outstanding, diluted 161,700 146,324 151,199 146,008 Basic earnings (loss) per common share $ 0.32 $ (1.18 ) $ (2.22 ) $ (3.49 ) Diluted earnings (loss) per common share $ 0.32 $ (1.18 ) $ (2.22 ) $ (3.49 ) The following table summarizes the securities that were antidilutive, and therefore, were not included in the computations of diluted earnings (loss) per common share: Three Months Ended September 30, Nine Months Ended (In thousands) 2016 2015 2016 2015 Securities granted under the 2005 Stock Incentive Plan, as amended and the Omnibus Plan 4,613 8,623 9,568 8,623 Dividends Paid Per Share The dividend for each of the first three quarters of 2016 and 2015 was five cents per common share. |
Inventories (Notes)
Inventories (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are carried at the lower of cost or market. The first-in, first-out method is the predominant method of inventory costing in Europe. The last-in, first-out (LIFO) method is the predominant method of inventory costing in the United States. At September 30, 2016 and December 31, 2015 , the LIFO method accounted for 77 percent and 80 percent of total inventory values, respectively. (In millions) September 30, 2016 December 31, 2015 Raw materials $ 450 $ 766 Semi-finished products 813 841 Finished products 415 392 Supplies and sundry items 64 75 Total $ 1,742 $ 2,074 Current acquisition costs were estimated to exceed the above inventory values by $486 million at September 30, 2016 and $900 million at December 31, 2015 . As a result of the liquidation of LIFO inventories, cost of sales decreased and earnings (loss) before interest and income taxes increased by $21 million in the three months ended September 30, 2016 . As a result of the liquidation of LIFO inventories, cost of sales increased and earnings (loss) before interest and income taxes decreased by $54 million in the nine months ended September 30, 2016 . As a result of the liquidation of LIFO inventories, cost of sales decreased and earnings (loss) before interest and income taxes increased by $9 million and $6 million in the three and nine months ended September 30, 2015 , respectively. Inventory includes $54 million and $64 million of property held for residential or commercial development as of September 30, 2016 and December 31, 2015 , respectively. |
Derivative Instruments (Notes)
Derivative Instruments (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
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. As of September 30, 2016 , U. S. Steel held euro forward sales contracts with a total notional value of approximately $189 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 2016 and 2015, the forward physical purchase contracts for natural gas and nonferrous metals qualified for the normal purchases and normal sales exemption described in ASC Topic 815, Derivatives and Hedging and were not subject to mark-to-market accounting. The following summarizes the location and amounts of the fair values and gains or losses related to derivatives included in U. S. Steel's consolidated financial statements as of September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015 : Fair Value Fair Value (In millions) Balance Sheet September 30, 2016 December 31, 2015 Foreign exchange forward contracts Accounts receivable $ 1 $ 4 Foreign exchange forward contracts Accounts payable $ 1 $ 1 (In millions) Statement of Amount of Gain (Loss) Amount of Gain (Loss) Three Months Ended September 30, 2016 Nine Months Ended Foreign exchange forward contracts Other financial income/ $ — $ (4 ) (In millions) Statement of Amount of Gain (Loss) Amount of Gain (Loss) Three Months Ended Nine Months Ended September 30, 2015 Foreign exchange forward contracts Other financial income/ $ — $ 32 In accordance with the guidance found in ASC Topic 820, Fair Value Measurement , 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) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt (In millions) Interest Rates % Maturity September 30, 2016 December 31, 2015 2037 Senior Notes 6.65 2037 $ 350 $ 350 2022 Senior Notes 7.50 2022 400 400 2021 Senior Notes 6.875 2021 200 275 2021 Senior Secured Notes 8.375 2021 980 — 2020 Senior Notes 7.375 2020 439 600 2018 Senior Notes 7.00 2018 161 500 2017 Senior Notes 6.05 2017 — 450 Environmental Revenue Bonds 5.50 - 6.88 2016 - 2042 490 490 Recovery Zone Facility Bonds 6.75 2040 70 70 Fairfield Caster Lease 2022 29 30 Other capital leases and all other obligations 2019 1 1 Third Amended and Restated Credit Agreement Variable 2020 — — USSK Revolver Variable 2019 — — USSK credit facilities Variable 2016 - 2018 — — Total Debt 3,120 3,166 Less unamortized discount and debt issuance costs 40 28 Less short-term debt and long-term debt due within one year 92 45 Long-term debt $ 2,988 $ 3,093 To the extent not otherwise discussed below, information concerning the Senior Notes and other listed obligations can be found in Note 16 of the audited financial statements in the United States Steel Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Senior Note Repurchases and Redemption During the three months ended September 30, 2016, the Company repurchased approximately $11 million of its 7.375% Senior Notes due 2020 for 99.25 percent of par and approximately $51 million of its 6.875% Senior Notes due 2021 at an average rate of 97.63 percent of par through a series of open market purchases. During the three months ended June 30, 2016, the Company repurchased several tranches of its outstanding senior notes. The Company completed an optional redemption of its outstanding 6.05% Senior Notes due 2017 for an aggregate principal amount of approximately $444 million plus a total make whole premium of approximately $22 million . Pursuant to a cash tender offer, the Company repurchased approximately $326 million of its 7.00% Senior Notes due 2018 for 107 percent of par, approximately $150 million of its 7.375% Senior Notes due 2020 at an average rate of 86 percent of par and approximately $23 million of its 6.875% Senior Notes due 2021 for 82 percent of par. During the three months ended March 31, 2016, the Company repurchased approximately $6 million of its 6.05% Senior Notes due 2017 at an average rate of 92.31 percent and approximately $13 million of its 7.00% Senior Notes due 2018 at an average rate of 87.96 percent through a series of open market purchases. 2021 Senior Secured Notes On May 10, 2016, U. S. Steel issued $980 million of 8.375% Senior Secured Notes due July 1, 2021 (2021 Senior Secured Notes) in a 144A private transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the Securities Act). U. S. Steel received net proceeds from the offering of approximately $958 million after fees of approximately $22 million related to underwriting and third party expenses. The net proceeds from the issuance of the 2021 Senior Secured Notes were used to redeem and repurchase portions of our outstanding senior notes as discussed above. Interest on the notes is payable semi-annually in arrears on January 1st and July 1st of each year commencing on January 1, 2017. The notes are secured by first-priority liens on substantially all of the tangible and intangible assets of the Company's domestic flat-rolled facilities, exclusive of the collateral required under the Third Amended and Restated Credit Agreement. The Company may redeem the 2021 Senior Secured Notes, in whole or part, at our option on or after July 1, 2018 at the redemption price for such notes as a percentage of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, if redeemed during the twelve-month period beginning on July 1 st of each of the years indicated below. Year Redemption Price 2018 106.28 % 2019 104.19 % 2020 and thereafter 100.00 % Prior to July 1, 2018, the Company may redeem up to 35% of the original aggregate principal amount of the 2021 Senior Secured Notes with the net cash proceeds of one or more equity offerings for a price of 108.375% of principal. Upon the occurrence of certain assets sales, we may be required to offer to repurchase the 2021 Senior Secured Notes with the proceeds at a price of 100% of the principal amount thereof, plus accrued and unpaid interest if any. The indenture pursuant to which the 2021 Senior Secured Notes were issued contains additional customary financial covenants and other obligations. Third Amended and Restated Credit Agreement As of September 30, 2016 , there were no amounts drawn on the $1.5 billion credit facility agreement (Third Amended and Restated Credit Agreement). However, since the value of our inventory and trade accounts receivable less specified reserves calculated in accordance with the Third Amended and Restated Credit Agreement do not support the full amount of the facility at September 30, 2016 , the amount available to the Company under this facility was reduced by $9 million . Additionally, U. S. Steel must maintain a fixed charge coverage ratio of at least 1.00 to 1.00 for the most recent four consecutive quarters when availability under the Third Amended and Restated Credit Agreement is less than the greater of 10 percent of the total aggregate commitments and $150 million . Based on the most recent four quarters as of September 30, 2016 , we would not meet this covenant. So long as we continue to not meet this covenant, the amount available to the Company under this facility is effectively reduced by $150 million . As a result, availability under the Third Amended and Restated Credit Agreement was $1,341 million as of September 30, 2016 . 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. 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. The Third Amended and Restated Credit Agreement permits incurrence of additional secured debt up to 15% of Consolidated Net Tangible Assets. U. S. Steel Košice ( USSK) revolver and credit facilities At September 30, 2016 , USSK had no borrowings under its €200 million (approximately $223 million ) unsecured revolving credit facility (the USSK Credit Agreement). The USSK Credit Agreement contains certain USSK financial covenants, including maximum Leverage, maximum Net Debt to Tangible Net Worth, and minimum Interest Coverage ratios. The covenants are measured semi-annually for the period covering the last twelve calendar months. USSK may not draw on the USSK Credit Agreement if it does not comply with any of the financial covenants until the next measurement date. At September 30, 2016 , USSK had full availability under the USSK Credit Agreement. The USSK Credit Agreement expires in July 2019. At September 30, 2016 , USSK had no borrowings under its €40 million and €10 million unsecured credit facilities (collectively approximately $56 million ) and the availability was approximately $55 million due to approximately $1 million of customs and other guarantees outstanding. On November 2, 2016, USSK entered into an amendment to its €10 million unsecured credit agreement to extend the agreement's final maturity date from December 2016 to December 2017. The amendment also permits up to two additional one-year extensions to the final maturity date at the mutual consent of USSK and its lender. Each of these facilities bear interest at the applicable inter-bank offer rate plus a margin and contain customary terms and conditions. Change in control event under various financing agreements If there is a change in control of U. S. Steel, the following may occur: (a) debt obligations totaling $2,530 million as of September 30, 2016 (including the Senior Notes and Senior Secured 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 $30 million or provide a letter of credit to secure the remaining obligation. |
Asset Retirement Obligations (N
Asset Retirement Obligations (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations U. S. Steel’s asset retirement obligations (AROs) primarily relate to mine and landfill closure and post-closure costs. The following table reflects changes in the carrying values of AROs: (In millions) September 30, 2016 December 31, 2015 Balance at beginning of year $ 89 $ 48 Additional obligations incurred 3 45 (a) Obligations settled (9 ) (6 ) Foreign currency translation effects — (1 ) Accretion expense 2 3 Balance at end of period $ 85 $ 89 (a) Additional AROs relate to the permanent closure of the coke production facilities at Gary Works and Granite City Works. 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) | 9 Months Ended |
Sep. 30, 2016 | |
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 12 for disclosure of U. S. Steel’s derivative instruments, which are accounted for at fair value on a recurring basis. The following table summarizes U. S. Steel’s financial assets and liabilities that were not carried at fair value at September 30, 2016 and December 31, 2015 . September 30, 2016 December 31, 2015 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 3,098 $ 3,051 $ 1,896 $ 3,107 (a) Excludes capital lease obligations. The following methods and assumptions were used to estimate the fair value of financial instruments included in the table above: Long-term debt : Fair value was determined using Level 2 inputs which were derived from quoted market prices and is based on the yield on public debt where available or current borrowing rates available for financings with similar terms and maturities. Fair value of the financial liabilities disclosed herein is not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement. Financial guarantees are U. S. Steel’s only unrecognized financial instrument. For details relating to financial guarantees see Note 20. |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Statement of Changes in Stockholders' Equity | Statement of Changes in Stockholders’ Equity The following table reflects the first nine months of 2016 and 2015 reconciliations of the carrying amounts of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests: Nine Months Ended September 30, 2016 (In millions) Total Retained Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 2,437 $ 190 $ (1,169 ) $ 151 $ (339 ) $ 3,603 $ 1 Comprehensive income (loss): Net loss (335 ) (335 ) Other comprehensive income (loss), net of tax: (a) Pension and other benefit adjustments (134 ) (134 ) Currency translation adjustment 41 41 Employee stock plans 16 62 (46 ) Common Stock Issued 582 25 557 Dividends paid on common stock (22 ) (22 ) Other 17 17 Balance at September 30, 2016 $ 2,602 $ (145 ) $ (1,245 ) $ 176 $ (277 ) $ 4,092 $ 1 (a) Amounts for 2016 do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. Nine Months Ended September 30, 2015 (In millions) Total Retained Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 3,800 $ 1,862 $ (1,441 ) $ 151 $ (396 ) $ 3,623 $ 1 Comprehensive income (loss): Net loss (509 ) (509 ) Other comprehensive income (loss), net of tax: Pension and other benefit adjustments (44 ) (44 ) Currency translation adjustment (83 ) (83 ) Employee stock plans 30 55 (25 ) Dividends paid on common stock (22 ) (22 ) Balance at September 30, 2015 $ 3,172 $ 1,331 $ (1,568 ) $ 151 $ (341 ) $ 3,598 $ 1 Common Stock Issuance On August 15, 2016, the Company issued 21,735,000 shares of common stock, par value of $1.00 per share, at a price of $23.00 per share in an underwritten public offering. The Company intends to use the net proceeds for debt reduction, capital expenditures and other general corporate purposes. Third-party expenses related to the issuance of approximately $18 million were recorded as a decrease to additional paid-in capital, resulting in net proceeds of approximately $482 million . |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Reclassifications from Accumulated Other Comprehensive Income (AOCI) | Reclassifications from Accumulated Other Comprehensive Income (AOCI) (In millions) (a) Pension and Foreign Other Total Balance at December 31, 2015 $ (1,479 ) $ 312 $ (2 ) $ (1,169 ) Other comprehensive income before reclassifications 5 41 16 62 Amounts reclassified from AOCI (139 ) (b) — 1 (138 ) Net current-period other comprehensive (loss) income (134 ) 41 17 (76 ) Balance at September 30, 2016 $ (1,613 ) $ 353 $ 15 $ (1,245 ) (a) Amounts for 2016 do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. Amounts for 2015 are shown net of tax. Amounts in parentheses indicate decreases in AOCI. (b) See table below for further details. Amount reclassified from AOCI Three Months Ended September 30, Nine Months Ended September 30, (In millions) (a) Details about AOCI components 2016 2015 2016 2015 Amortization of pension and other benefit items Prior service costs (b) $ (8 ) $ (2 ) $ (27 ) $ (8 ) Actuarial losses (b) (34 ) (62 ) (99 ) (193 ) Settlement, termination and curtailment (b) (10 ) (20 ) (13 ) (25 ) Total before tax (52 ) (84 ) (139 ) (226 ) Tax benefit — 32 — 86 Net of tax (c) $ (52 ) $ (52 ) $ (139 ) $ (140 ) (a) Amounts in parentheses indicate decreases in AOCI. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details). (c) Amounts for 2016 do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. |
Transactions with Related Parti
Transactions with Related Parties (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
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 steel products to equity investees and steel products, iron-ore pellets and coke to U. S. Steel Canada Inc. (USSC) after the Canada Companies' Creditor Arrangement Act (CCAA) filing on September 16, 2014. Generally, transactions are conducted under long-term market-based contractual arrangements. Related party sales and service transactions were $316 million and $384 million for the three months ended September 30, 2016 and 2015 , respectively, and $895 million and $1,101 million for the nine months ended September 30, 2016 and 2015 , 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 $25 million and $83 million for the three months ended September 30, 2016 and 2015 , respectively, and $68 million and $295 million for the nine months ended September 30, 2016 and 2015 , respectively. Purchases of iron ore pellets from related parties amounted to $43 million and $49 million for the three months ended September 30, 2016 and 2015 , respectively. Purchases of iron ore pellets from related parties amounted to $131 million and $147 million for the nine months ended September 30, 2016 and 2015 , respectively. Accounts payable to related parties include balances due to PRO-TEC Coating Company (PRO-TEC) of $78 million and $66 million at September 30, 2016 and December 31, 2015 , 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 $11 million and $15 million at September 30, 2016 and December 31, 2015 , respectively. The Company has related party trade accounts receivables, loan and interest receivables from USSC, net of an allowance for doubtful accounts, totaling $70 million as of September 30, 2016 and $98 million at December 31, 2015. |
Restructuring and Other Charges
Restructuring and Other Charges (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges During the three months ended September 30, 2016 , the Company recorded a net favorable adjustment of $ 3 million primarily associated with a change in estimate for headcount reductions across the enterprise, including within our Flat-Rolled, Tubular and USSE segments. This change in estimate includes adjustments for costs for supplemental unemployment and severance benefits as well as the continuation of heath care benefits. During the nine months ended September 30, 2016 , the Company recorded a net charge of $1 million associated with Company-wide headcount reductions, including within our Flat-Rolled, Tubular and USSE segments. This charge includes costs for supplemental unemployment and severance benefits as well as the continuation of heath care benefits. During the three months ended September 30, 2015 , the Company recorded a net charge of $ 103 million , primarily related to the permanent shutdown of the Fairfield Flat-Rolled Operations within our Flat-Rolled segment and headcount reductions across the Company. Cash payments were made related to severance and exits costs of $ 10 million . During the nine months ended September 30, 2015 , the Company recorded restructuring charges of $275 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 $ 15 million . Favorable adjustments for changes in estimates on restructuring reserves were made for $20 million , primarily related to employee and environmental costs associated with the shutdown of our cokemaking operations at Gary Works and Granite City Works. Charges for restructuring and ongoing cost reduction initiatives are recorded in the period the Company commits to a restructuring or cost reduction plan, or executes specific actions contemplated by the plan and all criteria for liability recognition have been met. Charges related to the restructuring and cost reductions include severance costs, accelerated depreciation, asset impairments and other closure costs. The activity in the accrued balances incurred in relation to restructuring and other cost reduction programs during the nine months ended September 30, 2016 were as follows: Employee Related Exit (in millions) Costs Costs Total Balance at December 31, 2015 $ 48 $ 107 $ 155 Additional charges 19 — 19 Cash payments/utilization (31 ) (34 ) (65 ) Other adjustments and reclassifications (17 ) (1 ) (18 ) Balance at September 30, 2016 $ 19 $ 72 $ 91 Accrued liabilities for restructuring and other cost reduction programs are included in the following balance sheet lines: (in millions) September 30, 2016 December 31, 2015 Accounts payable $ 53 $ 90 Payroll and benefits payable 17 48 Employee Benefits 1 — Deferred credits and other noncurrent liabilities 20 17 Total $ 91 $ 155 |
Contingencies and Commitments (
Contingencies and Commitments (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
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. 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 September 30, 2016 , U. S. Steel was a defendant in approximately 840 active cases involving approximately 3,335 plaintiffs. The vast majority of these cases involve multiple defendants. At December 31, 2015 , U. S. Steel was a defendant in approximately 820 active cases involving approximately 3,315 plaintiffs. About 2,500 , or approximately 76 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 the actual number of plaintiffs who ultimately assert claims against U. S. Steel will likely be a small fraction of the total number of plaintiffs. During the nine months ended September 30, 2016 , dismissals, settlements and other dispositions resolved approximately 180 cases, and new case filings added approximately 200 cases. During 2015 , settlements and other dispositions resolved approximately 415 cases, and new case filings added approximately 275 cases. The following table shows the number of asbestos claims in the current period and the prior three years: Period ended Opening Claims New Closing December 31, 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 September 30, 2016 3,315 180 200 3,335 Historically, asbestos-related claims against U. S. Steel fall into three major groups: (1) claims made by persons who allegedly were exposed to asbestos on the premises of U. S. Steel facilities; (2) claims made by persons allegedly exposed to products manufactured by U. S. Steel; and (3) claims made under certain federal and maritime laws by employees of former operations of U. S. Steel. The amount U. S. Steel accrues for pending asbestos claims is not material to U. S. Steel’s financial condition. However, U. S. Steel is unable to estimate the ultimate outcome of asbestos-related claims due to a number of uncertainties, including: (1) the rates at which new claims are filed; (2) the number of and effect of bankruptcies of other companies traditionally defending asbestos claims; (3) uncertainties associated with the variations in the litigation process from jurisdiction to jurisdiction; (4) uncertainties regarding the facts, circumstances and disease process with each claim; and (5) any new legislation enacted to address asbestos-related claims. Despite these uncertainties, management believes that the ultimate resolution of these matters will not have a material adverse effect on U. S. Steel’s financial condition, although the resolution of such matters could significantly impact results of operations for a particular quarter. Environmental matters – U. S. Steel is subject to federal, state, local and foreign laws and regulations relating to the environment. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites. Penalties may be imposed for noncompliance. Changes in accrued liabilities for remediation activities where U. S. Steel is identified as a named party are summarized in the following table: (In millions) Nine Months Ended September 30, 2016 Beginning of period $ 197 Accruals for environmental remediation deemed probable and reasonably estimable 1 Adjustments for changes in estimates (4 ) Obligations settled (9 ) End of period $ 185 Accrued liabilities for remediation activities are included in the following Consolidated Balance Sheet lines: (In millions) September 30, 2016 December 31, 2015 Accounts payable $ 15 $ 14 Deferred credits and other noncurrent liabilities 170 183 Total $ 185 $ 197 Expenses related to remediation are recorded in cost of sales and were insignificant for both the three and nine month periods ended September 30, 2016 and 2015 . 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: (1) Projects with Ongoing Study and Scope Development - Projects which are still in the development phase. For these projects, the extent of remediation that may be required is not yet known, the remediation methods and plans are not yet developed, and/or cost estimates cannot be determined. Therefore, significant costs, in addition to the accrued liabilities for these projects, are reasonably possible. There are 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 September 30, 2016 , 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 . (2) Significant Projects with Defined Scope - Projects with significant accrued liabilities with a defined scope. As of September 30, 2016 , there are four significant projects with defined scope greater than or equal to $3 million each, with a total accrued liability of $144 million . These projects are Gary RCRA (accrued liability of $30 million ), the former Geneva facility (accrued liability of $63 million ), the former Duluth facility St. Louis River Estuary (accrued liability of $48 million ), and the Solid Waste Management Unit (SWMU) #4 at UPI (accrued liability of $3 million ). (3) Other Projects with a Defined Scope - Projects with relatively small accrued liabilities for which we believe that, while additional costs are possible, they are not likely to be significant, and also include those projects for which we do not yet possess sufficient information to estimate potential costs to U. S. Steel. There are two other environmental remediation projects which each had an accrued liability of between $1 million and $2 million . The total accrued liability for these projects at September 30, 2016 was $4 million . These projects have progressed through a significant portion of the design phase and material additional costs are not expected. The remaining environmental remediation projects had an accrued liability of less than $1 million each. The total accrued liability for these projects at September 30, 2016 was $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 September 30, 2016 and were based on known scopes of work. Administrative and Legal Costs – As of September 30, 2016 , 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 the first nine months of 2016 and 2015 , such capital expenditures totaled $24 million and $67 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. Carbon Dioxide 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. Laws regulating carbon dioxide (CO2) emissions have been enacted or are 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) promulgated GHG regulations. Some of the regulations are currently stayed and under appeal. GHG regulations could cause delays in air permitting and increased costs for U. S. Steel. Congress could take additional action that could affect the regulation of GHG emissions. NAAQS Standards - The EPA recently revised the National Ambient Air Quality Standards (NAAQS) for nitrogen oxide (NOx), sulfur dioxide (SO 2 ), particulate matter, and ozone. It is likely that the new requirements in the State Implementation Plans (SIPs) for SO 2 , ozone and particulate matter would materially impact U. S. Steel, though we are unable to reasonably estimate such amount at this time. EU Environmental Requirements – Slovakia adopted a new waste code in March 2015 that was effective January 1, 2016. This legislation implements the EU Waste Framework Directive that strictly regulates waste disposal and encourages recycling, among other provisions, by increasing fees for waste disposed of in landfills, including privately owned industrial landfills. The impact of compliance with this legislation is estimated to be €2 million (approximately $2 million ) annually. 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 48 million allowances. However, following the recent judgment of the Court of Justice of the European Union on April 2016, the volume of free allocations for the years 2018-2020 will be reduced. Until a new calculation by the European Commission (EC) is adopted, we cannot reliably estimate the impact on USSK’s free allocation volume. Prior to the recent ruling we estimated a shortfall of approximately 15 million allowances for the Phase III period. The actual shortfall will depend upon the reductions resulting from the recent Court of Justice ruling. 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 anticipate having to purchase allowances to meet the annual compliance submission would be the first quarter of 2018. However, due to a number of variables 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. The EU’s Industry Emission Directive requires implementation of EU determined best available techniques (BAT) to reduce environmental impacts as well as compliance with BAT associated emission levels. Our most recent broad estimate of future capital expenditures for projects to comply with or go beyond BAT requirements is €130 million (approximately $145 million ) over the 2016 to 2020 period. There are ongoing efforts to seek EU grants to fund a portion of these capital expenditures. The actual amount spent will depend largely upon the amount of EU incentive grants received. Due to other EU legislation, we are required to make changes to the boilers at our steam and power generation plant in order to comply with stricter air emission limits for large combustion plants, which will result in the construction of a new boiler and certain upgrades to our existing boilers. In January 2014, the operation of USSK's boilers was approved by the 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 emission ceilings for each category of emissions (Total Suspended Particulate, SO 2 and NOx) for both stacks within the Power Plant. The allowable amount of discharged emissions will decrease each year until mid 2020. An emission ceiling will be a limiting factor for future operation of the 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 construction of the new boiler is almost complete with a total projected cost of €75 million (approximately $84 million ). Reconstruction of the existing boiler with a projected cost of €52 million (approximately $58 million ) is in progress. The total remaining to be spent on the projects is projected to be €44 million (approximately $49 million ). Broad legislative changes were enacted by the Slovak Republic to extend the scope of support for renewable sources of energy, that are intended to allow USSK to participate in Slovakia's renewable energy incentive program once the boiler projects are completed. Guarantees – The maximum guarantees of the indebtedness and other obligations of unconsolidated entities of U. S. Steel totaled $4 million at September 30, 2016 . EPA Region V Federal Lawsuit – This is a CAA enforcement action pending in Federal Court in the Northern District of Indiana. The U.S. Government, joined by the States of Illinois, Indiana, and Michigan initiated the action alleging the Company violated the CAA and failed to have in place appropriate pollution control equipment at Gary Works, Granite City Works, and Great Lakes Works. Both an unspecified civil penalty and injunctive relief are sought. The parties have agreed to a stay pending the outcome of settlement negotiations. The Company intends to resolve this matter via settlement. CCAA - On September 16, 2014, USSC commenced court-supervised restructuring proceedings under CCAA before the Ontario Superior Court of Justice (the Court). As part of the CCAA proceedings, U. S. Steel submitted both secured and unsecured claims of approximately C$2.2 billion which were verified by the court-appointed Monitor. U. S. Steel's claims were challenged by a number of interested parties, and on February 29, 2016, the Court denied those challenges and verified U. S. Steel's secured claims in the amount of approximately $119 million and unsecured claims of approximately C$1.8 billion and $120 million . The interested parties have appealed the determinations of the Court. 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 $8 million at September 30, 2016 ). 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 September 30, 2016 , which reflects U. S. Steel’s maximum exposure under these financial guarantees, but not its total exposure for the underlying obligations. A significant portion of our trust arrangements and letters of credit are collateralized by our 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 $41 million at September 30, 2016 , of which less than $1 million was classified as current, and $37 million at December 31, 2015 , all of which was classified as noncurrent. Capital Commitments – At September 30, 2016 , U. S. Steel’s contractual commitments to acquire property, plant and equipment totaled $126 million . Contractual Purchase Commitments – U. S. Steel is obligated to make payments under contractual purchase commitments, including unconditional purchase obligations. Payments for contracts with remaining terms in excess of one year are summarized below (in millions): Remainder of 2016 2017 2018 2019 2020 Later Total $276 $740 $642 $323 $300 $1,383 $3,664 The majority of U. S. Steel’s unconditional purchase obligations relates to the supply of industrial gases, and certain energy and utility services with terms ranging from 2 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 September 30, 2016 , if U. S Steel were to terminate the agreement, it may be obligated to pay in excess of $200 million . Total payments relating to unconditional purchase obligations were $117 million and $115 million for the three months ended September 30, 2016 and 2015 , respectively and $372 million and $365 million for the nine months ended September 30, 2016 and 2015 , respectively. |
USSC Retained Interest (Notes)
USSC Retained Interest (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
U. S. Steel Canada Retained Interest [Abstract] | |
USSC Retained Interest | USSC Retained Interest 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 Court on September 16, 2014 which granted USSC creditor protection while it formulates a plan of restructuring. As a result of the CCAA proceedings, U. S. Steel no longer has a controlling financial interest over USSC, as defined under ASC 810, Consolidation , and therefore has deconsolidated USSC’s financial position as of the end of the day on September 15, 2014. Prior to the deconsolidation, U. S. Steel made loans to USSC for the purpose of funding its operations and had net trade accounts receivable in the ordinary course of business. The loans, the corresponding interest and the net trade accounts receivable were considered intercompany transactions and were eliminated in the consolidated U. S. Steel financial statements. As of the deconsolidation date, U. S. Steel's retained interest in USSC consisted of the loans, associated interest and net trade accounts receivable which are now considered third party transactions and have been recognized in U. S. Steel's consolidated financial statements based upon the estimated recoverability of their carrying amounts and whether or not the amounts are secured or unsecured. Subsequent to the CCAA filing, management has continued to assess the recoverability of the Company's retained interest in USSC. During the second quarter of 2015, management's estimate of the recoverable retained interest 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 a result of our assessment, we recorded a pre-tax charge of approximately $255 million to write-down our retained interest in USSC. For the fourth quarter of 2015, U. S. Steel further updated the estimated retained interest based upon our continued assessment of the recoverability of our secured and unsecured claims in the CCAA restructuring proceedings. As a result, an additional pre-tax charge was recognized in the fourth quarter, bringing the total charge to $392 million for the fiscal year ended December 31, 2015. U. S. Steel’s recoverability involves uncertainties from economic and other events, including developments related to the ongoing CCAA proceedings, including the appeal of the decision of the Court in the trial relating to the classification and amounts of our secured and unsecured USSC claims, which are beyond the control of U. S. Steel that could materially impact the recoverability of our retained interest. |
Common Stock Issuance (Notes)
Common Stock Issuance (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Common Stock Issuance | Statement of Changes in Stockholders’ Equity The following table reflects the first nine months of 2016 and 2015 reconciliations of the carrying amounts of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests: Nine Months Ended September 30, 2016 (In millions) Total Retained Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 2,437 $ 190 $ (1,169 ) $ 151 $ (339 ) $ 3,603 $ 1 Comprehensive income (loss): Net loss (335 ) (335 ) Other comprehensive income (loss), net of tax: (a) Pension and other benefit adjustments (134 ) (134 ) Currency translation adjustment 41 41 Employee stock plans 16 62 (46 ) Common Stock Issued 582 25 557 Dividends paid on common stock (22 ) (22 ) Other 17 17 Balance at September 30, 2016 $ 2,602 $ (145 ) $ (1,245 ) $ 176 $ (277 ) $ 4,092 $ 1 (a) Amounts for 2016 do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. Nine Months Ended September 30, 2015 (In millions) Total Retained Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 3,800 $ 1,862 $ (1,441 ) $ 151 $ (396 ) $ 3,623 $ 1 Comprehensive income (loss): Net loss (509 ) (509 ) Other comprehensive income (loss), net of tax: Pension and other benefit adjustments (44 ) (44 ) Currency translation adjustment (83 ) (83 ) Employee stock plans 30 55 (25 ) Dividends paid on common stock (22 ) (22 ) Balance at September 30, 2015 $ 3,172 $ 1,331 $ (1,568 ) $ 151 $ (341 ) $ 3,598 $ 1 Common Stock Issuance On August 15, 2016, the Company issued 21,735,000 shares of common stock, par value of $1.00 per share, at a price of $23.00 per share in an underwritten public offering. The Company intends to use the net proceeds for debt reduction, capital expenditures and other general corporate purposes. Third-party expenses related to the issuance of approximately $18 million were recorded as a decrease to additional paid-in capital, resulting in net proceeds of approximately $482 million . |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Results of Segment Operations | The results of segment operations for three months ended September 30, 2016 and 2015 are: (In millions) Three Months Ended September 30, 2016 Customer Intersegment Net Earnings Earnings (Loss) Before Interest and Income Taxes Flat-Rolled $ 1,986 $ — $ 1,986 $ 18 $ 114 USSE 575 1 576 — 81 Tubular 114 — 114 1 (75 ) Total reportable segments 2,675 1 2,676 19 120 Other Businesses 11 27 38 (1 ) 18 Reconciling Items and Eliminations — (28 ) (28 ) — (6 ) Total $ 2,686 $ — $ 2,686 $ 18 $ 132 Three Months Ended September 30, 2015 Flat-Rolled $ 2,070 $ 72 $ 2,142 $ 4 $ (18 ) USSE 546 1 547 — 18 Tubular 199 — 199 2 (50 ) Total reportable segments 2,815 73 2,888 6 (50 ) Other Businesses 15 28 43 — 10 Reconciling Items and Eliminations — (101 ) (101 ) — (130 ) Total $ 2,830 $ — $ 2,830 $ 6 $ (170 ) The results of segment operations for the nine months ended September 30, 2016 and 2015 are: (In millions) Nine Months Ended September 30, 2016 Customer Intersegment Net Earnings Earnings (Loss) Before Interest and Income Taxes Flat-Rolled $ 5,643 $ 16 $ 5,659 $ 88 $ (68 ) USSE 1,616 2 1,618 — 122 Tubular 303 2 305 5 (217 ) Total reportable segments 7,562 20 7,582 93 (163 ) Other Businesses 49 80 129 (2 ) 42 Reconciling Items and Eliminations — (100 ) (100 ) — 20 Total $ 7,611 $ — $ 7,611 $ 91 $ (101 ) Nine Months Ended September 30, 2015 Flat-Rolled $ 6,388 $ 245 $ 6,633 $ 26 $ (149 ) USSE 1,837 2 1,839 — 75 Tubular 730 — 730 6 (115 ) Total reportable segments 8,955 247 9,202 32 (189 ) Other Businesses 47 81 128 (3 ) 24 Reconciling Items and Eliminations — (328 ) (328 ) — (584 ) Total $ 9,002 $ — $ 9,002 $ 29 $ (749 ) |
Schedule of reconciling items to EBIT | The following is a schedule of reconciling items to Earnings (Loss) Before Interest and Income Taxes: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2016 2015 2016 2015 Items not allocated to segments: Postretirement benefit (expense) (a) $ 8 $ (11 ) $ 36 $ (38 ) Other items not allocated to segments: Impairment of intangible assets (14 ) — (14 ) — Loss on shutdown of Fairfield flat-rolled operations (b)(d) — (91 ) — (91 ) Losses associated with U. S. Steel Canada Inc. (Note 21) — (16 ) — (271 ) Restructuring and other charges and adjustments (c) — (12 ) (2 ) (31 ) Loss on shutdown of coke production facilities (d) — — — (153 ) Total other items not allocated to segments (14 ) (119 ) (16 ) (546 ) Total reconciling items $ (6 ) $ (130 ) $ 20 $ (584 ) (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) Fairfield Flat-Rolled Operations include the blast furnace and associated steelmaking operations, along with most of the flat-rolled finishing operations at Fairfield Works. The slab and rounds casters and the #5 coating line continue to operate. (c) For the three months ended September 30, 2016, there were no restructuring and other charges and adjustment items not allocated to the Company's reportable segments. For the nine months ended September 30, 2016, approximately $(2) million is included in Cost of sales and approximately $4 million is included in the Restructuring and other charges in the Consolidated Statement of Operations. See Note 19 to the Consolidated Financial Statements. (d) Included in Restructuring and other charges on the Consolidated Statement of Operations. See Note 19 to the Consolidated Financial Statements. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets | Intangible assets are being amortized on a straight-line basis over their estimated useful lives and are detailed below: As of September 30, 2016 As of December 31, 2015 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 22-23 Years $ 132 $ 57 $ 75 $ 132 $ 52 $ 80 Other 2-20 Years 17 9 8 17 8 9 Total amortizable intangible assets $ 149 $ 66 $ 83 $ 149 $ 60 $ 89 |
Pensions and Other Benefits (Ta
Pensions and Other Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Net Periodic Benefit Cost | The following table reflects the components of net periodic benefit cost (income) for the three months ended September 30, 2016 and 2015 : Pension Other (In millions) 2016 2015 2016 2015 Service cost $ 14 $ 25 $ 5 $ 5 Interest cost 64 66 25 24 Expected return on plan assets (106 ) (109 ) (38 ) (38 ) Amortization of prior service cost 2 4 6 (2 ) Amortization of actuarial net loss 33 60 1 2 Net periodic benefit cost (income), excluding below 7 46 (1 ) (9 ) Multiemployer plans 16 17 — — Settlement, termination and curtailment losses 10 24 (a) — (4 ) (a) Net periodic benefit cost (income) $ 33 $ 87 $ (1 ) $ (13 ) (a) Includes approximately $20 million of pension and other benefits that were reclassified to Restructuring and other charges on the Consolidated Statements of Operations. The following table reflects the components of net periodic benefit cost (income) for the nine months ended September 30, 2016 and 2015 : Pension Other (In millions) 2016 2015 2016 2015 Service cost $ 40 $ 78 $ 15 $ 16 Interest cost 194 197 74 73 Expected return on plan assets (316 ) (330 ) (113 ) (115 ) Amortization of prior service cost 8 13 19 (5 ) Amortization of actuarial net loss 97 188 2 5 Net periodic benefit cost (income), excluding below 23 146 (3 ) (26 ) Multiemployer plans 48 51 — — Settlement, termination and curtailment losses 13 29 (a) — (4 ) (a) Net periodic benefit cost (income) $ 84 $ 226 $ (3 ) $ (30 ) |
Stock-Based Compensation Plan32
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Awards Made under Plans | The following table is a general summary of the awards made under the 2005 Plan and the Omnibus Plan. 2016 2015 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Stock Options 1,333,210 $ 6.24 1,638,540 $ 10.02 Restricted Stock Units 1,117,495 $ 14.27 800,500 $ 24.64 TSR Performance Awards (c) 308,130 $ 10.02 273,560 $ 24.95 (a) The share amounts shown in this table do not reflect an adjustment for estimated forfeitures. (b) Represents the per share weighted-average for all grants during the period. (c) The number of performance awards shown represents the target value of the award. |
Black-Scholes Assumptions | Compensation expense for stock options is recorded over the vesting period based on the fair value on the date of grant, as calculated by U. S. Steel using the Black-Scholes model and the assumptions listed below. The stock options vest ratably over a three -year service period and have a term of ten years. Black-Scholes Assumptions (a) 2016 Grants 2015 Grants Grant date price per share of option award $ 14.78 $ 24.74 Exercise price per share of option award $ 14.78 $ 24.74 Expected annual dividends per share, at grant date $ 0.20 $ 0.20 Expected life in years 5 5 Expected volatility 53 % 47 % Risk-free interest rate 1.463 % 1.639 % Grant date fair value per share of unvested option awards as calculated from above $ 6.24 $ 10.02 (a) The assumptions represent a weighted average of all grants during the period. |
Earnings and Dividends Per Co33
Earnings and Dividends Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computations for Basic and Diluted Income (Loss) Per Common Share from Continuing Operations | The computations for basic and diluted earnings (loss) per common share from continuing operations are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions, except per share amounts) 2016 2015 2016 2015 Earnings (loss) attributable to United States Steel Corporation stockholders $ 51 $ (173 ) $ (335 ) $ (509 ) Weighted-average shares outstanding (in thousands): Basic 160,513 146,324 151,199 146,008 Effect of stock options, restricted stock units and performance awards 1,187 — — — Adjusted weighted-average shares outstanding, diluted 161,700 146,324 151,199 146,008 Basic earnings (loss) per common share $ 0.32 $ (1.18 ) $ (2.22 ) $ (3.49 ) Diluted earnings (loss) per common share $ 0.32 $ (1.18 ) $ (2.22 ) $ (3.49 ) |
Antidilutive Securities that were Not Included in Computations of Diluted Income (Loss) Per Common Share | The following table summarizes the securities that were antidilutive, and therefore, were not included in the computations of diluted earnings (loss) per common share: Three Months Ended September 30, Nine Months Ended (In thousands) 2016 2015 2016 2015 Securities granted under the 2005 Stock Incentive Plan, as amended and the Omnibus Plan 4,613 8,623 9,568 8,623 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | (In millions) September 30, 2016 December 31, 2015 Raw materials $ 450 $ 766 Semi-finished products 813 841 Finished products 415 392 Supplies and sundry items 64 75 Total $ 1,742 $ 2,074 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Location and Amounts of Fair Values Related to Derivatives in Financial Statements | The following summarizes the location and amounts of the fair values and gains or losses related to derivatives included in U. S. Steel's consolidated financial statements as of September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015 : Fair Value Fair Value (In millions) Balance Sheet September 30, 2016 December 31, 2015 Foreign exchange forward contracts Accounts receivable $ 1 $ 4 Foreign exchange forward contracts Accounts payable $ 1 $ 1 |
Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements | (In millions) Statement of Amount of Gain (Loss) Amount of Gain (Loss) Three Months Ended September 30, 2016 Nine Months Ended Foreign exchange forward contracts Other financial income/ $ — $ (4 ) (In millions) Statement of Amount of Gain (Loss) Amount of Gain (Loss) Three Months Ended Nine Months Ended September 30, 2015 Foreign exchange forward contracts Other financial income/ $ — $ 32 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | (In millions) Interest Rates % Maturity September 30, 2016 December 31, 2015 2037 Senior Notes 6.65 2037 $ 350 $ 350 2022 Senior Notes 7.50 2022 400 400 2021 Senior Notes 6.875 2021 200 275 2021 Senior Secured Notes 8.375 2021 980 — 2020 Senior Notes 7.375 2020 439 600 2018 Senior Notes 7.00 2018 161 500 2017 Senior Notes 6.05 2017 — 450 Environmental Revenue Bonds 5.50 - 6.88 2016 - 2042 490 490 Recovery Zone Facility Bonds 6.75 2040 70 70 Fairfield Caster Lease 2022 29 30 Other capital leases and all other obligations 2019 1 1 Third Amended and Restated Credit Agreement Variable 2020 — — USSK Revolver Variable 2019 — — USSK credit facilities Variable 2016 - 2018 — — Total Debt 3,120 3,166 Less unamortized discount and debt issuance costs 40 28 Less short-term debt and long-term debt due within one year 92 45 Long-term debt $ 2,988 $ 3,093 |
Debt Redemption | The Company may redeem the 2021 Senior Secured Notes, in whole or part, at our option on or after July 1, 2018 at the redemption price for such notes as a percentage of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, if redeemed during the twelve-month period beginning on July 1 st of each of the years indicated below. Year Redemption Price 2018 106.28 % 2019 104.19 % 2020 and thereafter 100.00 % |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes in Carrying Values of Asset Retirement Obligations | The following table reflects changes in the carrying values of AROs: (In millions) September 30, 2016 December 31, 2015 Balance at beginning of year $ 89 $ 48 Additional obligations incurred 3 45 (a) Obligations settled (9 ) (6 ) Foreign currency translation effects — (1 ) Accretion expense 2 3 Balance at end of period $ 85 $ 89 (a) Additional AROs relate to the permanent closure of the coke production facilities at Gary Works and Granite City Works. |
Fair Value of Financial Instr38
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 and December 31, 2015 . September 30, 2016 December 31, 2015 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 3,098 $ 3,051 $ 1,896 $ 3,107 (a) Excludes capital lease obligations. |
Statement of Changes in Stock39
Statement of Changes in Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Consolidated Statement of Changes in Equity | The following table reflects the first nine months of 2016 and 2015 reconciliations of the carrying amounts of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests: Nine Months Ended September 30, 2016 (In millions) Total Retained Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 2,437 $ 190 $ (1,169 ) $ 151 $ (339 ) $ 3,603 $ 1 Comprehensive income (loss): Net loss (335 ) (335 ) Other comprehensive income (loss), net of tax: (a) Pension and other benefit adjustments (134 ) (134 ) Currency translation adjustment 41 41 Employee stock plans 16 62 (46 ) Common Stock Issued 582 25 557 Dividends paid on common stock (22 ) (22 ) Other 17 17 Balance at September 30, 2016 $ 2,602 $ (145 ) $ (1,245 ) $ 176 $ (277 ) $ 4,092 $ 1 (a) Amounts for 2016 do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. Nine Months Ended September 30, 2015 (In millions) Total Retained Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 3,800 $ 1,862 $ (1,441 ) $ 151 $ (396 ) $ 3,623 $ 1 Comprehensive income (loss): Net loss (509 ) (509 ) Other comprehensive income (loss), net of tax: Pension and other benefit adjustments (44 ) (44 ) Currency translation adjustment (83 ) (83 ) Employee stock plans 30 55 (25 ) Dividends paid on common stock (22 ) (22 ) Balance at September 30, 2015 $ 3,172 $ 1,331 $ (1,568 ) $ 151 $ (341 ) $ 3,598 $ 1 |
Reclassifications from Accumu40
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Other Comprehensive Income Activity Net of Tax | (In millions) (a) Pension and Foreign Other Total Balance at December 31, 2015 $ (1,479 ) $ 312 $ (2 ) $ (1,169 ) Other comprehensive income before reclassifications 5 41 16 62 Amounts reclassified from AOCI (139 ) (b) — 1 (138 ) Net current-period other comprehensive (loss) income (134 ) 41 17 (76 ) Balance at September 30, 2016 $ (1,613 ) $ 353 $ 15 $ (1,245 ) (a) Amounts for 2016 do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. Amounts for 2015 are shown net of tax. Amounts in parentheses indicate decreases in AOCI. (b) See table below for further details. |
Defined Benefit Plan In other Comprehensive Income | Amount reclassified from AOCI Three Months Ended September 30, Nine Months Ended September 30, (In millions) (a) Details about AOCI components 2016 2015 2016 2015 Amortization of pension and other benefit items Prior service costs (b) $ (8 ) $ (2 ) $ (27 ) $ (8 ) Actuarial losses (b) (34 ) (62 ) (99 ) (193 ) Settlement, termination and curtailment (b) (10 ) (20 ) (13 ) (25 ) Total before tax (52 ) (84 ) (139 ) (226 ) Tax benefit — 32 — 86 Net of tax (c) $ (52 ) $ (52 ) $ (139 ) $ (140 ) (a) Amounts in parentheses indicate decreases in AOCI. (b) These AOCI components are included in the computation of net periodic benefit cost (see Note 6 for additional details). (c) Amounts for 2016 do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. |
Restructuring and Other Charg41
Restructuring and Other Charges (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Activity in Accrued Balances for Restructuring and Other Cost Reduction Programs | The activity in the accrued balances incurred in relation to restructuring and other cost reduction programs during the nine months ended September 30, 2016 were as follows: Employee Related Exit (in millions) Costs Costs Total Balance at December 31, 2015 $ 48 $ 107 $ 155 Additional charges 19 — 19 Cash payments/utilization (31 ) (34 ) (65 ) Other adjustments and reclassifications (17 ) (1 ) (18 ) Balance at September 30, 2016 $ 19 $ 72 $ 91 |
Balance Sheet Location of Accrued Liabilities for Restructuring and Other Cost Reduction Programs | Accrued liabilities for restructuring and other cost reduction programs are included in the following balance sheet lines: (in millions) September 30, 2016 December 31, 2015 Accounts payable $ 53 $ 90 Payroll and benefits payable 17 48 Employee Benefits 1 — Deferred credits and other noncurrent liabilities 20 17 Total $ 91 $ 155 |
Contingencies and Commitments42
Contingencies and Commitments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Asbestos Litigation Activity | The following table shows the number of asbestos claims in the current period and the prior three years: Period ended Opening Claims New Closing December 31, 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 September 30, 2016 3,315 180 200 3,335 |
Changes in Accrued Liabilities for Remediation Activities | Changes in accrued liabilities for remediation activities where U. S. Steel is identified as a named party are summarized in the following table: (In millions) Nine Months Ended September 30, 2016 Beginning of period $ 197 Accruals for environmental remediation deemed probable and reasonably estimable 1 Adjustments for changes in estimates (4 ) Obligations settled (9 ) End of period $ 185 |
Accrued Liabilities for Remediation Activities Included in Balance Sheet | Accrued liabilities for remediation activities are included in the following Consolidated Balance Sheet lines: (In millions) September 30, 2016 December 31, 2015 Accounts payable $ 15 $ 14 Deferred credits and other noncurrent liabilities 170 183 Total $ 185 $ 197 |
Payments for Contracts with Remaining Terms in Excess of One Year | Payments for contracts with remaining terms in excess of one year are summarized below (in millions): Remainder of 2016 2017 2018 2019 2020 Later Total $276 $740 $642 $323 $300 $1,383 $3,664 |
Basis of Presentation and Sig43
Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net cash provided by operating activities | $ 577 | $ 253 |
Net cash used in investing activities | $ (282) | (371) |
Restatement Adjustment [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net cash provided by operating activities | (55) | |
Net cash used in investing activities | $ (55) |
New Accounting Standards (Detai
New Accounting Standards (Details) - Accounting Standards Update 2015-03 - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Other noncurrent assets | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Increase (decrease) in debt issuance costs | $ (37) | $ (23) |
Long-term debt | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Increase (decrease) in debt issuance costs | $ 37 | $ 23 |
Segment Information - Results o
Segment Information - Results of Segment Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Customer Sales | $ 2,686 | $ 2,830 | $ 7,611 | $ 9,002 |
Earnings (Loss) from Investees | 18 | 6 | 91 | 29 |
Earnings (Loss) Before Interest and Income Taxes | 132 | (170) | (101) | (749) |
Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 38 | 43 | 129 | 128 |
Earnings (Loss) from Investees | (1) | 0 | (2) | (3) |
Earnings (Loss) Before Interest and Income Taxes | 18 | 10 | 42 | 24 |
Reportable Legal Entities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 2,675 | 2,815 | 7,562 | 8,955 |
Reportable Legal Entities [Member] | Flat-Rolled | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 1,986 | 2,070 | 5,643 | 6,388 |
Reportable Legal Entities [Member] | USSE | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 575 | 546 | 1,616 | 1,837 |
Reportable Legal Entities [Member] | Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 114 | 199 | 303 | 730 |
Reportable Legal Entities [Member] | Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 11 | 15 | 49 | 47 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 1 | 73 | 20 | 247 |
Intersegment Eliminations | Flat-Rolled | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 0 | 72 | 16 | 245 |
Intersegment Eliminations | USSE | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 1 | 1 | 2 | 2 |
Intersegment Eliminations | Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 0 | 0 | 2 | 0 |
Intersegment Eliminations | Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 27 | 28 | 80 | 81 |
Eliminations And Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | (28) | (101) | (100) | (328) |
Earnings (Loss) from Investees | 0 | 0 | 0 | 0 |
Earnings (Loss) Before Interest and Income Taxes | (6) | (130) | 20 | (584) |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 2,676 | 2,888 | 7,582 | 9,202 |
Earnings (Loss) from Investees | 19 | 6 | 93 | 32 |
Earnings (Loss) Before Interest and Income Taxes | 120 | (50) | (163) | (189) |
Operating Segments [Member] | Flat-Rolled | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 1,986 | 2,142 | 5,659 | 6,633 |
Earnings (Loss) from Investees | 18 | 4 | 88 | 26 |
Earnings (Loss) Before Interest and Income Taxes | 114 | (18) | (68) | (149) |
Operating Segments [Member] | USSE | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 576 | 547 | 1,618 | 1,839 |
Earnings (Loss) from Investees | 0 | 0 | 0 | 0 |
Earnings (Loss) Before Interest and Income Taxes | 81 | 18 | 122 | 75 |
Operating Segments [Member] | Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 114 | 199 | 305 | 730 |
Earnings (Loss) from Investees | 1 | 2 | 5 | 6 |
Earnings (Loss) Before Interest and Income Taxes | $ (75) | $ (50) | $ (217) | $ (115) |
Segment Information - Schedule
Segment Information - Schedule of Reconciling Items to EBIT (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Other items not allocated to segments: | ||||||
Impairment of intangible assets | $ (14) | $ 0 | $ (14) | $ 0 | ||
Loss on write-down of retained interest in U. S. Steel Canada | 0 | (16) | $ (255) | 0 | (271) | $ (392) |
Restructuring, other charges and loss on shutdown of facilities | (103) | (1) | (275) | |||
Total reconciling items | 132 | (170) | (101) | (749) | ||
Reconciling Items and Eliminations | ||||||
Items not allocated to segments: | ||||||
Postretirement benefit (expense) | 8 | (11) | 36 | (38) | ||
Other items not allocated to segments: | ||||||
Impairment of intangible assets | (14) | 0 | (14) | 0 | ||
Loss on write-down of retained interest in U. S. Steel Canada | 0 | (16) | 0 | (271) | ||
Total other items not allocated to segments | (14) | (119) | (16) | (546) | ||
Total reconciling items | (6) | (130) | 20 | (584) | ||
Flat Rolled Products | Reconciling Items and Eliminations | ||||||
Other items not allocated to segments: | ||||||
Restructuring, other charges and loss on shutdown of facilities | 0 | (91) | 0 | (91) | ||
Permanent facility shutdown | Reconciling Items and Eliminations | ||||||
Other items not allocated to segments: | ||||||
Restructuring, other charges and loss on shutdown of facilities | 0 | (12) | (2) | (31) | ||
Coke Production Facilities | Reconciling Items and Eliminations | ||||||
Other items not allocated to segments: | ||||||
Restructuring, other charges and loss on shutdown of facilities | $ 0 | $ 0 | 0 | $ (153) | ||
Cost of sales | Permanent facility shutdown | Reconciling Items and Eliminations | ||||||
Other items not allocated to segments: | ||||||
Restructuring, other charges and loss on shutdown of facilities | 2 | |||||
Restructuring and other charges | Permanent facility shutdown | Reconciling Items and Eliminations | ||||||
Other items not allocated to segments: | ||||||
Restructuring, other charges and loss on shutdown of facilities | $ (4) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2016Segment | Jan. 01, 2016entity | Jan. 01, 2015entity | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | Segment | 3 | ||
Flat-Rolled | |||
Segment Reporting Information [Line Items] | |||
Number of commercial entities | entity | 3 | 5 |
Acquisition (Details)
Acquisition (Details) - Double Eagle Steel Coating Company - USD ($) $ in Millions | May 29, 2015 | Sep. 30, 2016 |
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 | |
Earnings from investees | ||
Business Acquisition [Line Items] | ||
Remeasurement gain | $ 3 | |
Other Noncurrent Assets [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill recorded | $ 3 |
Intangible Assets - Amortizable
Intangible Assets - Amortizable Intangible Assets (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 149 | $ 149 |
Accumulated Amortization | 66 | 60 |
Net Amount | 83 | 89 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 132 | 132 |
Accumulated Amortization | 57 | 52 |
Net Amount | $ 75 | 80 |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 22 years | |
Customer relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 23 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 17 | 17 |
Accumulated Amortization | 9 | 8 |
Net Amount | $ 8 | $ 9 |
Other | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 2 years | |
Other | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 20 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Impairment of intangible assets | $ 14 | $ 0 | $ 14 | $ 0 | |
Carrying amount of finite-lived intangible assets | 83 | 83 | $ 89 | ||
Amortization expense | 2 | $ 2 | 6 | $ 6 | |
Expected amortization expense, remainder of current year | 2 | 2 | |||
Expected amortization expense, for 2017 | 7 | 7 | |||
Expected amortization expense, for 2018 | 7 | 7 | |||
Expected amortization expense, for 2019 | 7 | 7 | |||
Expected amortization expense, for 2020 | 7 | 7 | |||
Customer relationships | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Carrying amount of finite-lived intangible assets | 75 | 75 | 80 | ||
Use Rights | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Carrying amount of indefinite-lived intangible assets | 75 | 75 | 75 | ||
Patents [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Carrying amount of indefinite-lived intangible assets | $ 19 | $ 19 | $ 33 | ||
Royalty rate | 5.00% | ||||
Discount rate | 17.00% |
Pensions and Other Benefits - N
Pensions and Other Benefits - Net Periodic Benefit Costs (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 14 | $ 25 | $ 40 | $ 78 |
Interest cost | 64 | 66 | 194 | 197 |
Expected return on plan assets | (106) | (109) | (316) | (330) |
Amortization of prior service cost | 2 | 4 | 8 | 13 |
Amortization of actuarial net loss | 33 | 60 | 97 | 188 |
Net periodic benefit cost (income), excluding below | 7 | 46 | 23 | 146 |
Multiemployer plans | 16 | 17 | 48 | 51 |
Settlement, termination and curtailment losses/(gains) | 10 | 24 | 13 | 29 |
Net periodic benefit cost (income) | 33 | 87 | 84 | 226 |
Other Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 5 | 5 | 15 | 16 |
Interest cost | 25 | 24 | 74 | 73 |
Expected return on plan assets | (38) | (38) | (113) | (115) |
Amortization of prior service cost | 6 | (2) | 19 | (5) |
Amortization of actuarial net loss | 1 | 2 | 2 | 5 |
Net periodic benefit cost (income), excluding below | (1) | (9) | (3) | (26) |
Multiemployer plans | 0 | 0 | 0 | 0 |
Settlement, termination and curtailment losses/(gains) | 0 | (4) | 0 | (4) |
Net periodic benefit cost (income) | $ (1) | $ (13) | $ (3) | $ (30) |
Pensions and Other Benefits - A
Pensions and Other Benefits - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Aug. 01, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Benefit payments | $ 19 | $ 10 | $ 58 | $ 25 | |
Cash contribution by employer to defined contribution plans | 10 | 10 | 32 | 31 | |
(Benefit) expense | 9 | 4 | 7 | 44 | |
Pension Benefits | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Settlement charges | $ 10 | 24 | 13 | 29 | |
Steelworkers Pension Trust | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Employer contributions, defined benefit plans | 47 | ||||
Other Pension Plans, Defined Benefit | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Employer contributions, defined benefit plans | 25 | ||||
Unfunded Other Postretirement Benefit Plans | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Cash contribution by employer to pension plans | $ 47 | ||||
U. S. Steel Retirement Plan Trust [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Common shares issued by employer to pension plans (in shares) | 3,763,643 | ||||
Par value of common shares issued (in dollars per share) | $ 1 | ||||
Price per common shares issued (in dollars per share) | $ 26.57 | ||||
Value of common shares issued | $ 100 | ||||
Restructuring and other charges | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Settlement charges | $ (20) | $ (20) |
Net Interest and Other Financ53
Net Interest and Other Financial Costs - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Income and Expenses [Abstract] | ||||
Foreign currency gains (losses) | $ (1) | $ 6 | $ (2) | $ 10 |
Loss on debt extinguishment | $ 0 | $ 0 | $ 22 | $ 0 |
Stock-Based Compensation Plan54
Stock-Based Compensation Plans - Summary of Awards Made under Plans (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - Stock Options | 1,333,210 | 1,638,540 |
Grant date fair value per share of unvested option awards as calculated from above | $ 6.24 | $ 10.02 |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - Other than Stock Options | 1,117,495 | 800,500 |
Fair Value - Other than Stock Options | $ 14.27 | $ 24.64 |
Total Shareholder Return (TSR) Performance Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - Other than Stock Options | 308,130 | 273,560 |
Fair Value - Other than Stock Options | $ 10.02 | $ 24.95 |
Stock-Based Compensation Plan55
Stock-Based Compensation Plans - Black-Scholes Assumptions (Detail) - Stock Options - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant date price per share of option award | $ 14.78 | $ 24.74 |
Exercise price per share of option award | 14.78 | 24.74 |
Expected annual dividends per share, at grant date | $ 0.2 | $ 0.2 |
Expected life in years | 5 years | 5 years |
Expected volatility | 53.00% | 47.00% |
Risk-free interest rate | 1.463% | 1.639% |
Grant date fair value per share of unvested option awards as calculated from above | $ 6.24 | $ 10.02 |
Stock-Based Compensation Plan56
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | $ 5 | $ 8 | $ 16 | $ 31 |
Unrecognized compensation costs related to non-vested stocks | $ 31 | $ 31 | ||
Weighted average period for recognizing non-vested stock based compensation costs | 1 year | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation plans, award vesting period | 3 years | |||
Share-based compensation plans, award term | 10 years | |||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation plans, award vesting period | 3 years | |||
Total Shareholder Return (TSR) Performance Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation plans, award vesting period | 3 years | |||
Total Shareholder Return (TSR) Performance Awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target award percentage | 0.00% | |||
Total Shareholder Return (TSR) Performance Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target award percentage | 200.00% | |||
2016 Omnibus Incentive Compensation Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of shares to be issued | 7,200,000 | 7,200,000 | ||
Number of shares available for future grants | 5,131,175 | 5,131,175 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||||
Income tax provision (benefit) | $ 19 | $ (50) | $ 26 | $ (410) | |
Earnings (loss) before income taxes | 70 | $ (223) | (309) | (919) | |
Net benefit included in tax provision relating to the adjustment of certain tax reserves | $ 31 | ||||
Unrecognized tax benefits | 74 | 74 | $ 74 | ||
Total amount of unrecognized tax benefits that, if recognized, would affect effective tax rate | 10 | 10 | 12 | ||
Accrued liabilities, interest on unrecognized tax benefits | $ 5 | 5 | 1 | ||
Domestic Country | |||||
Income Taxes [Line Items] | |||||
Deferred tax asset, valuation allowance | $ 804 | ||||
Change in deferred tax assets | $ 32 |
Earnings and Dividends Per Co58
Earnings and Dividends Per Common Share - Computations for Basic and Diluted Income (Loss) Per Common Share from Continuing Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Earnings (loss) attributable to United States Steel Corporation stockholders | $ 51 | $ (173) | $ (335) | $ (509) |
Weighted-average shares outstanding: | ||||
Basic | 160,513 | 146,324 | 151,199 | 146,008 |
Effect of stock options, restricted stock units and performance awards | 1,187 | 0 | 0 | 0 |
Adjusted weighted-average shares outstanding, diluted | 161,700 | 146,324 | 151,199 | 146,008 |
Basic earnings (loss) per common share | $ 0.32 | $ (1.18) | $ (2.22) | $ (3.49) |
Diluted earnings (loss) per common share | $ 0.32 | $ (1.18) | $ (2.22) | $ (3.49) |
Earnings and Dividends Per Co59
Earnings and Dividends Per Common Share - Antidilutive Securities that were Not Included in Computations of Diluted Income (Loss) Per Common Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Securities granted under the 2005 Stock Incentive Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities | 4,613 | 8,623 | 9,568 | 8,623 |
Earnings and Dividends Per Co60
Earnings and Dividends Per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||||||
Quarterly dividend per common share | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
Inventories - Inventory Disclos
Inventories - Inventory Disclosure (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 450 | $ 766 |
Semi-finished products | 813 | 841 |
Finished products | 415 | 392 |
Supplies and sundry items | 64 | 75 |
Total | $ 1,742 | $ 2,074 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |||||
Percent of Last-in, First-out (LIFO) inventory to total inventory values | 77.00% | 77.00% | 80.00% | ||
Estimate in excess of current acquisition costs over stated inventory values | $ 486 | $ 486 | $ 900 | ||
Decrease (increase) in cost of sales and increase (decrease) in EBIT, liquidations of LIFO inventories | 21 | $ 9 | (54) | $ 6 | |
Land held for residential or commercial development | $ 54 | $ 54 | $ 64 |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts receivable | ||
Derivative [Line Items] | ||
Derivative Asset, fair value, gross asset | $ 1 | $ 4 |
Accounts payable | ||
Derivative [Line Items] | ||
Derivative Liability, fair value, gross liability | $ 1 | $ 1 |
Derivative Instruments - Loca64
Derivative Instruments - Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Foreign exchange forward contracts | Other financial costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) | $ 0 | $ 0 | $ (4) | $ 32 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - Foreign exchange forward contracts $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Derivative [Line Items] | |
Euro forward sales contracts, notional value | $ 189 |
Maximum | |
Derivative [Line Items] | |
Derivative, term of contract | 12 months |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2016 | May 10, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Debt and capital lease obligation | $ 3,120 | $ 3,166 | |
Less unamortized discount and debt issuance costs | 40 | 28 | |
Less short-term debt and long-term debt due within one year | 92 | 45 | |
Long-term debt | $ 2,988 | 3,093 | |
2037 Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest Rates | 6.65% | ||
Debt instrument, maturity date | 2,037 | ||
Debt and capital lease obligation | $ 350 | 350 | |
2022 Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest Rates | 7.50% | ||
Debt instrument, maturity date | 2,022 | ||
Debt and capital lease obligation | $ 400 | 400 | |
2021 Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest Rates | 6.875% | ||
Debt instrument, maturity date | 2,021 | ||
Debt and capital lease obligation | $ 200 | 275 | |
2021 Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Interest Rates | 8.375% | 8.375% | |
Debt instrument, maturity date | 2,021 | ||
Debt and capital lease obligation | $ 980 | 0 | |
2020 Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest Rates | 7.375% | ||
Debt instrument, maturity date | 2,020 | ||
Debt and capital lease obligation | $ 439 | 600 | |
2018 Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest Rates | 7.00% | ||
Debt instrument, maturity date | 2,018 | ||
Debt and capital lease obligation | $ 161 | 500 | |
2017 Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest Rates | 6.05% | ||
Debt instrument, maturity date | 2,017 | ||
Debt and capital lease obligation | $ 0 | 450 | |
Environmental Revenue Bonds | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligation | $ 490 | 490 | |
Environmental Revenue Bonds | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rates | 5.50% | ||
Debt instrument, maturity date | 2,016 | ||
Environmental Revenue Bonds | Maximum | |||
Debt Instrument [Line Items] | |||
Interest Rates | 6.88% | ||
Debt instrument, maturity date | 2,042 | ||
Recovery Zone Facility Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rates | 6.75% | ||
Debt instrument, maturity date | 2,040 | ||
Debt and capital lease obligation | $ 70 | 70 | |
Fairfield Caster Lease | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | 2,022 | ||
Debt and capital lease obligation | $ 29 | 30 | |
Other capital leases and all other obligations | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | 2,019 | ||
Debt and capital lease obligation | $ 1 | 1 | |
Third Amended and Restated Credit Agreement | |||
Debt Instrument [Line Items] | |||
Interest rate description | Variable | ||
Debt instrument, maturity date | 2,020 | ||
Debt and capital lease obligation | $ 0 | 0 | |
USSK Revolver | |||
Debt Instrument [Line Items] | |||
Interest rate description | Variable | ||
Debt instrument, maturity date | 2,019 | ||
Debt and capital lease obligation | $ 0 | 0 | |
USSK credit facilities | |||
Debt Instrument [Line Items] | |||
Interest rate description | Variable | ||
Debt and capital lease obligation | $ 0 | $ 0 | |
USSK credit facilities | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | 2,016 | ||
USSK credit facilities | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | 2,018 |
Debt - Schedule of Debt Redempt
Debt - Schedule of Debt Redemption (Details) - 2021 Senior Secured Notes | 9 Months Ended |
Sep. 30, 2016 | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price | 108.375% |
2,018 | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price | 106.281% |
2,019 | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price | 104.188% |
2020 and thereafter | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price | 100.00% |
- Additional Information (Detai
- Additional Information (Detail) | May 10, 2016USD ($) | Feb. 24, 2016 | Sep. 30, 2016EUR (€) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) |
Third Amended and Restated Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Amounts drawn on credit facility | $ 0 | ||||||
Maximum borrowing capacity on credit facility | 1,463,000,000 | ||||||
Reduction to availability | $ 9,000,000 | ||||||
Fixed charge coverage ratio | 1 | 1 | 1 | ||||
Percentage of total aggregate commitments, upper range under financial covenant | 10.00% | 10.00% | 10.00% | ||||
Credit Agreement, upper range of outstanding debt | $ 150,000,000 | ||||||
Available borrowing capacity | $ 1,341,000,000 | ||||||
Limit on incurrence of additional debt, percentage of consolidated net tangible assets | 15.00% | ||||||
2017 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of debt redeemed | $ 444,000,000 | $ 6,000,000 | |||||
Stated interest rate | 6.05% | 6.05% | 6.05% | ||||
Debt redemption price | 92.31% | ||||||
Debt redemption make whole premium | 22,000,000 | ||||||
2018 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of debt redeemed | $ 326,000,000 | $ 13,000,000 | |||||
Stated interest rate | 7.00% | 7.00% | 7.00% | ||||
Debt redemption price | 107.00% | 87.96% | |||||
2021 Senior Secured Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 8.375% | 8.375% | 8.375% | 8.375% | |||
Debt redemption price | 108.375% | ||||||
Debt issued, face amount | $ 980,000,000 | ||||||
Net proceeds from debt offering | 958,000,000 | ||||||
Payment of debt issuance fees | $ 22,000,000 | ||||||
Percentage of debt may redeem | 35.00% | ||||||
Debt redemption price upon occurrence of certain asset sales | 100.00% | ||||||
2020 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of debt redeemed | $ 150,000,000 | $ 11,000,000 | |||||
Stated interest rate | 7.375% | 7.375% | 7.375% | ||||
Debt redemption price | 99.25% | 86.00% | |||||
2021 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of debt redeemed | $ 23,000,000 | $ 51,000,000 | |||||
Stated interest rate | 6.875% | 6.875% | 6.875% | ||||
Debt redemption price | 97.63% | 82.00% | |||||
USSK Revolver | |||||||
Debt Instrument [Line Items] | |||||||
Amounts drawn on credit facility | $ 0 | ||||||
Maximum borrowing capacity on credit facility | € 200,000,000 | € 200,000,000 | 223,000,000 | ||||
USSK credit facilities | |||||||
Debt Instrument [Line Items] | |||||||
Amounts drawn on credit facility | 0 | ||||||
Maximum borrowing capacity on credit facility | 40,000,000 | 40,000,000 | 56,000,000 | ||||
Available borrowing capacity | 55,000,000 | ||||||
Customs and other guarantees outstanding | 1,000,000 | ||||||
USSK $10 Million Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity on credit facility | € | € 10,000,000 | € 10,000,000 | |||||
Change in control event | |||||||
Debt Instrument [Line Items] | |||||||
Obligations under financing arrangements | 2,530,000,000 | ||||||
Fairfield Slab Caster | |||||||
Debt Instrument [Line Items] | |||||||
Obligations under financing arrangements | $ 30,000,000 |
Asset Retirement Obligations -
Asset Retirement Obligations - Changes in Carrying Values of Asset Retirement Obligations (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | $ 89 | $ 48 |
Additional obligations incurred | 3 | 45 |
Obligations settled | (9) | (6) |
Foreign currency translation effects | 0 | (1) |
Accretion expense | 2 | 3 |
Balance at end of period | $ 85 | $ 89 |
Fair Value of Financial Instr70
Fair Value of Financial Instruments - Financial Assets and Liabilities Not Carried at Fair Value (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value | ||
Financial liabilities: | ||
Debt | $ 3,098 | $ 1,896 |
Carrying Amount | ||
Financial liabilities: | ||
Debt | $ 3,051 | $ 3,107 |
Statement of Changes in Stock71
Statement of Changes in Stockholders' Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 2,437 | $ 3,800 | ||
Comprehensive income (loss): | ||||
Net loss | $ 51 | $ (173) | (335) | (509) |
Other comprehensive income (loss), net of tax: | ||||
Pension and other benefit adjustments | 48 | (131) | (134) | (44) |
Currency translation adjustment | 10 | (5) | 41 | (83) |
Employee stock plans | 16 | 30 | ||
Common stock issued | 582 | |||
Dividends paid on common stock | (22) | (22) | ||
Ending balance | 2,602 | 3,172 | 2,602 | 3,172 |
Stockholders' Equity, Other | 17 | |||
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 190 | 1,862 | ||
Comprehensive income (loss): | ||||
Net loss | (335) | (509) | ||
Other comprehensive income (loss), net of tax: | ||||
Dividends paid on common stock | (22) | |||
Ending balance | (145) | 1,331 | (145) | 1,331 |
Stockholders' Equity, Other | ||||
Accumulated Other Comprehensive (Loss) Income | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (1,169) | (1,441) | ||
Other comprehensive income (loss), net of tax: | ||||
Pension and other benefit adjustments | (134) | (44) | ||
Currency translation adjustment | 41 | (83) | ||
Ending balance | (1,245) | (1,568) | (1,245) | (1,568) |
Stockholders' Equity, Other | 17 | |||
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 151 | 151 | ||
Other comprehensive income (loss), net of tax: | ||||
Common stock issued | 25 | |||
Ending balance | 176 | 151 | 176 | 151 |
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (339) | (396) | ||
Other comprehensive income (loss), net of tax: | ||||
Employee stock plans | 62 | 55 | ||
Ending balance | (277) | (341) | (277) | (341) |
Paid-in Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 3,603 | 3,623 | ||
Other comprehensive income (loss), net of tax: | ||||
Employee stock plans | (46) | (25) | ||
Common stock issued | 557 | |||
Dividends paid on common stock | (22) | |||
Ending balance | 4,092 | 3,598 | 4,092 | 3,598 |
Non- Controlling Interest | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1 | 1 | ||
Other comprehensive income (loss), net of tax: | ||||
Ending balance | $ 1 | $ 1 | $ 1 | $ 1 |
Reclassifications from Accumu72
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Other Comprehensive Income Activity Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ (1,169) | |||
Other comprehensive income before reclassifications | 62 | |||
Amounts reclassified from AOCI | (138) | |||
Total other comprehensive income (loss), net of tax | $ 54 | $ (136) | (76) | $ (127) |
Ending Balance | (1,245) | (1,245) | ||
Pension and Other Benefit Items | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (1,479) | |||
Other comprehensive income before reclassifications | 5 | |||
Amounts reclassified from AOCI | (139) | |||
Total other comprehensive income (loss), net of tax | (134) | |||
Ending Balance | (1,613) | (1,613) | ||
Foreign Currency Items | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 312 | |||
Other comprehensive income before reclassifications | 41 | |||
Amounts reclassified from AOCI | 0 | |||
Total other comprehensive income (loss), net of tax | 41 | |||
Ending Balance | 353 | 353 | ||
Other | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (2) | |||
Other comprehensive income before reclassifications | 16 | |||
Amounts reclassified from AOCI | 1 | |||
Total other comprehensive income (loss), net of tax | 17 | |||
Ending Balance | $ 15 | $ 15 |
Reclassifications from Accumu73
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Defined Benefit Plan In Other Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Amortization of pension and other benefit items | ||||
Earnings (loss) before income taxes | $ 70 | $ (223) | $ (309) | $ (919) |
Tax benefit | (19) | 50 | (26) | 410 |
Net earnings (loss) | 51 | (173) | (335) | (509) |
Pension and Other Benefit Items | Amount reclassified from AOCI | ||||
Amortization of pension and other benefit items | ||||
Prior service costs | (8) | (2) | (27) | (8) |
Actuarial gains/(losses) | (34) | (62) | (99) | (193) |
Settlement, termination and curtailment gains | (10) | (20) | (13) | (25) |
Earnings (loss) before income taxes | (52) | (84) | (139) | (226) |
Tax benefit | 0 | 32 | 0 | 86 |
Net earnings (loss) | $ (52) | $ (52) | $ (139) | $ (140) |
Transactions with Related Par74
Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||||
Net sales to related parties | $ 316 | $ 384 | $ 895 | $ 1,101 | |
Accounts payable to related parties | 89 | 89 | $ 81 | ||
Due from related parties | 70 | 70 | 98 | ||
Outside processing services | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 25 | 83 | 68 | 295 | |
Taconite pellets | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 43 | $ 49 | 131 | $ 147 | |
PRO-TEC Coating Company | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | 78 | 78 | 66 | ||
Other equity investees | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | $ 11 | $ 11 | $ 15 |
Restructuring and Other Charg75
Restructuring and Other Charges - Activity in Accrued Balances for Restructuring and Other Cost Reduction Programs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | $ 155 | ||
Additional charges | 19 | ||
Cash payments/utilization | (65) | ||
Other adjustments and reclassifications | $ 3 | (18) | $ 20 |
Balance at end of period | 91 | 91 | |
Employee Related Costs | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 48 | ||
Additional charges | 19 | ||
Cash payments/utilization | (31) | ||
Other adjustments and reclassifications | (17) | ||
Balance at end of period | 19 | 19 | |
Exit Costs | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 107 | ||
Additional charges | 0 | ||
Cash payments/utilization | (34) | ||
Other adjustments and reclassifications | (1) | ||
Balance at end of period | $ 72 | $ 72 |
Restructuring and Other Charg76
Restructuring and Other Charges - Balance Sheet Location of Accrued Liabilities for Restructuring and Other Cost Reduction Programs (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 91 | $ 155 |
Accounts payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, current | 53 | 90 |
Payroll and benefits payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, current | 17 | 48 |
Employee Benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, noncurrent | 1 | 0 |
Deferred credits and other noncurrent liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, noncurrent | $ 20 | $ 17 |
Restructuring and Other Charg77
Restructuring and Other Charges - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Favorable (unfavorable) adjustments to restructuring reserves | $ 3 | $ (18) | $ 20 | |
Restructuring charges | $ 103 | 1 | 275 | |
Payments for restructuring | $ 10 | $ 15 | ||
Employee Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Favorable (unfavorable) adjustments to restructuring reserves | $ (17) |
Contingencies and Commitments -
Contingencies and Commitments - Asbestos Litigation Activity (Details) - Asbestos Matters | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016Claim_Group | Sep. 30, 2016LegalMatter | Dec. 31, 2015Claim_Group | Dec. 31, 2015LegalMatter | Dec. 31, 2014Claim_Group | Dec. 31, 2013Claim_Group | |
Loss Contingency Accrual [Roll Forward] | ||||||
Opening Number of Claims | 3,315 | 3,455 | 3,320 | 3,330 | ||
Claims Dismissed, Settled and Resolved | 180 | 180 | 415 | 415 | 190 | 250 |
New Claims | 200 | 200 | 275 | 275 | 325 | 240 |
Closing Number of Claims | 3,335 | 2,500 | 3,315 | 3,455 | 3,320 |
Contingencies and Commitments79
Contingencies and Commitments - Changes in Accrued Liabilities for Remediation Activities (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Change in Accrued Liabilities for Remediation Activities [Roll Forward] | |
Beginning of period | $ 197 |
Accruals for environmental remediation deemed probable and reasonably estimable | 1 |
Adjustments for changes in estimates | (4) |
Obligations settled | (9) |
End of period | $ 185 |
Contingencies and Commitments80
Contingencies and Commitments - Accrued Liabilities for Remediation Activities Included in Balance Sheet (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
Total | $ 185 | $ 197 |
Accounts payable | ||
Loss Contingencies [Line Items] | ||
Total | 15 | 14 |
Deferred credits and other noncurrent liabilities | ||
Loss Contingencies [Line Items] | ||
Total | $ 170 | $ 183 |
Contingencies and Commitments81
Contingencies and Commitments - Payments for Contracts with Remaining Terms in Excess of One Year (Detail) $ in Millions | Sep. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2016 | $ 276 |
2,017 | 740 |
2,018 | 642 |
2,019 | 323 |
2,020 | 300 |
Later Years | 1,383 |
Total | $ 3,664 |
Contingencies and Commitments82
Contingencies and Commitments - Additional Information (Detail) € in Millions, Allowances in Millions, $ in Millions, CAD in Billions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||
Jan. 30, 2014Allowances | Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | Sep. 30, 2016Plaintiff | Sep. 30, 2016Claim_Group | Sep. 30, 2016LegalMatter | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)PlaintiffClaim_GroupLegalMatter | Dec. 31, 2015USD ($)Claim_GroupLegalMatter | Dec. 31, 2015USD ($)Claim_GroupLegalMatter | Dec. 31, 2014Claim_Group | Dec. 31, 2013Claim_Group | Sep. 30, 2016USD ($) | Sep. 30, 2016Project | Sep. 30, 2016CAD | Sep. 30, 2016Claim_Group | Sep. 30, 2016LegalMatter | Feb. 29, 2016USD ($) | Feb. 29, 2016CAD | Dec. 31, 2012Claim_Group | |
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Accrued liabilities for remediation activities | $ 197 | $ 197 | $ 197 | $ 185 | |||||||||||||||||||||
Accrued liabilities for post-closure site monitoring and other costs | 24 | ||||||||||||||||||||||||
Accrued liability for administrative and legal costs | 7 | ||||||||||||||||||||||||
Number of years of projected administrative and legal costs included in accrual | 3 years | ||||||||||||||||||||||||
Capital expenditures | $ 24 | $ 67 | |||||||||||||||||||||||
Final allocation for emissions allowances | Allowances | 48 | ||||||||||||||||||||||||
Estimated shortfall in emissions allowances | Allowances | 15 | ||||||||||||||||||||||||
Estimated capital expenditures for new boiler | € 75 | $ 84 | |||||||||||||||||||||||
Estimated capital expenditures for existing boiler | € 52 | 58 | |||||||||||||||||||||||
Estimated capital expenditures for total boiler project | 44 | 49 | |||||||||||||||||||||||
Financial assurance guarantees, maximum | 4 | ||||||||||||||||||||||||
Residual value of equipment | 8 | ||||||||||||||||||||||||
Restricted cash | $ 37 | $ 37 | $ 37 | 41 | |||||||||||||||||||||
Restricted cash current | 1 | ||||||||||||||||||||||||
Contract commitments to acquire property, plant and equipment | 126 | ||||||||||||||||||||||||
Maximum default payment on termination of agreement | 200 | ||||||||||||||||||||||||
Payments relating to unconditional purchase obligations | $ 117 | $ 115 | 372 | $ 365 | |||||||||||||||||||||
Minimum | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 15.00% | ||||||||||||||||||||||||
Estimated capital expenditures of complying with BAT | € 130 | $ 145 | |||||||||||||||||||||||
Term of unconditional purchase obligations | 2 years | ||||||||||||||||||||||||
Maximum | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 25.00% | ||||||||||||||||||||||||
Term of unconditional purchase obligations | 16 years | ||||||||||||||||||||||||
Asbestos Matters | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Active cases brought against U.S. Steel | LegalMatter | 820 | 820 | 820 | 840 | |||||||||||||||||||||
Number of plaintiffs involved | Plaintiff | 3,335 | 3,315 | |||||||||||||||||||||||
Number of claims pending in jurisdictions | 3,315 | 3,315 | 3,315 | 3,455 | 3,320 | 3,335 | 2,500 | 3,330 | |||||||||||||||||
Percentage of claims pending in jurisdictions | 76.00% | 76.00% | 76.00% | 76.00% | 76.00% | 76.00% | 76.00% | 76.00% | 76.00% | ||||||||||||||||
Claims Dismissed, Settled and Resolved | 180 | 180 | 415 | 415 | 190 | 250 | |||||||||||||||||||
New Claims | 200 | 200 | 275 | 275 | 325 | 240 | |||||||||||||||||||
Number of major groups | Claim_Group | 3 | ||||||||||||||||||||||||
Projects with Ongoing Study and Scope Development | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Environmental remediation projects | Project | 5 | ||||||||||||||||||||||||
Accrued liabilities for remediation activities | 1 | ||||||||||||||||||||||||
Projects with Ongoing Study and Scope Development | Minimum | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Environment exit costs, possible additional loss | $ 25 | ||||||||||||||||||||||||
Projects with Ongoing Study and Scope Development | Maximum | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Environment exit costs, possible additional loss | 40 | ||||||||||||||||||||||||
Significant Projects with Defined Scope | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Environmental remediation projects | Project | 4 | ||||||||||||||||||||||||
Accrued liabilities for remediation activities | 144 | ||||||||||||||||||||||||
Significant Projects with Defined Scope | Minimum | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Accrued liabilities for remediation activities | 3 | ||||||||||||||||||||||||
Gary Works, Project with Defined Scope | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Accrued liabilities for remediation activities | 30 | ||||||||||||||||||||||||
Geneva Project | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Accrued liabilities for remediation activities | 63 | ||||||||||||||||||||||||
St. Louis River Estuary Project | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Accrued liabilities for remediation activities | 48 | ||||||||||||||||||||||||
Solid Waste Management Unit at USS Posco Industries, Project with Defined Scope | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Accrued liabilities for remediation activities | 3 | ||||||||||||||||||||||||
Environmental Remediation, Other Projects with a Defined Scope | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Environmental remediation projects | Project | 2 | ||||||||||||||||||||||||
Accrued liabilities for remediation activities | 4 | ||||||||||||||||||||||||
Environmental Remediation, Other Projects with a Defined Scope | Minimum | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Accrued liabilities for remediation activities | 1 | ||||||||||||||||||||||||
Environmental Remediation, Other Projects with a Defined Scope | Maximum | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Accrued liabilities for remediation activities | 2 | ||||||||||||||||||||||||
Environmental Remediation, Projects Less Than One Million | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Accrued liabilities for remediation activities | 5 | ||||||||||||||||||||||||
Environmental Remediation, Projects Less Than One Million | Maximum | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Accrued liabilities for remediation activities | 1 | ||||||||||||||||||||||||
EU Waste Framework Directive | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Estimated environmental costs, EU Wast Framework Directive | € 2 | $ 2 | |||||||||||||||||||||||
Surety Bonds | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Financial assurance guarantees, maximum | $ 158 | ||||||||||||||||||||||||
Reduction In Debt [Member] | |||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||
Claims against U. S. Steel Canada | CAD | CAD 2.2 | ||||||||||||||||||||||||
Secured debt | $ 119 | ||||||||||||||||||||||||
Unsecured debt | $ 120 | CAD 1.8 |
USSC Retained Interest - Additi
USSC Retained Interest - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
U. S. Steel Canada Retained Interest [Abstract] | ||||||
Loss on write-down of retained interest in USSC | $ 0 | $ 16 | $ 255 | $ 0 | $ 271 | $ 392 |
Common Stock Issuance - Additio
Common Stock Issuance - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 15, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Class of Stock [Line Items] | |||
Proceeds from common shares issued | $ 482 | $ 0 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, shares issued | 21,735,000 | ||
Par value of common shares issued (in dollars per share) | $ 1 | ||
Price per common shares issued (in dollars per share) | $ 23 | ||
Third party expenses related to common shares issued | $ 18 | ||
Proceeds from common shares issued | $ 482 |