Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 20, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | X | |
Entity Registrant Name | UNITED STATES STEEL CORP | |
Entity Central Index Key | 1,163,302 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 174,911,603 |
Consolidated Statement Of Opera
Consolidated Statement Of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net sales: | ||||
Net sales | $ 2,787 | $ 2,320 | $ 5,199 | $ 4,346 |
Net sales to related parties (Note 18) | 357 | 264 | 670 | 579 |
Total | 3,144 | 2,584 | 5,869 | 4,925 |
Operating expenses (income): | ||||
Cost of sales (excludes items shown below) | 2,725 | 2,397 | 5,286 | 4,833 |
Selling, general and administrative expenses | 79 | 64 | 176 | 133 |
Depreciation, depletion and amortization | 121 | 129 | 258 | 258 |
Earnings from investees | (16) | (28) | (20) | (73) |
Gain associated with retained interest U. S. Steel Canada Inc. (Note 21) | (72) | 0 | (72) | 0 |
Restructuring and other charges (Note 19) | (1) | (6) | 32 | 4 |
Net (gain) loss on disposal of assets | 0 | 0 | (1) | 3 |
Other income, net | (5) | 0 | (5) | 0 |
Total | 2,831 | 2,556 | 5,654 | 5,158 |
Earnings (loss) before interest and income taxes | 313 | 28 | 215 | (233) |
Interest expense | 55 | 60 | 113 | 115 |
Interest income | (4) | (2) | (8) | (3) |
Loss on debt extinguishment | 1 | 24 | 1 | 22 |
Other financial costs (income) | 16 | (1) | 25 | 12 |
Net interest and other financial costs (Note 7) | 68 | 81 | 131 | 146 |
Earnings (loss) before income taxes | 245 | (53) | 84 | (379) |
Income tax (benefit) provision (Note 9) | (16) | (7) | 3 | 7 |
Net earnings (loss) | 261 | (46) | 81 | (386) |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to United States Steel Corporation | $ 261 | $ (46) | $ 81 | $ (386) |
Earnings (loss) per share attributable to United States Steel Corporation stockholders: | ||||
Basic (in dollars per share) | $ 1.49 | $ (0.32) | $ 0.46 | $ (2.64) |
Diluted (in dollars per share) | $ 1.48 | $ (0.32) | $ 0.46 | $ (2.64) |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 261 | $ (46) | $ 81 | $ (386) |
Other comprehensive income (loss), net of tax: | ||||
Changes in foreign currency translation adjustments | 82 | (31) | 105 | 31 |
Changes in pension and other employee benefit accounts | 46 | 42 | 92 | (182) |
Other | (3) | 11 | (3) | 21 |
Total other comprehensive income (loss), net of tax | 125 | 22 | 194 | (130) |
Comprehensive income (loss) including noncontrolling interest | 386 | (24) | 275 | (516) |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to United States Steel Corporation | $ 386 | $ (24) | $ 275 | $ (516) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,522 | $ 1,515 |
Receivables, less allowance of $28 and $25 | 1,206 | 976 |
Receivables from related parties, less allowance of $0 and $265 (Notes 18 and 21) | 238 | 272 |
Inventories (Note 11) | 1,727 | 1,573 |
Other current assets | 30 | 20 |
Total current assets | 4,723 | 4,356 |
Property, plant and equipment | 14,527 | 14,196 |
Less accumulated depreciation and depletion | 10,517 | 10,217 |
Total property, plant and equipment, net | 4,010 | 3,979 |
Investments and long-term receivables, less allowance of $11 and $10 | 548 | 528 |
Long-term receivables from related parties, less allowance of $0 and $1,627 (Notes 18 and 21) | 0 | 0 |
Intangibles – net (Note 5) | 171 | 175 |
Deferred income tax benefits (Note 9) | 4 | 6 |
Other noncurrent assets | 124 | 116 |
Total assets | 9,580 | 9,160 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 1,948 | 1,602 |
Accounts payable to related parties (Notes 18 and 21) | 77 | 66 |
Payroll and benefits payable | 338 | 400 |
Accrued taxes | 140 | 128 |
Accrued interest | 73 | 85 |
Short-term debt and current maturities of long-term debt (Note 13) | 175 | 50 |
Total current liabilities | 2,751 | 2,331 |
Long-term debt, less unamortized discount and debt issuance costs (Note 13) | 2,752 | 2,981 |
Employee benefits | 1,151 | 1,216 |
Deferred income tax liabilities (Note 9) | 28 | 28 |
Deferred credits and other noncurrent liabilities | 343 | 329 |
Total liabilities | 7,025 | 6,885 |
Contingencies and commitments (Note 20) | ||
Stockholders’ Equity (Note 16): | ||
Common stock (176,424,554 shares issued) (Note 10) | 176 | 176 |
Treasury stock, at cost (1,521,037 and 2,614,378 shares) | (96) | (182) |
Additional paid-in capital | 3,942 | 4,027 |
Accumulated deficit | (165) | (250) |
Accumulated other comprehensive loss (Note 17) | (1,303) | (1,497) |
Total United States Steel Corporation stockholders’ equity | 2,554 | 2,274 |
Noncontrolling interests | 1 | 1 |
Total liabilities and stockholders’ equity | $ 9,580 | $ 9,160 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Receivables, allowance | $ 28 | $ 25 |
Investments and long-term receivables, allowance | $ 11 | $ 10 |
Common stock, shares issued | 176,424,554 | 176,424,554 |
Treasury stock, shares | 1,521,037 | 2,614,378 |
Affiliated Entity [Member] | ||
Receivables, allowance | $ 0 | $ 265 |
Investments and long-term receivables, allowance | $ 0 | $ 0 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities: | ||
Net earnings (loss) | $ 81 | $ (386) |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 258 | 258 |
Gain associated with retained interest U. S. Steel Canada Inc. (Note 21) | (72) | 0 |
Restructuring and other charges (Note 19) | 32 | 4 |
Provision for doubtful accounts | 1 | 0 |
Pensions and other postretirement benefits | 31 | (21) |
Deferred income taxes | 2 | 2 |
Net (gain) loss on disposal of assets | (1) | 3 |
Distributions received, net of equity investees earnings | (16) | (70) |
Changes in: | ||
Current receivables | (172) | (182) |
Inventories | (125) | 404 |
Current accounts payable and accrued expenses | 98 | 213 |
Income taxes receivable/payable | 20 | 6 |
Bank checks outstanding | 7 | 9 |
All other, net | 98 | 73 |
Net cash provided by operating activities | 242 | 313 |
Investing activities: | ||
Capital expenditures | (120) | (217) |
Disposal of assets | 0 | 1 |
Change in restricted cash, net | (1) | (3) |
Investments, net | (1) | (15) |
Net cash used in investing activities | (122) | (234) |
Financing activities: | ||
Issuance of long-term debt, net of financing costs | 0 | 958 |
Repayment of long-term debt | (108) | (962) |
Dividends paid | (18) | (15) |
Taxes paid for equity compensation plans (Note 3) | (10) | 0 |
Receipts from exercise of stock options | (13) | 0 |
Net cash used in financing activities | (123) | (19) |
Effect of exchange rate changes on cash | 10 | 5 |
Net increase in cash and cash equivalents | 7 | 65 |
Cash and cash equivalents at beginning of year | 1,515 | 755 |
Cash and cash equivalents at end of period | $ 1,522 | $ 820 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 , which should be read in conjunction with these financial statements. Change in Accounting Estimate - Capitalization and Depreciation Method During 2017, U. S. Steel completed a review of its accounting policy for property, plant and equipment depreciated on a group basis. As a result of this review, U. S. Steel changed its accounting method for property, plant and equipment from the group method of depreciation to the unitary method of depreciation, effective as of January 1, 2017. The Company believes the change from the group method to the unitary method of depreciation is preferable under U.S. GAAP as it will result in a more precise estimate of depreciation expense. Additionally, the change to the unitary method of depreciation is consistent with the depreciation method applied by our competitors, and improves the comparability of our results to our competitors. Our change in the method of depreciation is considered a change in accounting estimate effected by a change in accounting principle and has been applied prospectively. Due to the application of the unitary method of depreciation and resultant change in our capitalization policy, maintenance and outage spending that had previously been expensed as well as capital investments associated with our asset revitalization program will now be capitalized if it extends the useful life of the related asset. For the three months ended June 30, 2017, the effect of the change was an increase in both income from continuing operations and net earnings of $112 million (which consists of a $118 million decrease in cost of sales due to the capitalization of maintenance and outage spending that would have been previously expensed, partially offset by increased depreciation expense of $6 million , as a result of the impact of unitary depreciation on the existing net book value of fixed assets, as noted below, and the capitalization of maintenance and outage spending) and an increase in diluted earnings per share of $0.64 . Included in the three months ended June 30, 2017 is a favorable impact of approximately $50 million as the amount of spending subject to capitalization exceeded our previous internal estimate primarily due to the timing of certain capital projects, including projects implemented under our asset revitalization program. For the six months ended June 30, 2017, the effect of the change was an increase in both income from continuing operations and net earnings of $110 million (which consists of a $135 million decrease in cost of sales due to the capitalization of maintenance and outage spending that would have been previously expensed, partially offset by increased depreciation expense of $25 million , as a result of the impact of unitary depreciation on the existing net book value of fixed assets, as noted below, and the capitalization of maintenance and outage spending) and an increase in diluted earnings per share of $0.63 . The tax effect of this change was immaterial to the consolidated financial statements. U. S. Steel's property, plant and equipment totaled $3,979 million at December 31, 2016. U. S. Steel allocated the existing net book value of group assets at the transition date to approximate a unitary depreciation methodology, and the fixed assets will be depreciated over their estimated remaining useful lives as follows: (In millions) Remaining Useful Life of Assets Net Book Value at December 31, 2016 Under 5 years $ 597 6-10 years 629 11-15 years 765 16-20 years 654 21-25 years 363 Over 25 years 479 Assets not subject to depreciation 492 Total $ 3,979 |
New Accounting Standards (Notes
New Accounting Standards (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Standards | New Accounting Standards On May 10, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-09, Compensation – Stock Compensation: Scope of Modification Accounting (ASU 2017-09). The amendments included in ASU 2017-09 provide guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this update will be applied prospectively to an award modified on or after the adoption date. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years, with early adoption permitted. U. S. Steel is currently evaluating the impact the adoption of ASU 2017-09 will have on its Consolidated Financial Statements. On March 10, 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (ASU 2017-07). ASU 2017-07 requires an employer who offers defined benefit and post retirement benefit plans to report the service cost component of the net periodic benefit cost in the same line item or items as other compensation cost arising from services rendered by employees during the period. The other components of net periodic benefit costs are required to be presented on a retrospective basis in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The ASU also allows for the service cost component of net periodic benefit cost to be eligible for capitalization into inventory when applicable. ASU 2017-07 is effective for periods beginning after December 15, 2017, including interim periods within those annual periods; early adoption is permitted. The adoption of this ASU will not have an impact on U. S. Steel's net earnings (loss) but will be a reclassification from a line on the income statement within earnings (loss) before interest and income taxes to a line on the income statement below earnings (loss) before interest and income taxes. On August 26, 2016, the 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, but anticipates it will not have an overall impact to the Company's consolidated statement of cash flows, but may result in a reclassification between cash flow line items. 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 currently evaluating the financial statement implications of adopting ASU 2016-02, and has begun an inventory of its global leasing arrangements. U. S. Steel has also begun to review its information technology systems, internal controls, and accounting policies in relation to the ASU’s accounting and reporting requirements to recognize the respective right-of-use assets and the related lease liabilities. 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 has completed a review of its significant customer contracts and is finalizing its evaluation of those contracts in relation to the recognition of revenue under the new standard. U. S. Steel is currently developing disclosures, finalizing its review of information technology systems, and key internal controls related to our ability to process, record and account for revenue under the new standard. U. S. Steel does not expect a material financial statement impact related to the adoption of this ASU. |
Recently Adopted Accounting Sta
Recently Adopted Accounting Standards (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards 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 was effective for public business entities for annual periods beginning after December 15, 2016. On January 1, 2017, the Company adopted the provisions of ASU 2016-09. The adoption of ASU 2016-09 did not have a significant impact on the Company’s Consolidated Financial Statements and included the following items: (1) adoption on a prospective basis of the recognition of excess tax benefits and tax deficiencies in the Company’s income tax expense line in the Consolidated Statement of Operations for vested and exercised equity awards as discrete items in the period in which they occur; (2) adoption on a prospective basis of the classification of excess tax benefits in cash flows from operations in the Company’s Consolidated Statement of Cash Flows; (3) adoption on a retrospective basis of the classification of cash paid by the Company for directly withholding shares for tax withholding purposes in cash flows from financing activities, and (4) adoption on a prospective basis for the exclusion of the amount of excess tax benefits when applying the treasury stock method for the Company’s diluted earnings per share calculation. Additionally, the Company continues to withhold the statutory minimum taxes for participants in the Company’s stock-based compensation plans and estimates forfeiture rates at the grant date and the expected term of its equity awards based on historical results. 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 does not apply to inventories that are measured using either the last-in, first-out (LIFO) method or the retail inventory method. ASU 2015-11 was effective for public entities for financial statements issued for fiscal years beginning after December 15, 2016. U. S. Steel adopted ASU 2015-11 on January 1, 2017. The adoption did not have a significant financial statement impact to U. S. Steel. |
Segment Information (Notes)
Segment Information (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information U. S. Steel has three reportable segments: Flat-Rolled Products (Flat-Rolled), which consists of the following three commercial entities that directly interact with our customers and service their needs: (1) automotive, (2) consumer, and (3) industrial, service center and mining; U. S. Steel Europe (USSE); and Tubular Products (Tubular). The results of our railroad and real estate businesses that do not constitute reportable segments are combined and disclosed in the Other Businesses category. The 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. Intersegment sales and transfers are accounted for at market-based prices and are eliminated at the corporate consolidation level. Corporate-level selling, general and administrative expenses and costs related to certain former businesses are allocated to the reportable segments and Other Businesses based on measures of activity that management believes are reasonable. The results of segment operations for three months ended June 30, 2017 and 2016 are: (In millions) Three Months Ended June 30, 2017 Customer Intersegment Net Earnings Earnings (loss) Before Interest and Income Taxes Flat-Rolled $ 2,151 $ 92 $ 2,243 $ 14 $ 218 USSE 740 12 752 — 55 Tubular 234 — 234 2 (29 ) Total reportable segments 3,125 104 3,229 16 244 Other Businesses 19 29 48 — 9 Reconciling Items and Eliminations — (133 ) (133 ) — 60 Total $ 3,144 $ — $ 3,144 $ 16 $ 313 Three Months Ended June 30, 2016 Flat-Rolled $ 1,926 $ — $ 1,926 $ 27 $ 6 USSE 565 1 566 — 55 Tubular 81 2 83 2 (78 ) Total reportable segments 2,572 3 2,575 29 (17 ) Other Businesses 12 25 37 (1 ) 10 Reconciling Items and Eliminations — (28 ) (28 ) — 35 Total $ 2,584 $ — $ 2,584 $ 28 $ 28 The results of segment operations for the six months ended June 30, 2017 and 2016 are: (In millions) Six Months Ended June 30, 2017 Customer Intersegment Net Earnings Earnings (loss) Before Interest and Income Taxes Flat-Rolled $ 4,016 $ 113 $ 4,129 $ 17 $ 128 USSE 1,413 24 1,437 — 142 Tubular 405 1 406 3 (86 ) Total reportable segments 5,834 138 5,972 20 184 Other Businesses 35 60 95 — 22 Reconciling Items and Eliminations — (198 ) (198 ) 9 Total $ 5,869 $ — $ 5,869 $ 20 $ 215 Six Months Ended June 30, 2016 Flat-Rolled $ 3,657 $ 16 $ 3,673 $ 71 $ (182 ) USSE 1,041 2 1,043 — 41 Tubular 190 1 191 4 (142 ) Total reportable segments 4,888 19 4,907 75 (283 ) Other Businesses 37 53 90 (2 ) 24 Reconciling Items and Eliminations — (72 ) (72 ) — 26 Total $ 4,925 $ — $ 4,925 $ 73 $ (233 ) The following is a schedule of reconciling items to Earnings (Loss) Before Interest and Income Taxes: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2017 2016 2017 2016 Items not allocated to segments: Postretirement benefit (expense) income (a) $ (12 ) $ 12 $ (28 ) $ 28 Other items not allocated to segments: Loss on shutdown of certain tubular assets (b) — — (35 ) — Gain associated with retained interest in U. S. Steel Canada Inc. (Note 21) 72 — 72 — Restructuring and other charges and adjustments (c) — 23 — (2 ) Total other items not allocated to segments 72 23 37 (2 ) Total reconciling items $ 60 $ 35 $ 9 $ 26 (a) Consists of the net periodic benefit cost elements, other than service cost and amortization of prior service cost for active employees, associated with our defined pension, retiree health care and life insurance benefit plans. (b) Included in Restructuring and other charges on the Consolidated Statement of Operations. See Note 19 to the Consolidated Financial Statements. (c) For the three and six months ended June 30, 2016, approximately $(17) million and $(2) million is included in Cost of sales, respectively and approximately $(6) million and $4 million is included in the Restructuring and other charges in the Consolidated Statement of Operations, respectively. See Note 19 to the Consolidated Financial Statements. |
Intangible Assets (Notes)
Intangible Assets (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets are being amortized on a straight-line basis over their estimated useful lives and are detailed below: As of June 30, 2017 As of December 31, 2016 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 12 Years $ 132 $ 62 $ 70 $ 132 $ 59 $ 73 Patents 2-10 Years 22 3 19 22 2 20 Other 5-10 Years 14 7 7 14 7 7 Total amortizable intangible assets $ 168 $ 72 $ 96 $ 168 $ 68 $ 100 The carrying amount of acquired water rights with indefinite lives as of June 30, 2017 and December 31, 2016 totaled $75 million . The research and development activities of the Company's acquired indefinite lived in-process research and development patents was completed during the fourth quarter of 2016 and are now being amortized over their useful lives of approximately 10 years. The indefinite lived intangible assets are tested for impairment annually in the third quarter, or whenever events or circumstances indicate the carrying value may not be recoverable. Identifiable intangible assets with finite lives are reviewed for impairment whenever events or circumstances indicate the carrying values may not be recoverable. Amortization expense was $2 million in the three months ended June 30, 2017 and $2 million in the three months ended June 30, 2016 . Amortization expense was $4 million in the six months ended June 30, 2017 and $4 million in the six months ended June 30, 2016 . The estimated future amortization expense of identifiable intangible assets during the next five years is $4 million for the remaining portion of 2017 and $9 million each year from 2018 to 2021 . |
Pensions and Other Benefits (No
Pensions and Other Benefits (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and 2016 : Pension Other (In millions) 2017 2016 2017 2016 Service cost $ 12 $ 13 $ 5 $ 5 Interest cost 59 65 24 24 Expected return on plan assets (97 ) (105 ) (17 ) (38 ) Amortization of prior service cost — 3 7 7 Amortization of actuarial net loss 37 32 1 1 Net periodic benefit cost (income), excluding below 11 8 20 (1 ) Multiemployer plans 14 15 — — Settlement, termination and curtailment losses — 3 — — Net periodic benefit cost (income) $ 25 $ 26 $ 20 $ (1 ) The following table reflects the components of net periodic benefit cost (income) for the six months ended June 30, 2017 and 2016 : Pension Other (In millions) 2017 2016 2017 2016 Service cost $ 24 $ 26 $ 9 $ 10 Interest cost 118 130 47 49 Expected return on plan assets (194 ) (210 ) (33 ) (75 ) Amortization of prior service cost — 6 14 13 Amortization of actuarial net loss 74 64 2 1 Net periodic benefit cost (income), excluding below 22 16 39 (2 ) Multiemployer plans 29 32 — — Settlement, termination and curtailment losses 4 3 — — Net periodic benefit cost (income) $ 55 $ 51 $ 39 $ (2 ) Settlements During the first six months of 2017 and 2016 , there were settlement charges of $4 million and $3 million , respectively, incurred for the non-qualified pension plan due to lump sum payments for certain individuals. Employer Contributions During the first six months of 2017 , U. S. Steel made cash payments of $30 million to the Steelworkers’ Pension Trust and $7 million of pension payments not funded by trusts. During the first six months of 2017 , cash payments of $27 million were made for other postretirement benefit payments not funded by trusts. Company contributions to defined contribution plans totaled $10 million and $11 million in the three months ended June 30, 2017 and 2016 , respectively. Company contributions to defined contribution plans totaled $19 million and $22 million for the six months ended June 30, 2017 and 2016 , respectively. Non-retirement postemployment benefits U. S. Steel recorded a favorable adjustment associated with a change in estimate that resulted in a benefit of approximately $1 million for both of the three and six month periods ended June 30, 2017 , compared to a favorable adjustment of approximately $17 million and $2 million for the three and six months ended June 30, 2016 , 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 six months ended June 30, 2017 were $5 million and $13 million , respectively. Payments for these benefits during the three and six months ended June 30, 2016 were $21 million and $40 million , respectively. |
Net Interest and Other Financia
Net Interest and Other Financial Costs (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and 2016 , net foreign currency losses of $ 11 million and gains of $ 6 million respectively, were recorded in other financial costs. During the six months ended June 30, 2017 and 2016 , net foreign currency losses of $ 16 million and $ 2 million respectively, were recorded in other financial costs. Additionally, during the three and six months ended June 30, 2016, a net loss on debt extinguishment was recognized of $24 million and $22 million , respectively. 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) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans U. S. Steel has outstanding stock-based compensation awards that were granted by the Compensation & Organization Committee of the Board of Directors (the Committee) under the 2005 Stock Incentive Plan (the Plan) and the 2016 Omnibus Incentive Compensation Plan (the Omnibus Plan), which are 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, 2016 and the 2017 Proxy Statement. On April 26, 2016, the Company's stockholders approved the Omnibus Plan and authorized the Company to issue up to 7,200,000 shares of U. S. Steel common stock under the Omnibus Plan. The Company's stockholders authorized the issuance of an additional 6,300,000 shares under the Omnibus Plan on April 25, 2017. While the awards that were previously granted under the 2005 Plan remain outstanding, all future awards will be granted under the Omnibus Plan. As of June 30, 2017 , there were 6,196,234 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 during the first six months of 2017 and 2016. 2017 2016 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Stock Options 632,050 $ 17.43 1,333,210 $ 6.24 Restricted Stock Units 336,120 $ 36.59 1,117,495 $ 14.27 TSR Performance Awards (c) 156,770 $ 42.45 308,130 $ 10.02 (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 in both of the three month periods ended June 30, 2017 and 2016 , respectively, and $15 million and $11 million in the first six months of 2017 and 2016 , respectively. As of June 30, 2017 , total future compensation expense related to nonvested stock-based compensation arrangements was $30 million , and the weighted average period over which this expense is expected to be recognized is approximately 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 generally vest ratably over three years and have a term of ten years. Black-Scholes Assumptions 2017 Grants 2016 Grants Grant date price per share of option award $ 36.53 $ 14.78 Exercise price per share of option award $ 36.53 $ 14.78 Expected annual dividends per share, at grant date $ 0.20 $ 0.20 Expected life in years 5.0 5.0 Expected volatility 57 % 53 % Risk-free interest rate 1.97 % 1.46 % Grant date fair value per share of unvested option awards as calculated from above $ 17.43 $ 6.24 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 awarded as part of annual grants generally vest ratably over three years. The fair value is the market price of the underlying common stock on the date of the grant. Restricted stock units granted in connection with new-hire or retention grants generally cliff vest three years from the date of grant. TSR performance awards generally vest at the end of a three -year performance period and the value of the award is based upon U. S. Steel's total shareholder return compared to the total shareholder return of a peer group of companies over the three -year performance period. The value of the performance awards is 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) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Tax provision For the six months ended June 30, 2017 and 2016 , we recorded a tax provision of $3 million on our pretax earnings of $84 million and a tax provision of $7 million on our pretax loss of $379 million , respectively. Included in the tax provision in the first six months of 2017 is a benefit of $13 million related to the carryback of certain losses to prior years. Due to the full valuation allowance on our domestic deferred tax assets, the tax provision does not reflect any benefit for domestic pretax losses, if any. The tax provision for the first six months of 2017 is based on an estimated annual effective rate, which requires management to make its best estimate of annual pretax income or loss. During the year, management regularly updates forecasted annual pretax results for the various countries in which we operate based on changes in factors such as prices, shipments, product mix, plant operating performance and cost estimates. To the extent that actual 2017 pretax results for U.S. and foreign income or loss vary from estimates applied herein, the actual tax provision or benefit recognized in 2017 could be materially different from the forecasted amount used to estimate the tax provision for the six months ended June 30, 2017 . 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 June 30, 2017 , U. S. Steel reviewed all available positive and negative evidence and determined that it is more likely than not that all of its net domestic deferred tax assets may not be realized. U. S. Steel will continue to monitor the realizability of its deferred tax assets on a quarterly basis. 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 ASC Topic 740 on income taxes. As of both June 30, 2017 and December 31, 2016 , the total amount of gross unrecognized tax benefits was $72 million . The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $10 million as of June 30, 2017 and $9 million as of December 31, 2016 . U. S. Steel records interest related to uncertain tax positions as a part of net interest and other financial costs in the Consolidated Statement of Operations. Any penalties are recognized as part of selling, general and administrative expenses. As of June 30, 2017 and December 31, 2016 , U. S. Steel had accrued liabilities of $5 million and $4 million , respectively, for interest and penalties related to uncertain tax positions. |
Earnings and Dividends Per Comm
Earnings and Dividends Per Common Share (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
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, provided in each case the effect is dilutive. The computations for basic and diluted earnings (loss) per common share from continuing operations are as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions, except per share amounts) 2017 2016 2017 2016 Earnings (loss) attributable to United States Steel Corporation stockholders $ 261 $ (46 ) $ 81 $ (386 ) Weighted-average shares outstanding (in thousands): Basic 174,797 146,582 174,521 146,492 Effect of stock options, restricted stock units and performance awards 1,231 — 1,798 — Adjusted weighted-average shares outstanding, diluted 176,028 146,582 176,319 146,492 Basic earnings (loss) per common share $ 1.49 $ (0.32 ) $ 0.46 $ (2.64 ) Diluted earnings (loss) per common share $ 1.48 $ (0.32 ) $ 0.46 $ (2.64 ) 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 June 30, Six Months Ended (In thousands) 2017 2016 2017 2016 Securities granted under the 2005 Stock Incentive Plan, as amended, and the 2016 Omnibus Incentive Compensation Plan, as amended 3,538 10,126 1,669 10,126 Dividends Paid Per Share The dividend for each of the first and second quarters of 2017 and 2016 was five cents per common share. |
Inventories (Notes)
Inventories (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are carried at the lower of cost or market for last-in, first-out (LIFO) inventories and lower of cost and net realizable value for first-in, first-out (FIFO) method inventories. The LIFO method is the predominant method of inventory costing in the United States. The FIFO method is the predominant method of inventory costing in Europe. At June 30, 2017 and December 31, 2016 , the LIFO method accounted for 74 percent and 75 percent of total inventory values, respectively. (In millions) June 30, 2017 December 31, 2016 Raw materials $ 499 $ 449 Semi-finished products 789 686 Finished products 388 375 Supplies and sundry items 51 63 Total $ 1,727 $ 1,573 Current acquisition costs were estimated to exceed the above inventory values by $771 million and $489 million at June 30, 2017 and December 31, 2016 , respectively. As a result of the liquidation of LIFO inventories, cost of sales decreased and earnings (loss) before interest and income taxes increased by $7 million and $1 million for the three and six months ended June 30, 2017 , respectively. Cost of sales increased and earnings (loss) before interest and income taxes decreased by $29 million and $75 million for the three and six months ended June 30, 2016 , respectively, as a result of liquidation of LIFO inventories. Inventory includes $45 million and $54 million of property held for residential or commercial development as of June 30, 2017 and December 31, 2016 , respectively. |
Derivative Instruments (Notes)
Derivative Instruments (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
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, cash requirements may be funded by intercompany loans, which may create intercompany monetary assets and liabilities in currencies other than the functional currency of the entities involved and 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 June 30, 2017 , U. S. Steel held euro forward sales contracts with a total notional value of approximately $216 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 2017 and 2016, the forward physical purchase contracts for natural gas and nonferrous metals qualified for the normal purchases and normal sales exemption described in ASC Topic 815 and were not subject to mark-to-market accounting. The following summarizes the location and amounts of the fair values and gains or losses related to derivatives included in U. S. Steel's consolidated financial statements as of June 30, 2017 and December 31, 2016 and for the three and six months ended June 30, 2017 and 2016 : Fair Value Fair Value (In millions) Balance Sheet June 30, 2017 December 31, 2016 Foreign exchange forward contracts Accounts receivable $ — $ 9 Foreign exchange forward contracts Accounts payable $ 9 $ — (In millions) Statement of Amount of Gain (Loss) Amount of Gain (Loss) Three Months Ended June 30, 2017 Six Months Ended Foreign exchange forward contracts Other financial income/ $ (11 ) $ (13 ) (In millions) Statement of Amount of (Loss) Amount of Gain Three Months Ended Six Months Ended June 30, 2016 Foreign exchange forward contracts Other financial income/ $ (6 ) $ 4 In accordance with the guidance found in ASC Topic 820 on fair value measurements and disclosures, the fair value of our euro forward sales contracts is determined using Level 2 inputs, which are defined as "significant other observable" inputs. The inputs used are from market sources that aggregate data based upon market transactions. |
Debt (Notes)
Debt (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt (In millions) Interest Rates % Maturity June 30, 2017 December 31, 2016 2037 Senior Notes 6.65 2037 $ 350 $ 350 2022 Senior Notes 7.50 2022 400 400 2021 Senior Secured Notes 8.375 2021 980 980 2021 Senior Notes 6.875 2021 200 200 2020 Senior Notes 7.375 2020 432 432 2018 Senior Notes 7.00 2018 161 161 Environmental Revenue Bonds 5.50 - 6.88 2017 - 2042 411 447 Recovery Zone Facility Bonds 6.75 2040 — 70 Fairfield Caster Lease 2022 26 28 Other capital leases and all other obligations 2019 1 1 Third Amended and Restated Credit Agreement Variable 2020 — — USSK Revolver Variable 2020 — — USSK credit facilities Variable 2017 - 2018 — — Total Debt 2,961 3,069 Less unamortized discount and debt issuance costs 34 38 Less short-term debt and long-term debt due within one year 175 50 Long-term debt $ 2,752 $ 2,981 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, 2016. Redemption of Recovery Zone Facility Bonds On March 10, 2017, U. S. Steel announced the permanent shutdown of the No. 6 Quench & Temper Mill at Lorain Tubular Operations in Lorain, Ohio. Under the terms of the Trust Indenture dated as of December 1, 2010, between the Lorain County Port Authority and The Bank of New York Mellon Trust Company, N.A., as Trustee (the Indenture), this action and our decision to relocate the Lorain No. 6 Quench & Temper equipment to one of several other sites under consideration to optimize our operations, triggered an Extraordinary Mandatory Redemption of the Lorain County Port Authority Recovery Zone Facility Revenue Bonds (the Recovery Zone Bonds) and accordingly required U. S. Steel to redeem the Recovery Zone Bonds and repay in full the principal amount plus accrued interest. In accordance with the terms of the Indenture, U. S. Steel paid in full all amounts due under the Indenture, comprised of $70 million principal and accrued interest of approximately $2 million , on April 27, 2017. Third Amended and Restated Credit Agreement As of June 30, 2017 , 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 June 30, 2017 , the amount available to the Company under this facility was reduced by $4 million to $1,496 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 June 30, 2017 , we have met this covenant. If we are unable to meet this covenant in future periods, the amount available to the Company under this facility would be reduced by $150 million . 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 the Company's Consolidated Net Tangible Assets. U. S. Steel Košice ( USSK) revolver and credit facilities At June 30, 2017 , USSK had no borrowings under its €200 million (approximately $228 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 as defined in the USSK Credit Agreement. The covenants are measured semi-annually for the period covering the last twelve calendar months. USSK may not draw on the USSK Credit Agreement if it does not comply with any of the financial covenants until the next measurement date. At June 30, 2017 , USSK had full availability under the USSK Credit Agreement. The USSK Credit Agreement expires in July 2020. The USSK Credit Agreement permits one additional one -year extension to the final maturity date at the mutual consent of USSK and its lenders. At June 30, 2017 , USSK had no borrowings under its €40 million and €10 million unsecured credit facilities (collectively approximately $57 million ) and the availability was approximately $55 million due to approximately $2 million of customs and other guarantees outstanding. On November 2, 2016, USSK entered into an amendment of 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 $2,523 million as of June 30, 2017 (including the Senior Notes and the 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 $27 million or provide a letter of credit to secure the remaining obligation. |
Asset Retirement Obligations (N
Asset Retirement Obligations (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations U. S. Steel’s asset retirement obligations (AROs) primarily relate to mine and landfill closure and post-closure costs. The following table reflects changes in the carrying values of AROs: (In millions) June 30, 2017 December 31, 2016 Balance at beginning of year $ 79 $ 89 Additional obligations incurred — 2 Obligations settled (2 ) (15 ) Change in estimate of obligations (6 ) — Foreign currency translation effects 1 — Accretion expense 1 3 Balance at end of period $ 73 $ 79 Certain AROs related to disposal costs of the majority of fixed assets at our integrated steel facilities have not been recorded because they have an indeterminate settlement date. These AROs will be initially recognized in the period in which sufficient information exists to estimate their fair value. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 . June 30, 2017 December 31, 2016 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 3,052 $ 2,927 $ 3,139 $ 3,002 (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) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Statement of Changes in Stockholders' Equity | Statement of Changes in Stockholders’ Equity The following table reflects the first six months of 2017 and 2016 reconciliation of the carrying amount of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests: Six Months Ended June 30, 2017 (In millions) Total Accumulated Deficit Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 2,275 $ (250 ) $ (1,497 ) $ 176 $ (182 ) $ 4,027 $ 1 Comprehensive income (loss): Net earnings 81 81 Other comprehensive income, net of tax: Pension and other benefit adjustments 92 92 Currency translation adjustment 105 105 Employee stock plans 19 86 (67 ) Dividends paid on common stock (18 ) (18 ) Other 1 4 (3 ) Balance at June 30, 2017 $ 2,555 $ (165 ) $ (1,303 ) $ 176 $ (96 ) $ 3,942 $ 1 Six Months Ended June 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 (386 ) (386 ) Other comprehensive income (loss), net of tax: Pension and other benefit adjustments (182 ) (182 ) Currency translation adjustment 31 31 Employee stock plans 9 42 (33 ) Dividends paid on common stock (15 ) (15 ) Other 20 (1 ) 21 Balance at June 30, 2016 $ 1,914 $ (197 ) $ (1,299 ) $ 151 $ (297 ) $ 3,555 $ 1 |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 $ (1,771 ) $ 274 $ — $ (1,497 ) Other comprehensive income before reclassifications 186 105 (1 ) 290 Amounts reclassified from AOCI (94 ) (b) — (2 ) (96 ) Net current-period other comprehensive income 92 105 (3 ) 194 Balance at June 30, 2017 $ (1,679 ) $ 379 $ (3 ) $ (1,303 ) (a) Amounts do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. (b) See table below for further details. Amount reclassified from AOCI Three Months Ended June 30, Six Months Ended June 30, (In millions) (a) Details about AOCI components 2017 2016 2017 2016 Amortization of pension and other benefit items Prior service costs (b) $ (7 ) $ (10 ) $ (14 ) $ (19 ) Actuarial losses (b) (38 ) (33 ) (76 ) (65 ) Settlement, termination and curtailment losses (b) — (3 ) (4 ) (3 ) Total before tax (45 ) (46 ) (94 ) (87 ) Tax benefit — — — — Net of tax (c) $ (45 ) $ (46 ) $ (94 ) $ (87 ) (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 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) | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Transactions with Related Parties Net sales to related parties and receivables from related parties primarily reflect sales of raw materials and steel products to equity investees and 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 $357 million and $264 million for the three months ended June 30, 2017 and 2016 , respectively and $670 million and $579 million for the six months ended June 30, 2017 and 2016 , 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 $41 million and $24 million for the three months ended June 30, 2017 and 2016 , respectively and $55 million and $43 million for the six months ended June 30, 2017 and 2016 , respectively. Purchases of iron ore pellets from related parties amounted to $44 million and $42 million for the three months ended June 30, 2017 and 2016 , respectively and $80 million and $88 million for the six months ended June 30, 2017 and 2016 , respectively. Accounts payable to related parties include balances due to PRO-TEC Coating Company (PRO-TEC) of $72 million and $63 million at June 30, 2017 and December 31, 2016 , 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 $5 million and $3 million at June 30, 2017 and December 31, 2016 , respectively. As a result of the completion of the restructuring and disposition of U. S. Steel Canada Inc. on June 30, 2017, subsequent transactions between the Company and U. S. Steel Canada Inc. will no longer be considered related party transactions and will be accounted for and recognized as third-party transactions. See Note 21 for further details. |
Restructuring and Other Charges
Restructuring and Other Charges (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges During the six months ended June 30, 2017, the Company recorded a net restructuring charge of $32 million , which consists of charges of $35 million related to the permanent shutdown of the No. 6 Quench & Temper Mill at Lorain Tubular Operations and a favorable adjustment of $3 million primarily associated with a change in estimate for previously recorded costs for environmental obligations and Company-wide headcount reductions. Cash payments were made related to severance and exit costs of $17 million . During the three months ended June 30, 2016 , the Company recorded a net favorable adjustment of $6 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 health care benefits. During the six months ended June 30, 2016 , the Company recorded a net charge of $4 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 health care benefits. Charges for restructuring and ongoing cost reduction initiatives are recorded in the period the Company commits to a restructuring or cost reduction plan, or executes specific actions contemplated by the plan and all criteria for liability recognition have been met. Charges related to the restructuring and cost reductions are reported in restructuring and other charges in the Consolidated Statements of Operations. The activity in the accrued balances incurred in relation to restructuring and other cost reduction programs during the six months ended June 30, 2017 were as follows: Employee Related Exit Non-cash (in millions) Costs Costs Charges Total Balance at December 31, 2016 $ 14 $ 60 $ — $ 74 Additional charges 1 — 35 36 Cash payments/utilization (6 ) (11 ) (35 ) (52 ) Other adjustments and reclassifications (2 ) (2 ) — (4 ) Balance at June 30, 2017 $ 7 $ 47 $ — $ 54 Accrued liabilities for restructuring and other cost reduction programs are included in the following balance sheet lines: (in millions) June 30, 2017 December 31, 2016 Accounts payable $ 38 $ 50 Payroll and benefits payable 4 11 Employee Benefits 1 1 Deferred credits and other noncurrent liabilities 11 12 Total $ 54 $ 74 |
Contingencies and Commitments (
Contingencies and Commitments (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Contingencies and Commitments U. S. Steel is the subject of, or party to, a number of pending or threatened legal actions, contingencies and commitments involving a variety of matters, including laws and regulations relating to the environment. Certain of these matters are discussed below. The ultimate resolution of these contingencies could, individually or in the aggregate, be material to the Consolidated Financial Statements. However, management believes that U. S. Steel will remain a viable and competitive enterprise even though it is possible that these contingencies could be resolved unfavorably. U. S. Steel accrues for estimated costs related to existing lawsuits, claims and proceedings when it is probable that it will incur these costs in the future, and the costs are reasonably determinable. Asbestos matters – As of June 30, 2017 , U. S. Steel was a defendant in approximately 850 active cases involving approximately 3,345 plaintiffs. The vast majority of these cases involve multiple defendants. At December 31, 2016 , U. S. Steel was a defendant in approximately 845 active cases involving approximately 3,340 plaintiffs. As of June 30, 2017 , about 2,500 , or approximately 75 percent , of these plaintiff claims are pending in jurisdictions which permit filings with massive numbers of plaintiffs. Based upon U. S. Steel’s experience in such cases, we believe that the actual number of plaintiffs who ultimately assert claims against U. S. Steel will likely be a small fraction of the total number of plaintiffs. The following table shows the number of asbestos claims in the current period and the prior three years: Period ended Opening Claims New Closing December 31, 2014 3,320 190 325 3,455 December 31, 2015 3,455 415 275 3,315 December 31, 2016 3,315 225 250 3,340 June 30, 2017 3,340 120 125 3,345 Historically, asbestos-related claims against U. S. Steel fall into three groups: (1) claims made by persons who allegedly were exposed to asbestos on the premises of U. S. Steel facilities; (2) claims made by persons allegedly exposed to products manufactured by U. S. Steel; and (3) claims made under certain federal and maritime laws by employees of former operations of U. S. Steel. The amount U. S. Steel accrues for pending asbestos claims is not material to U. S. Steel’s financial condition. However, U. S. Steel is unable to estimate the ultimate outcome of asbestos-related claims due to a number of uncertainties, including (1) the rates at which new claims are filed, (2) the number of and effect of bankruptcies of other companies traditionally defending asbestos claims, (3) uncertainties associated with the variations in the litigation process from jurisdiction to jurisdiction, (4) uncertainties regarding the facts, circumstances and disease process with each claim, and (5) any new legislation enacted to address asbestos-related claims. Despite these uncertainties, management believes that the ultimate resolution of these matters will not have a material adverse effect on U. S. Steel’s financial condition, although the resolution of such matters could significantly impact results of operations for a particular quarter. Environmental matters – U. S. Steel is subject to federal, state, local and foreign laws and regulations relating to the environment. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites. Penalties may be imposed for noncompliance. Changes in accrued liabilities for remediation activities where U. S. Steel is identified as a named party are summarized in the following table: (In millions) Six Months Ended June 30, 2017 Beginning of period $ 179 Accruals for environmental remediation deemed probable and reasonably estimable 5 Obligations settled (4 ) End of period $ 180 Accrued liabilities for remediation activities are included in the following Consolidated Balance Sheet lines: (In millions) June 30, 2017 December 31, 2016 Accounts payable $ 20 $ 19 Deferred credits and other noncurrent liabilities 160 160 Total $ 180 $ 179 Expenses related to remediation are recorded in cost of sales and were immaterial for both the three and six month periods ended June 30, 2017 and 2016 . It is not currently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed. Due to uncertainties inherent in remediation projects and the associated liabilities, it is reasonably possible that total remediation costs for active matters may exceed the accrued liabilities by as much as 15 to 30 percent . Remediation Projects U. S. Steel is involved in environmental remediation projects at or adjacent to several current and former U. S. Steel facilities and other locations that are in various stages of completion ranging from initial characterization through post-closure monitoring. Based on the anticipated scope and degree of uncertainty of projects, we categorize projects as follows: (1) Projects with Ongoing Study and Scope Development - Projects which are still in the development phase. For these projects, the extent of remediation that may be required is not yet known, the remediation methods and plans are not yet developed, and/or cost estimates cannot be determined. Therefore, significant costs, in addition to the accrued liabilities for these projects, are reasonably possible. There are six environmental remediation projects where additional costs for completion are not currently estimable, but could be material. These projects are at Fairfield Works, Lorain Tubular, USS-POSCO Industries (UPI), the Fairless Plant, Cherryvale Zinc, and the former steelmaking plant at Joliet, Illinois. As of June 30, 2017 , 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 $30 million to $50 million . (2) Significant Projects with Defined Scope - Projects with significant accrued liabilities with a defined scope. As of June 30, 2017 , there are three significant projects with defined scope greater than or equal to $5 million each, with a total accrued liability of $137 million . These projects are Gary RCRA (accrued liability of $27 million ), the former Geneva facility (accrued liability of $63 million ), and the former Duluth facility St. Louis River Estuary (accrued liability of $47 million ). (3) Other Projects with a Defined Scope - Projects with relatively small accrued liabilities for which we believe that, while additional costs are possible, they are not likely to be significant, and also include those projects for which we do not yet possess sufficient information to estimate potential costs to U. S. Steel. There are two other environmental remediation projects which each had an accrued liability of between $1 million and $5 million . The total accrued liability for these projects at June 30, 2017 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 June 30, 2017 was $6 million . We do not foresee material additional liabilities for any of these sites. Post-Closure Costs – Accrued liabilities for post-closure site monitoring and other costs at various closed landfills totaled $23 million at June 30, 2017 and were based on known scopes of work. Administrative and Legal Costs – As of June 30, 2017 , U. S. Steel had an accrued liability of $6 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 six months of 2017 and 2016 , such capital expenditures totaled $33 million and $20 million , respectively. U. S. Steel anticipates making additional such expenditures in the future; however, the exact amounts and timing of such expenditures are uncertain because of the continuing evolution of specific regulatory requirements. 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. Based on 2016 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. We estimate a shortfall of approximately 16 million allowances for the Phase III period. However, due to a number of variable factors such as the future market value of allowances, future production levels and future emission intensity levels, we cannot reliably estimate the full cost of complying with the ETS regulations at this time. The EU’s Industry Emission Directive will require implementation of EU determined best available techniques (BAT) to reduce environmental impacts as well as compliance with BAT associated emission levels. Our most recent broad estimate of future capital expenditures for projects to comply with or go beyond BAT requirements is €138 million (approximately $157 million ) over the 2017 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. See Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, Environmental Matters, Litigation and Contingencies, Slovak Operations. 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 European Commission (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, sulfur dioxide (SO 2 ) and nitrogen oxide (NO x )) 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, carbon dioxide (CO 2 ) emissions and operating, maintenance and waste disposal costs once completed. The construction of the new boiler is complete with a total final projected cost of €77 million ( approximately $88 million ). Reconstruction of the existing boiler, with a projected cost of €54 million (approximately $62 million ), is in progress. The total remaining to be spent on the projects is projected to be €13 million (approximately $15 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 June 30, 2017 . EPA Region V Federal Lawsuit – This is a Clean Air Act (CAA) enforcement action that was filed in Federal Court in the Northern District of Indiana in 2012. 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. A Consent Decree with a proposed settlement agreement was filed with the Court on November 22, 2016. As part of the settlement agreement, U. S. Steel agreed to perform seven supplemental environmental projects totaling approximately $3 million and pay a civil penalty of approximately $2 million . The enforcement action concluded on March 30, 2017 when the Court signed and entered the Consent Decree. In April 2017, U. S. Steel satisfied payment of the approximately $2 million civil penalty and is currently in various phases of implementing the supplemental environmental projects. CCAA - On September 16, 2014, U. S. Steel Canada Inc. (USSC) commenced court-supervised restructuring proceedings under Canada's Companies' Creditors Arrangement Act (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 had appealed the determinations of the Court, but the appeals have been discontinued as a result of the sale of USSC to an affiliate of Bedrock Industries Group LLC (Bedrock) on June 30, 2017. 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 June 30, 2017 ). 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 $160 million as of June 30, 2017 , 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 $42 million and $40 million at June 30, 2017 and December 31, 2016 , respectively. Capital Commitments – At June 30, 2017 , U. S. Steel’s contractual commitments to acquire property, plant and equipment totaled $112 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 2017 2018 2019 2020 2021 Later Total $516 $701 $398 $316 $309 $1,063 $3,303 The majority of U. S. Steel’s unconditional purchase obligations relates to the supply of industrial gases, and certain energy and utility services with terms ranging from two to 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 June 30, 2017 , if U. S Steel were to terminate the agreement, it may be obligated to pay in excess of $193 million . Total payments relating to unconditional purchase obligations were $151 million and $123 million for the three months ended June 30, 2017 and 2016 , respectively, and $292 million and $255 million for the six months ended June 30, 2017 and 2016 , respectively. |
U. S. Steel Canada Retained Int
U. S. Steel Canada Retained Interest (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
U. S. Steel Canada Retained Interest [Abstract] | |
U. S. Steel Canada Retained Interest | U. S. Steel Canada Inc. Retained Interest On June 30, 2017, U. S. Steel completed the restructuring and disposition of USSC through a sale and transfer of all of the issued and outstanding shares in USSC to an affiliate of Bedrock. In accordance with the Second Amended and Restated Plan of Compromise, Arrangement and Reorganization, approved by the Ontario Superior Court of Justice on June 9, 2017, U. S. Steel received approximately $127 million in satisfaction of its secured claims, including interest, which resulted in a gain of $72 million on the Company's retained interest in USSC. U. S. Steel also agreed to the discharge and cancellation of its unsecured claims for nominal consideration. The terms of the settlement also included mutual releases among key stakeholders, including a release of all claims against the Company regarding environmental, pension and other liabilities. |
Significant Equity Investments
Significant Equity Investments (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Significant Equity Investments | Significant Equity Investments Summarized unaudited income statement information for our significant equity investments for the six months ended June 30, 2017 and 2016 is reported below (amounts represent 100% of investee financial information): (In millions) 2017 2016 Net sales $ 533 $ 578 Cost of sales 468 544 Operating income 43 12 Net earnings 38 3 Net earnings attributable to significant equity investments 38 3 U. S. Steel's portion of the equity in net earnings of the significant equity investments above was $20 million and $4 million for the six months ended June 30, 2017 and 2016, respectively, which is included in the earnings from investees line on the Consolidated Statement of Operations. |
Basis of Presentation and Sig29
Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Change in Accounting Estimate - Capitalization and Depreciation Method | U. S. Steel allocated the existing net book value of group assets at the transition date to approximate a unitary depreciation methodology, and the fixed assets will be depreciated over their estimated remaining useful lives as follows: (In millions) Remaining Useful Life of Assets Net Book Value at December 31, 2016 Under 5 years $ 597 6-10 years 629 11-15 years 765 16-20 years 654 21-25 years 363 Over 25 years 479 Assets not subject to depreciation 492 Total $ 3,979 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Results of Segment Operations | The results of segment operations for three months ended June 30, 2017 and 2016 are: (In millions) Three Months Ended June 30, 2017 Customer Intersegment Net Earnings Earnings (loss) Before Interest and Income Taxes Flat-Rolled $ 2,151 $ 92 $ 2,243 $ 14 $ 218 USSE 740 12 752 — 55 Tubular 234 — 234 2 (29 ) Total reportable segments 3,125 104 3,229 16 244 Other Businesses 19 29 48 — 9 Reconciling Items and Eliminations — (133 ) (133 ) — 60 Total $ 3,144 $ — $ 3,144 $ 16 $ 313 Three Months Ended June 30, 2016 Flat-Rolled $ 1,926 $ — $ 1,926 $ 27 $ 6 USSE 565 1 566 — 55 Tubular 81 2 83 2 (78 ) Total reportable segments 2,572 3 2,575 29 (17 ) Other Businesses 12 25 37 (1 ) 10 Reconciling Items and Eliminations — (28 ) (28 ) — 35 Total $ 2,584 $ — $ 2,584 $ 28 $ 28 The results of segment operations for the six months ended June 30, 2017 and 2016 are: (In millions) Six Months Ended June 30, 2017 Customer Intersegment Net Earnings Earnings (loss) Before Interest and Income Taxes Flat-Rolled $ 4,016 $ 113 $ 4,129 $ 17 $ 128 USSE 1,413 24 1,437 — 142 Tubular 405 1 406 3 (86 ) Total reportable segments 5,834 138 5,972 20 184 Other Businesses 35 60 95 — 22 Reconciling Items and Eliminations — (198 ) (198 ) 9 Total $ 5,869 $ — $ 5,869 $ 20 $ 215 Six Months Ended June 30, 2016 Flat-Rolled $ 3,657 $ 16 $ 3,673 $ 71 $ (182 ) USSE 1,041 2 1,043 — 41 Tubular 190 1 191 4 (142 ) Total reportable segments 4,888 19 4,907 75 (283 ) Other Businesses 37 53 90 (2 ) 24 Reconciling Items and Eliminations — (72 ) (72 ) — 26 Total $ 4,925 $ — $ 4,925 $ 73 $ (233 ) |
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 June 30, Six Months Ended June 30, (In millions) 2017 2016 2017 2016 Items not allocated to segments: Postretirement benefit (expense) income (a) $ (12 ) $ 12 $ (28 ) $ 28 Other items not allocated to segments: Loss on shutdown of certain tubular assets (b) — — (35 ) — Gain associated with retained interest in U. S. Steel Canada Inc. (Note 21) 72 — 72 — Restructuring and other charges and adjustments (c) — 23 — (2 ) Total other items not allocated to segments 72 23 37 (2 ) Total reconciling items $ 60 $ 35 $ 9 $ 26 (a) Consists of the net periodic benefit cost elements, other than service cost and amortization of prior service cost for active employees, associated with our defined pension, retiree health care and life insurance benefit plans. (b) Included in Restructuring and other charges on the Consolidated Statement of Operations. See Note 19 to the Consolidated Financial Statements. (c) For the three and six months ended June 30, 2016, approximately $(17) million and $(2) million is included in Cost of sales, respectively and approximately $(6) million and $4 million is included in the Restructuring and other charges in the Consolidated Statement of Operations, respectively. See Note 19 to the Consolidated Financial Statements. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets | Intangible assets are being amortized on a straight-line basis over their estimated useful lives and are detailed below: As of June 30, 2017 As of December 31, 2016 (In millions) Useful Gross Accumulated Net Gross Accumulated Net Customer relationships 12 Years $ 132 $ 62 $ 70 $ 132 $ 59 $ 73 Patents 2-10 Years 22 3 19 22 2 20 Other 5-10 Years 14 7 7 14 7 7 Total amortizable intangible assets $ 168 $ 72 $ 96 $ 168 $ 68 $ 100 |
Pensions and Other Benefits (Ta
Pensions and Other Benefits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and 2016 : Pension Other (In millions) 2017 2016 2017 2016 Service cost $ 12 $ 13 $ 5 $ 5 Interest cost 59 65 24 24 Expected return on plan assets (97 ) (105 ) (17 ) (38 ) Amortization of prior service cost — 3 7 7 Amortization of actuarial net loss 37 32 1 1 Net periodic benefit cost (income), excluding below 11 8 20 (1 ) Multiemployer plans 14 15 — — Settlement, termination and curtailment losses — 3 — — Net periodic benefit cost (income) $ 25 $ 26 $ 20 $ (1 ) The following table reflects the components of net periodic benefit cost (income) for the six months ended June 30, 2017 and 2016 : Pension Other (In millions) 2017 2016 2017 2016 Service cost $ 24 $ 26 $ 9 $ 10 Interest cost 118 130 47 49 Expected return on plan assets (194 ) (210 ) (33 ) (75 ) Amortization of prior service cost — 6 14 13 Amortization of actuarial net loss 74 64 2 1 Net periodic benefit cost (income), excluding below 22 16 39 (2 ) Multiemployer plans 29 32 — — Settlement, termination and curtailment losses 4 3 — — Net periodic benefit cost (income) $ 55 $ 51 $ 39 $ (2 ) |
Stock-Based Compensation Plan33
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 during the first six months of 2017 and 2016. 2017 2016 Grant Details Shares (a) Fair Value (b) Shares (a) Fair Value (b) Stock Options 632,050 $ 17.43 1,333,210 $ 6.24 Restricted Stock Units 336,120 $ 36.59 1,117,495 $ 14.27 TSR Performance Awards (c) 156,770 $ 42.45 308,130 $ 10.02 (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 generally vest ratably over three years and have a term of ten years. Black-Scholes Assumptions 2017 Grants 2016 Grants Grant date price per share of option award $ 36.53 $ 14.78 Exercise price per share of option award $ 36.53 $ 14.78 Expected annual dividends per share, at grant date $ 0.20 $ 0.20 Expected life in years 5.0 5.0 Expected volatility 57 % 53 % Risk-free interest rate 1.97 % 1.46 % Grant date fair value per share of unvested option awards as calculated from above $ 17.43 $ 6.24 |
Earnings and Dividends Per Co34
Earnings and Dividends Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six Months Ended June 30, (Dollars in millions, except per share amounts) 2017 2016 2017 2016 Earnings (loss) attributable to United States Steel Corporation stockholders $ 261 $ (46 ) $ 81 $ (386 ) Weighted-average shares outstanding (in thousands): Basic 174,797 146,582 174,521 146,492 Effect of stock options, restricted stock units and performance awards 1,231 — 1,798 — Adjusted weighted-average shares outstanding, diluted 176,028 146,582 176,319 146,492 Basic earnings (loss) per common share $ 1.49 $ (0.32 ) $ 0.46 $ (2.64 ) Diluted earnings (loss) per common share $ 1.48 $ (0.32 ) $ 0.46 $ (2.64 ) |
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 June 30, Six Months Ended (In thousands) 2017 2016 2017 2016 Securities granted under the 2005 Stock Incentive Plan, as amended, and the 2016 Omnibus Incentive Compensation Plan, as amended 3,538 10,126 1,669 10,126 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | (In millions) June 30, 2017 December 31, 2016 Raw materials $ 499 $ 449 Semi-finished products 789 686 Finished products 388 375 Supplies and sundry items 51 63 Total $ 1,727 $ 1,573 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Location and Amounts of Fair Values Related to Derivatives in Financial Statements | The following summarizes the location and amounts of the fair values and gains or losses related to derivatives included in U. S. Steel's consolidated financial statements as of June 30, 2017 and December 31, 2016 and for the three and six months ended June 30, 2017 and 2016 : Fair Value Fair Value (In millions) Balance Sheet June 30, 2017 December 31, 2016 Foreign exchange forward contracts Accounts receivable $ — $ 9 Foreign exchange forward contracts Accounts payable $ 9 $ — |
Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements | (In millions) Statement of Amount of Gain (Loss) Amount of Gain (Loss) Three Months Ended June 30, 2017 Six Months Ended Foreign exchange forward contracts Other financial income/ $ (11 ) $ (13 ) (In millions) Statement of Amount of (Loss) Amount of Gain Three Months Ended Six Months Ended June 30, 2016 Foreign exchange forward contracts Other financial income/ $ (6 ) $ 4 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | (In millions) Interest Rates % Maturity June 30, 2017 December 31, 2016 2037 Senior Notes 6.65 2037 $ 350 $ 350 2022 Senior Notes 7.50 2022 400 400 2021 Senior Secured Notes 8.375 2021 980 980 2021 Senior Notes 6.875 2021 200 200 2020 Senior Notes 7.375 2020 432 432 2018 Senior Notes 7.00 2018 161 161 Environmental Revenue Bonds 5.50 - 6.88 2017 - 2042 411 447 Recovery Zone Facility Bonds 6.75 2040 — 70 Fairfield Caster Lease 2022 26 28 Other capital leases and all other obligations 2019 1 1 Third Amended and Restated Credit Agreement Variable 2020 — — USSK Revolver Variable 2020 — — USSK credit facilities Variable 2017 - 2018 — — Total Debt 2,961 3,069 Less unamortized discount and debt issuance costs 34 38 Less short-term debt and long-term debt due within one year 175 50 Long-term debt $ 2,752 $ 2,981 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes in Carrying Values of Asset Retirement Obligations | The following table reflects changes in the carrying values of AROs: (In millions) June 30, 2017 December 31, 2016 Balance at beginning of year $ 79 $ 89 Additional obligations incurred — 2 Obligations settled (2 ) (15 ) Change in estimate of obligations (6 ) — Foreign currency translation effects 1 — Accretion expense 1 3 Balance at end of period $ 73 $ 79 |
Fair Value of Financial Instr39
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Not Carried at Fair Value | The following table summarizes U. S. Steel’s financial assets and liabilities that were not carried at fair value at June 30, 2017 and December 31, 2016 . June 30, 2017 December 31, 2016 (In millions) Fair Carrying Fair Carrying Financial liabilities: Long-term debt (a) $ 3,052 $ 2,927 $ 3,139 $ 3,002 (a) Excludes capital lease obligations. |
Statement of Changes in Stock40
Statement of Changes in Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Consolidated Statement of Changes in Equity | The following table reflects the first six months of 2017 and 2016 reconciliation of the carrying amount of total equity, equity attributable to U. S. Steel and equity attributable to noncontrolling interests: Six Months Ended June 30, 2017 (In millions) Total Accumulated Deficit Accumulated Common Treasury Paid-in Non- Balance at beginning of year $ 2,275 $ (250 ) $ (1,497 ) $ 176 $ (182 ) $ 4,027 $ 1 Comprehensive income (loss): Net earnings 81 81 Other comprehensive income, net of tax: Pension and other benefit adjustments 92 92 Currency translation adjustment 105 105 Employee stock plans 19 86 (67 ) Dividends paid on common stock (18 ) (18 ) Other 1 4 (3 ) Balance at June 30, 2017 $ 2,555 $ (165 ) $ (1,303 ) $ 176 $ (96 ) $ 3,942 $ 1 Six Months Ended June 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 (386 ) (386 ) Other comprehensive income (loss), net of tax: Pension and other benefit adjustments (182 ) (182 ) Currency translation adjustment 31 31 Employee stock plans 9 42 (33 ) Dividends paid on common stock (15 ) (15 ) Other 20 (1 ) 21 Balance at June 30, 2016 $ 1,914 $ (197 ) $ (1,299 ) $ 151 $ (297 ) $ 3,555 $ 1 |
Reclassifications from Accumu41
Reclassifications from Accumulated Other Comprehensive Income (AOCI) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income Activity Net of Tax | (In millions) (a) Pension and Foreign Other Total Balance at December 31, 2016 $ (1,771 ) $ 274 $ — $ (1,497 ) Other comprehensive income before reclassifications 186 105 (1 ) 290 Amounts reclassified from AOCI (94 ) (b) — (2 ) (96 ) Net current-period other comprehensive income 92 105 (3 ) 194 Balance at June 30, 2017 $ (1,679 ) $ 379 $ (3 ) $ (1,303 ) (a) Amounts do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. (b) See table below for further details. |
Defined Benefit Plan In other Comprehensive Income | Amount reclassified from AOCI Three Months Ended June 30, Six Months Ended June 30, (In millions) (a) Details about AOCI components 2017 2016 2017 2016 Amortization of pension and other benefit items Prior service costs (b) $ (7 ) $ (10 ) $ (14 ) $ (19 ) Actuarial losses (b) (38 ) (33 ) (76 ) (65 ) Settlement, termination and curtailment losses (b) — (3 ) (4 ) (3 ) Total before tax (45 ) (46 ) (94 ) (87 ) Tax benefit — — — — Net of tax (c) $ (45 ) $ (46 ) $ (94 ) $ (87 ) (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 do not reflect a tax benefit as a result of a full valuation allowance on our domestic deferred tax assets. |
Restructuring and Other Charg42
Restructuring and Other Charges (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Activity in Accrued Balances for Restructuring and Other Cost Reduction Programs | The activity in the accrued balances incurred in relation to restructuring and other cost reduction programs during the six months ended June 30, 2017 were as follows: Employee Related Exit Non-cash (in millions) Costs Costs Charges Total Balance at December 31, 2016 $ 14 $ 60 $ — $ 74 Additional charges 1 — 35 36 Cash payments/utilization (6 ) (11 ) (35 ) (52 ) Other adjustments and reclassifications (2 ) (2 ) — (4 ) Balance at June 30, 2017 $ 7 $ 47 $ — $ 54 |
Balance Sheet Location of Accrued Liabilities for Restructuring and Other Cost Reduction Programs | Accrued liabilities for restructuring and other cost reduction programs are included in the following balance sheet lines: (in millions) June 30, 2017 December 31, 2016 Accounts payable $ 38 $ 50 Payroll and benefits payable 4 11 Employee Benefits 1 1 Deferred credits and other noncurrent liabilities 11 12 Total $ 54 $ 74 |
Contingencies and Commitments43
Contingencies and Commitments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2014 3,320 190 325 3,455 December 31, 2015 3,455 415 275 3,315 December 31, 2016 3,315 225 250 3,340 June 30, 2017 3,340 120 125 3,345 |
Changes in Accrued Liabilities for Remediation Activities | Changes in accrued liabilities for remediation activities where U. S. Steel is identified as a named party are summarized in the following table: (In millions) Six Months Ended June 30, 2017 Beginning of period $ 179 Accruals for environmental remediation deemed probable and reasonably estimable 5 Obligations settled (4 ) End of period $ 180 |
Accrued Liabilities for Remediation Activities Included in Balance Sheet | Accrued liabilities for remediation activities are included in the following Consolidated Balance Sheet lines: (In millions) June 30, 2017 December 31, 2016 Accounts payable $ 20 $ 19 Deferred credits and other noncurrent liabilities 160 160 Total $ 180 $ 179 |
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 2017 2018 2019 2020 2021 Later Total $516 $701 $398 $316 $309 $1,063 $3,303 |
Significant Equity Investment44
Significant Equity Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Unaudited Income Statement Information for Significant Equity Investments | Summarized unaudited income statement information for our significant equity investments for the six months ended June 30, 2017 and 2016 is reported below (amounts represent 100% of investee financial information): (In millions) 2017 2016 Net sales $ 533 $ 578 Cost of sales 468 544 Operating income 43 12 Net earnings 38 3 Net earnings attributable to significant equity investments 38 3 |
Basis of Presentation and Sig45
Basis of Presentation and Significant Accounting Policies - Change in Accounting Estimate - Capitalization and Depreciation Method (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 4,010 | $ 3,979 |
Under 5 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 597 | |
6-10 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 629 | |
11-15 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 765 | |
16-20 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 654 | |
21-25 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 363 | |
Over 25 years | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 479 | |
Assets not subject to depreciation | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 492 |
Basis of Presentation and Sig46
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Earnings (loss) Before Interest and Income Taxes | $ 313 | $ 28 | $ 215 | $ (233) | |
Increase in net income | 261 | (46) | 81 | (386) | |
Decrease in cost of sales | $ 2,725 | $ 2,397 | $ 5,286 | $ 4,833 | |
Increase in diluted earnings per common share | $ 1.48 | $ (0.32) | $ 0.46 | $ (2.64) | |
Property, plant and equipment, net | $ 4,010 | $ 4,010 | $ 3,979 | ||
Restatement Adjustment | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Increase in net income | 112 | 110 | |||
Change in Accounting Method Accounted for as Change in Estimate | Restatement Adjustment | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Earnings (loss) Before Interest and Income Taxes | 112 | 110 | |||
Decrease in cost of sales | 118 | 135 | |||
Increase in depreciation expense | $ 6 | $ 25 | |||
Increase in diluted earnings per common share | $ 0.64 | $ 0.63 | |||
Change in Accounting Method Accounted for as Change in Estimate | Previously Reported | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Earnings (loss) Before Interest and Income Taxes | $ 50 |
Segment Information - Results o
Segment Information - Results of Segment Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Customer Sales | $ 3,144 | $ 2,584 | $ 5,869 | $ 4,925 |
Earnings (loss) from investees | 16 | 28 | 20 | 73 |
Earnings (loss) Before Interest and Income Taxes | 313 | 28 | 215 | (233) |
Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 48 | 37 | 95 | 90 |
Earnings (loss) from investees | 0 | (1) | 0 | (2) |
Earnings (loss) Before Interest and Income Taxes | 9 | 10 | 22 | 24 |
Customer Sales | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 3,125 | 2,572 | 5,834 | 4,888 |
Customer Sales | Flat-Rolled | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 2,151 | 1,926 | 4,016 | 3,657 |
Customer Sales | USSE | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 740 | 565 | 1,413 | 1,041 |
Customer Sales | Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 234 | 81 | 405 | 190 |
Customer Sales | Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 19 | 12 | 35 | 37 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 104 | 3 | 138 | 19 |
Intersegment Eliminations | Flat-Rolled | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 92 | 0 | 113 | 16 |
Intersegment Eliminations | USSE | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 12 | 1 | 24 | 2 |
Intersegment Eliminations | Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 0 | 2 | 1 | 1 |
Intersegment Eliminations | Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 29 | 25 | 60 | 53 |
Eliminations And Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | (133) | (28) | (198) | (72) |
Earnings (loss) from investees | 0 | 0 | 0 | |
Earnings (loss) Before Interest and Income Taxes | 60 | 35 | 9 | 26 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 3,229 | 2,575 | 5,972 | 4,907 |
Earnings (loss) from investees | 16 | 29 | 20 | 75 |
Earnings (loss) Before Interest and Income Taxes | 244 | (17) | 184 | (283) |
Operating Segments | Flat-Rolled | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 2,243 | 1,926 | 4,129 | 3,673 |
Earnings (loss) from investees | 14 | 27 | 17 | 71 |
Earnings (loss) Before Interest and Income Taxes | 218 | 6 | 128 | (182) |
Operating Segments | USSE | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 752 | 566 | 1,437 | 1,043 |
Earnings (loss) from investees | 0 | 0 | 0 | 0 |
Earnings (loss) Before Interest and Income Taxes | 55 | 55 | 142 | 41 |
Operating Segments | Tubular | ||||
Segment Reporting Information [Line Items] | ||||
Customer Sales | 234 | 83 | 406 | 191 |
Earnings (loss) from investees | 2 | 2 | 3 | 4 |
Earnings (loss) Before Interest and Income Taxes | $ (29) | $ (78) | $ (86) | $ (142) |
Segment Information - Schedule
Segment Information - Schedule of Reconciling Items to EBIT (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other items not allocated to segments: | ||||
Gain associated with retained interest U. S. Steel Canada Inc. (Note 21) | $ (72) | $ 0 | $ (72) | $ 0 |
Earnings (loss) before interest and income taxes | 313 | 28 | 215 | (233) |
Restructuring and other charges | ||||
Other items not allocated to segments: | ||||
Restructuring, other charges and loss on shutdown of facilities | (32) | (4) | ||
Segment Reconciling Items | ||||
Items not allocated to segments: | ||||
Postretirement benefit (expense) income | (12) | 12 | (28) | 28 |
Other items not allocated to segments: | ||||
Gain associated with retained interest U. S. Steel Canada Inc. (Note 21) | (72) | 0 | (72) | 0 |
Total other items not allocated to segments | 72 | 23 | 37 | (2) |
Earnings (loss) before interest and income taxes | 60 | 35 | 9 | 26 |
Segment Reconciling Items | Tubular | ||||
Other items not allocated to segments: | ||||
Restructuring, other charges and loss on shutdown of facilities | 0 | 0 | (35) | 0 |
Segment Reconciling Items | Permanent facility shutdown | ||||
Other items not allocated to segments: | ||||
Restructuring, other charges and loss on shutdown of facilities | $ 0 | 23 | $ 0 | (2) |
Segment Reconciling Items | Cost of sales | Permanent facility shutdown | ||||
Other items not allocated to segments: | ||||
Restructuring, other charges and loss on shutdown of facilities | 17 | 2 | ||
Segment Reconciling Items | Restructuring and other charges | Permanent facility shutdown | ||||
Other items not allocated to segments: | ||||
Restructuring, other charges and loss on shutdown of facilities | $ 6 | $ (4) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Flat-Rolled | |
Segment Reporting Information [Line Items] | |
Number of commercial entities | 3 |
Intangible Assets - Amortizable
Intangible Assets - Amortizable Intangible Assets (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 168 | $ 168 |
Accumulated Amortization | 72 | 68 |
Net Amount | $ 96 | 100 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 12 years | |
Gross Carrying Amount | $ 132 | 132 |
Accumulated Amortization | 62 | 59 |
Net Amount | $ 70 | 73 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years | |
Gross Carrying Amount | $ 22 | 22 |
Accumulated Amortization | 3 | 2 |
Net Amount | $ 19 | 20 |
Patents | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 2 years | |
Patents | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 14 | 14 |
Accumulated Amortization | 7 | 7 |
Net Amount | $ 7 | $ 7 |
Other | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 5 years | |
Other | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 2 | $ 2 | $ 4 | $ 4 | |
Expected amortization expense, remainder of current year | 4 | 4 | |||
Expected amortization expense, for 2018 | 9 | 9 | |||
Expected amortization expense, for 2019 | 9 | 9 | |||
Expected amortization expense, for 2020 | 9 | 9 | |||
Expected amortization expense, for 2021 | 9 | $ 9 | |||
Customer relationships | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Useful life | 12 years | ||||
Patents | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Useful life | 10 years | ||||
Use Rights | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Carrying amount of acquired water rights with indefinite lives | $ 75 | $ 75 | $ 75 | ||
Minimum | Patents | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Useful life | 2 years | ||||
Minimum | Other | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Useful life | 5 years | ||||
Maximum | Patents | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Useful life | 10 years | ||||
Maximum | Other | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Useful life | 10 years |
Pensions and Other Benefits - N
Pensions and Other Benefits - Net Periodic Benefit Costs (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 12 | $ 13 | $ 24 | $ 26 |
Interest cost | 59 | 65 | 118 | 130 |
Expected return on plan assets | (97) | (105) | (194) | (210) |
Amortization of prior service cost | 0 | 3 | 0 | 6 |
Amortization of actuarial net loss | 37 | 32 | 74 | 64 |
Net periodic benefit cost (income), excluding below | 11 | 8 | 22 | 16 |
Multiemployer plans | 14 | 15 | 29 | 32 |
Settlement, termination and curtailment losses/(gains) | 0 | 3 | 4 | 3 |
Net periodic benefit cost (income) | 25 | 26 | 55 | 51 |
Other Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 5 | 5 | 9 | 10 |
Interest cost | 24 | 24 | 47 | 49 |
Expected return on plan assets | (17) | (38) | (33) | (75) |
Amortization of prior service cost | 7 | 7 | 14 | 13 |
Amortization of actuarial net loss | 1 | 1 | 2 | 1 |
Net periodic benefit cost (income), excluding below | 20 | (1) | 39 | (2) |
Multiemployer plans | 0 | 0 | 0 | 0 |
Settlement, termination and curtailment losses/(gains) | 0 | 0 | 0 | 0 |
Net periodic benefit cost (income) | $ 20 | $ (1) | $ 39 | $ (2) |
Pensions and Other Benefits - A
Pensions and Other Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Cash contribution by employer to defined contribution plans | $ 10 | $ 11 | $ 19 | $ 22 |
Postemployment benefits expense | 1 | (17) | 1 | (2) |
Payments for postemployment benefits | 5 | 21 | 13 | 40 |
Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Settlement charges | 0 | 3 | 4 | 3 |
Other Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employer contributions, defined benefit plans | 7 | |||
Other Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Settlement charges | $ 0 | $ 0 | 0 | $ 0 |
Other Benefits | Unfunded Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Cash contribution by employer to pension plans | 27 | |||
Steelworkers Pension Trust | Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employer contributions, defined benefit plans | $ 30 |
Net Interest and Other Financ54
Net Interest and Other Financial Costs - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | ||||
Foreign currency gains (losses) | $ (11) | $ 6 | $ (16) | $ (2) |
Loss on debt extinguishment | $ 1 | $ 24 | $ 1 | $ 22 |
Stock-Based Compensation Plan55
Stock-Based Compensation Plans - Summary of Awards Made under Plans (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - stock options | 632,050 | 1,333,210 |
Grant date fair value per share of unvested option awards as calculated from above | $ 17.43 | $ 6.24 |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - other than stock options | 336,120 | 1,117,495 |
Fair value - other than stock options | $ 36.59 | $ 14.27 |
Total Shareholder Return (TSR) Performance Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - other than stock options | 156,770 | 308,130 |
Fair value - other than stock options | $ 42.45 | $ 10.02 |
Stock-Based Compensation Plan56
Stock-Based Compensation Plans - Black-Scholes Assumptions (Detail) - Stock Options - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant date price per share of option award | $ 36.53 | $ 14.78 |
Exercise price per share of option award | 36.53 | 14.78 |
Expected annual dividends per share, at grant date | $ 0.2 | $ 0.2 |
Expected life in years | 5 years | 5 years |
Expected volatility | 57.00% | 53.00% |
Risk-free interest rate | 1.97% | 1.46% |
Grant date fair value per share of unvested option awards as calculated from above | $ 17.43 | $ 6.24 |
Stock-Based Compensation Plan57
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Apr. 25, 2017 | Apr. 26, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense recognized | $ 5 | $ 5 | $ 15 | $ 11 | ||
Unrecognized compensation costs related to non-vested stocks | $ 30 | $ 30 | ||||
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 | |||||
Additional number of shares to be issued | 6,300,000 | |||||
Number of shares available for future grants | 6,196,234 | 6,196,234 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Income tax provision (benefit) | $ (16) | $ (7) | $ 3 | $ 7 | |
Earnings (loss) before income taxes | 245 | $ (53) | 84 | $ (379) | |
Tax benefit related to carryback of prior year losses | 13 | ||||
Unrecognized tax benefits | 72 | 72 | $ 72 | ||
Total amount of unrecognized tax benefits that, if recognized, would affect effective tax rate | 10 | 10 | 9 | ||
Accrued liabilities, interest on unrecognized tax benefits | $ 5 | $ 5 | $ 4 |
Earnings and Dividends Per Co59
Earnings and Dividends Per Common Share - Computations for Basic and Diluted Income (Loss) Per Common Share from Continuing Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Earnings (loss) attributable to United States Steel Corporation stockholders | $ 261 | $ (46) | $ 81 | $ (386) |
Weighted-average shares outstanding: | ||||
Basic | 174,797 | 146,582 | 174,521 | 146,492 |
Effect of stock options, restricted stock units and performance awards | 1,231 | 0 | 1,798 | 0 |
Adjusted weighted-average shares outstanding, diluted | 176,028 | 146,582 | 176,319 | 146,492 |
Basic earnings (loss) per common share | $ 1.49 | $ (0.32) | $ 0.46 | $ (2.64) |
Diluted earnings (loss) per common share | $ 1.48 | $ (0.32) | $ 0.46 | $ (2.64) |
Earnings and Dividends Per Co60
Earnings and Dividends Per Common Share - Antidilutive Securities that were Not Included in Computations of Diluted Income (Loss) Per Common Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Securities granted under the 2005 Stock Incentive Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities | 3,538 | 10,126 | 1,669 | 10,126 |
Earnings and Dividends Per Co61
Earnings and Dividends Per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Quarterly dividend per common share | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
Inventories - Inventory Disclos
Inventories - Inventory Disclosure (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 499 | $ 449 |
Semi-finished products | 789 | 686 |
Finished products | 388 | 375 |
Supplies and sundry items | 51 | 63 |
Total | $ 1,727 | $ 1,573 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |||||
Percent of Last-in, First-out (LIFO) inventory to total inventory values | 74.00% | 74.00% | 75.00% | ||
Estimate in excess of current acquisition costs over stated inventory values | $ 771 | $ 771 | $ 489 | ||
Decrease (increase) in cost of sales and increase (decrease) in EBIT, liquidations of LIFO inventories | 7 | $ (29) | 1 | $ (75) | |
Land held for residential or commercial development | $ 45 | $ 45 | $ 54 |
Derivative Instruments - Locati
Derivative Instruments - Location and Amounts of Fair Values Related to Derivatives in Financial Statements (Detail) - Foreign exchange forward contracts - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts receivable | ||
Derivative [Line Items] | ||
Derivative Asset, fair value, gross asset | $ 0 | $ 9 |
Accounts payable | ||
Derivative [Line Items] | ||
Derivative Liability, fair value, gross liability | $ 9 | $ 0 |
Derivative Instruments - Loca65
Derivative Instruments - Location and Amounts of Gains or Losses Related to Derivatives in Financial Statements (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Foreign exchange forward contracts | Other financial costs | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) | $ (11) | $ (6) | $ (13) | $ 4 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - Foreign exchange forward contracts $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Derivative [Line Items] | |
Euro forward sales contracts notional value | $ 216 |
Maximum | |
Derivative [Line Items] | |
Derivative, Term of Contract | 12 months |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017 | Apr. 27, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Debt and capital lease obligation | $ 2,961 | $ 3,069 | |
Less unamortized discount and debt issuance costs | 34 | 38 | |
Less short-term debt and long-term debt due within one year | 175 | 50 | |
Long-term debt | $ 2,752 | 2,981 | |
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 Secured Notes | |||
Debt Instrument [Line Items] | |||
Interest Rates | 8.375% | ||
Debt instrument, maturity date | 2,021 | ||
Debt and capital lease obligation | $ 980 | 980 | |
2021 Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest Rates | 687.50% | ||
Debt instrument, maturity date | 2,021 | ||
Debt and capital lease obligation | $ 200 | 200 | |
2020 Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest Rates | 7.375% | ||
Debt instrument, maturity date | 2,020 | ||
Debt and capital lease obligation | $ 432 | 432 | |
2018 Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest Rates | 7.00% | ||
Debt instrument, maturity date | 2,018 | ||
Debt and capital lease obligation | $ 161 | 161 | |
Environmental Revenue Bonds | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligation | $ 411 | 447 | |
Environmental Revenue Bonds | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rates | 5.50% | ||
Debt instrument, maturity date | 2,017 | ||
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 | $ 0 | $ 70 | |
Fairfield Caster Lease | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | 2,022 | ||
Debt and capital lease obligation | $ 26 | 28 | |
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 | 2,020 | ||
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 | 2,017 | ||
USSK credit facilities | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | 2,018 |
- Additional Information (Detai
- Additional Information (Detail) | 6 Months Ended | |||
Jun. 30, 2017EUR (€) | Jun. 30, 2017USD ($) | Apr. 27, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||
Debt obligation, Recovery Zone Facility Bonds | $ 2,961,000,000 | $ 3,069,000,000 | ||
Limit on incurrence of additional debt, percentage of consolidated net tangible assets | 15.00% | |||
Recovery Zone Facility Bonds | ||||
Debt Instrument [Line Items] | ||||
Debt obligation, Recovery Zone Facility Bonds | 0 | $ 70,000,000 | ||
Accrued interest, Recovery Zone Facility Bonds | $ 2,000,000 | |||
Third Amended and Restated Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Debt obligation, Recovery Zone Facility Bonds | 0 | 0 | ||
Amounts drawn on credit facility | 0 | |||
Maximum borrowing capacity on credit facility | 1,500,000,000 | |||
Reduction to availability | 4,000,000 | |||
Available borrowing capacity | $ 1,496,000,000 | |||
Fixed charge coverage ratio | 1 | 1 | ||
Percentage of total aggregate commitments, upper range under financial covenant | 10.00% | 10.00% | ||
Credit Agreement, upper range of outstanding debt | $ 150,000,000 | |||
Length debt maturity could be extended if liquidity conditions are not met | 91 days | |||
USSK Revolver | ||||
Debt Instrument [Line Items] | ||||
Debt obligation, Recovery Zone Facility Bonds | 0 | 0 | ||
Amounts drawn on credit facility | 0 | |||
Maximum borrowing capacity on credit facility | € 200,000,000 | 228,000,000 | ||
Length of extension | 1 year | |||
USSK credit facilities | ||||
Debt Instrument [Line Items] | ||||
Debt obligation, Recovery Zone Facility Bonds | 0 | $ 0 | ||
Amounts drawn on credit facility | 0 | |||
Maximum borrowing capacity on credit facility | 57,000,000 | |||
Length of extension | 1 year | |||
Available borrowing capacity | 55,000,000 | |||
Customs and other guarantees outstanding | 2,000,000 | |||
USSK $40 million credit facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity on credit facility | € | € 40,000,000 | |||
USSK $10 million credit facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity on credit facility | € | € 10,000,000 | |||
Change in control event | ||||
Debt Instrument [Line Items] | ||||
Obligations under financing arrangements | 2,523,000,000 | |||
Fairfield Slab Caster | ||||
Debt Instrument [Line Items] | ||||
Obligations under financing arrangements | $ 27,000,000 |
Asset Retirement Obligations -
Asset Retirement Obligations - Changes in Carrying Values of Asset Retirement Obligations (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | $ 79 | $ 89 |
Additional obligations incurred | 0 | 2 |
Obligations settled | (2) | (15) |
Change in estimate of obligations | (6) | 0 |
Foreign currency translation effects | 1 | 0 |
Accretion expense | 1 | 3 |
Balance at end of period | $ 73 | $ 79 |
Fair Value of Financial Instr70
Fair Value of Financial Instruments - Financial Assets and Liabilities Not Carried at Fair Value (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value | ||
Financial liabilities: | ||
Debt | $ 3,052 | $ 3,139 |
Carrying Amount | ||
Financial liabilities: | ||
Debt | $ 2,927 | $ 3,002 |
Statement of Changes in Stock71
Statement of Changes in Stockholders' Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 2,275 | $ 2,437 | ||
Comprehensive income (loss): | ||||
Net earnings (loss) | $ 261 | $ (46) | 81 | (386) |
Other comprehensive income (loss), net of tax: | ||||
Pension and other benefit adjustments | 46 | 42 | 92 | (182) |
Currency translation adjustment | 82 | (31) | 105 | 31 |
Employee stock plans | 19 | 9 | ||
Dividends paid on common stock | (18) | (15) | ||
Other | 1 | 20 | ||
Ending balance | 2,555 | 1,914 | 2,555 | 1,914 |
Retained Earnings (Accumulated Deficit) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (250) | 190 | ||
Comprehensive income (loss): | ||||
Net earnings (loss) | 81 | (386) | ||
Other comprehensive income (loss), net of tax: | ||||
Other | 4 | (1) | ||
Ending balance | (165) | (197) | (165) | (197) |
Accumulated Other Comprehensive (Loss) Income | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (1,497) | (1,169) | ||
Other comprehensive income (loss), net of tax: | ||||
Pension and other benefit adjustments | 92 | (182) | ||
Currency translation adjustment | 105 | 31 | ||
Other | (3) | 21 | ||
Ending balance | (1,303) | (1,299) | (1,303) | (1,299) |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 176 | 151 | ||
Other comprehensive income (loss), net of tax: | ||||
Ending balance | 176 | 151 | 176 | 151 |
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (182) | (339) | ||
Other comprehensive income (loss), net of tax: | ||||
Employee stock plans | 86 | 42 | ||
Ending balance | (96) | (297) | (96) | (297) |
Paid-in Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 4,027 | 3,603 | ||
Other comprehensive income (loss), net of tax: | ||||
Employee stock plans | (67) | (33) | ||
Dividends paid on common stock | (18) | (15) | ||
Ending balance | 3,942 | 3,555 | 3,942 | 3,555 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ (1,497) | |||
Other comprehensive income before reclassifications | 290 | |||
Amounts reclassified from AOCI | (96) | |||
Total other comprehensive income (loss), net of tax | $ 125 | $ 22 | 194 | $ (130) |
Ending Balance | (1,303) | (1,303) | ||
Pension and Other Benefit Items | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (1,771) | |||
Other comprehensive income before reclassifications | 186 | |||
Amounts reclassified from AOCI | (94) | |||
Total other comprehensive income (loss), net of tax | 92 | |||
Ending Balance | (1,679) | (1,679) | ||
Foreign Currency Items | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 274 | |||
Other comprehensive income before reclassifications | 105 | |||
Amounts reclassified from AOCI | 0 | |||
Total other comprehensive income (loss), net of tax | 105 | |||
Ending Balance | 379 | 379 | ||
Other | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 0 | |||
Other comprehensive income before reclassifications | (1) | |||
Amounts reclassified from AOCI | (2) | |||
Total other comprehensive income (loss), net of tax | (3) | |||
Ending Balance | $ (3) | $ (3) |
Reclassifications from Accumu73
Reclassifications from Accumulated Other Comprehensive Income (AOCI) - Defined Benefit Plan In Other Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Amortization of pension and other benefit items | ||||
Earnings (loss) before income taxes | $ 245 | $ (53) | $ 84 | $ (379) |
Tax benefit | 16 | 7 | (3) | (7) |
Net earnings (loss) | 261 | (46) | 81 | (386) |
Pension and Other Benefit Items | Amount reclassified from AOCI | ||||
Amortization of pension and other benefit items | ||||
Prior service costs | (7) | (10) | (14) | (19) |
Actuarial losses | (38) | (33) | (76) | (65) |
Settlement, termination and curtailment losses | 0 | (3) | (4) | (3) |
Earnings (loss) before income taxes | (45) | (46) | (94) | (87) |
Tax benefit | 0 | 0 | 0 | 0 |
Net earnings (loss) | $ (45) | $ (46) | $ (94) | $ (87) |
Transactions with Related Par74
Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||
Net sales to related parties | $ 357 | $ 264 | $ 670 | $ 579 | |
Accounts payable to related parties | 77 | 77 | $ 66 | ||
Outside processing services | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 41 | 24 | 55 | 43 | |
Taconite pellets | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 44 | $ 42 | 80 | $ 88 | |
PRO-TEC Coating Company | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | 72 | 72 | 63 | ||
Other equity investees | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | $ 5 | $ 5 | $ 3 |
Restructuring and Other Charg75
Restructuring and Other Charges - Activity in Accrued Balances for Restructuring and Other Cost Reduction Programs (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance at beginning of period | $ 74 |
Additional charges | 36 |
Cash payments/utilization | (52) |
Other adjustments and reclassifications | (4) |
Balance at end of period | 54 |
Employee Related Costs | |
Restructuring Reserve [Roll Forward] | |
Balance at beginning of period | 14 |
Additional charges | 1 |
Cash payments/utilization | (6) |
Other adjustments and reclassifications | (2) |
Balance at end of period | 7 |
Exit Costs | |
Restructuring Reserve [Roll Forward] | |
Balance at beginning of period | 60 |
Additional charges | 0 |
Cash payments/utilization | (11) |
Other adjustments and reclassifications | (2) |
Balance at end of period | 47 |
Asset Impairments | |
Restructuring Reserve [Roll Forward] | |
Balance at beginning of period | 0 |
Additional charges | 35 |
Cash payments/utilization | (35) |
Other adjustments and reclassifications | 0 |
Balance at end of period | $ 0 |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 54 | $ 74 |
Accounts payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, current | 38 | 50 |
Payroll and benefits payable | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, current | 4 | 11 |
Employee Benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, noncurrent | 1 | 1 |
Deferred credits and other noncurrent liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve, noncurrent | $ 11 | $ 12 |
Restructuring and Other Charg77
Restructuring and Other Charges - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Adjustments to restructuring reserves | $ (4) | |
Restructuring and other charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 32 | $ 4 |
Adjustments to restructuring reserves | $ 6 | |
Environmental Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Adjustments to restructuring reserves | (3) | |
Employee Related Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Adjustments to restructuring reserves | (2) | |
Payments for Restructuring | 17 | |
Tubular | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 35 |
Contingencies and Commitments -
Contingencies and Commitments - Asbestos Litigation Activity (Details) - Asbestos Matters | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017Claim_Group | Jun. 30, 2017LegalMatter | Dec. 31, 2016Claim_Group | Dec. 31, 2015Claim_Group | Dec. 31, 2014Claim_Group | |
Loss Contingency Accrual [Roll Forward] | |||||
Opening Number of Claims | 3,340 | 3,315 | 3,455 | 3,320 | |
Claims Dismissed, Settled and Resolved | 120 | 225 | 415 | 190 | |
New Claims | 125 | 250 | 275 | 325 | |
Closing Number of Claims | 3,345 | 2,500 | 3,340 | 3,315 | 3,455 |
Contingencies and Commitments79
Contingencies and Commitments - Changes in Accrued Liabilities for Remediation Activities (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Change in Accrued Liabilities for Remediation Activities [Roll Forward] | |
Beginning of period | $ 179 |
Accruals for environmental remediation deemed probable and reasonably estimable | 5 |
Obligations settled | (4) |
End of period | $ 180 |
Contingencies and Commitments80
Contingencies and Commitments - Accrued Liabilities for Remediation Activities Included in Balance Sheet (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Total | $ 180 | $ 179 |
Accounts payable | ||
Loss Contingencies [Line Items] | ||
Total | 20 | 19 |
Deferred credits and other noncurrent liabilities | ||
Loss Contingencies [Line Items] | ||
Total | $ 160 | $ 160 |
Contingencies and Commitments81
Contingencies and Commitments - Payments for Contracts with Remaining Terms in Excess of One Year (Detail) $ in Millions | Jun. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2017 | $ 516 |
2,018 | 701 |
2,019 | 398 |
2,020 | 316 |
2,021 | 309 |
Later Years | 1,063 |
Total | $ 3,303 |
Contingencies and Commitments82
Contingencies and Commitments - Additional Information (Detail) € in Millions, Allowances in Millions, $ in Millions, CAD in Billions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017EUR (€)PlaintiffClaim_GroupAllowances | Jun. 30, 2017USD ($)PlaintiffClaim_GroupAllowances | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)PlaintiffClaim_GroupLegalMatter | Jun. 30, 2017USD ($) | Jun. 30, 2017Project | Jun. 30, 2017Claim_Group | Jun. 30, 2017LegalMatter | Feb. 29, 2016USD ($) | Feb. 29, 2016CAD | Dec. 31, 2015Claim_Group | Dec. 31, 2014Claim_Group | Sep. 16, 2014USD ($) | Dec. 31, 2013Claim_Group | |
Loss Contingencies [Line Items] | ||||||||||||||||
Accrued liabilities for remediation activities | $ 179 | $ 180 | ||||||||||||||
Accrued liabilities for post-closure site monitoring and other costs | 23 | |||||||||||||||
Accrued liability for administrative and legal costs | 6 | |||||||||||||||
Number of years of projected administrative and legal costs included in accrual | 3 years | 3 years | ||||||||||||||
Capital expenditures | $ 33 | $ 20 | ||||||||||||||
Final allocation for emissions allowances | Allowances | 48 | 48 | ||||||||||||||
Estimated shortfall in emissions allowances | Allowances | 16 | 16 | ||||||||||||||
Estimated capital expenditures for boiler project | € 13 | $ 15 | ||||||||||||||
Financial assurance guarantees, maximum | 4 | |||||||||||||||
Residual value of equipment | 8 | |||||||||||||||
Restricted cash | $ 40 | 42 | ||||||||||||||
Contract commitments to acquire property, plant and equipment | 112 | |||||||||||||||
Maximum default payment on termination of agreement | 193 | |||||||||||||||
Total payments under take-or-pay contracts | $ 151 | $ 123 | $ 292 | $ 255 | ||||||||||||
Minimum | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 15.00% | 15.00% | ||||||||||||||
Estimated capital expenditures of complying with BAT over 2017 to 2020 period | € 138 | $ 157 | ||||||||||||||
Unconditional purchase obligation term | 2 years | 2 years | ||||||||||||||
Maximum | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Projected percentage remediation costs may exceed accrued liabilities | 30.00% | 30.00% | ||||||||||||||
Unconditional purchase obligation term | 16 years | 16 years | ||||||||||||||
Asbestos Matters | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Active cases brought against U.S. Steel | LegalMatter | 845 | 850 | ||||||||||||||
Number of plaintiffs involved | Plaintiff | 3,345 | 3,345 | 3,340 | |||||||||||||
Number of claims pending in jurisdictions | 3,340 | 3,345 | 2,500 | 3,315 | 3,455 | 3,320 | ||||||||||
Percentage of claims pending in jurisdictions | 75.00% | 75.00% | 75.00% | |||||||||||||
Number of major groups | Claim_Group | 3 | 3 | ||||||||||||||
Projects with Ongoing Study and Scope Development | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Environmental remediation projects | Project | 6 | |||||||||||||||
Accrued liabilities for remediation activities | 1 | |||||||||||||||
Projects with Ongoing Study and Scope Development | Minimum | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Environment exit costs, possible additional loss | $ 30 | |||||||||||||||
Projects with Ongoing Study and Scope Development | Maximum | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Environment exit costs, possible additional loss | 50 | |||||||||||||||
Projects with Defined Scope Greater Than or Equal to $5 Million | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Environmental remediation projects | Project | 3 | |||||||||||||||
Accrued liabilities for remediation activities | 137 | |||||||||||||||
Projects with Defined Scope Greater Than or Equal to $5 Million | Minimum | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Accrued liabilities for remediation activities | 5 | |||||||||||||||
Gary Works, Project with Defined Scope | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Accrued liabilities for remediation activities | 27 | |||||||||||||||
Geneva Project | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Accrued liabilities for remediation activities | 63 | |||||||||||||||
St Louis Estuary Project | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Accrued liabilities for remediation activities | 47 | |||||||||||||||
Environmental Remediation Other Projects | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Environmental remediation projects | Project | 2 | |||||||||||||||
Accrued liabilities for remediation activities | 4 | |||||||||||||||
Environmental Remediation Other Projects | Minimum | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Accrued liabilities for remediation activities | 1 | |||||||||||||||
Environmental Remediation Other Projects | Maximum | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Accrued liabilities for remediation activities | 5 | |||||||||||||||
Environmental Remediation Projects Less Than One Million | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Accrued liabilities for remediation activities | 6 | |||||||||||||||
Environmental Remediation Projects Less Than One Million | Maximum | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Accrued liabilities for remediation activities | 1 | |||||||||||||||
New Boiler | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Estimated capital expenditures for boiler project | € 77 | 88 | ||||||||||||||
Existing Boiler | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Estimated capital expenditures for boiler project | € 54 | 62 | ||||||||||||||
EPA Region V Federal Lawsuit | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Settlement, expenditures for environmental projects | 3 | |||||||||||||||
Settlement, civil penalty | $ 2 | |||||||||||||||
Surety Bonds | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Financial assurance guarantees, maximum | $ 160 | |||||||||||||||
Reduction In Debt | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Claims against U. S. Steel Canada | $ 2,200 | |||||||||||||||
Secured debt | $ 119 | |||||||||||||||
Unsecured debt | $ 120 | CAD 1.8 |
U. S. Steel Canada Retained I83
U. S. Steel Canada Retained Interest - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | ||||
Gain on sale of USSC | $ (72) | $ 0 | $ (72) | $ 0 |
U. S. Steel Canada Inc. | ||||
Entity Information [Line Items] | ||||
Proceeds in satisfaction of secured claims | 127 | |||
Gain on sale of USSC | $ 72 |
Significant Equity Investment84
Significant Equity Investments - Summarized Information for Significant Equity Investments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Net sales | $ 533 | $ 578 |
Cost of sales | 468 | 544 |
Operating income | 43 | 12 |
Net earnings | 38 | 3 |
Net earnings attributable to significant equity investments | $ 38 | $ 3 |
Significant Equity Investment85
Significant Equity Investments - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Income (loss) from investees | $ 16 | $ 28 | $ 20 | $ 73 |
Significant Equity Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (loss) from investees | $ 20 | $ 4 |