PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Postemployment Benefits [Abstract] |
听
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| Schedule of Defined Benefit Plans Disclosures |
The following tables and information provide additional disclosures:
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(In Millions) |
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Pension Benefits |
|
OPEB |
| Change in benefit obligations: |
2020 |
|
2019 |
|
2020 |
|
2019 |
| Benefit obligations 鈥� beginning of year |
$ |
1,021听
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|
$ |
906听 |
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$ |
255听
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$ |
242听 |
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| Service cost |
23听
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|
17听 |
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|
8听
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|
2听 |
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| Interest cost |
64听
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|
35听 |
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|
19听
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|
10听 |
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| Actuarial loss |
162听
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|
112听 |
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|
14听
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|
19听 |
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| Benefits paid |
(146) |
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|
(62) |
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|
(89) |
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|
(26) |
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| Participant contributions |
鈥�听
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鈥斕� |
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22听
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|
6听 |
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| Acquired through business combinations |
5,535听
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|
鈥斕� |
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3,528听
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鈥斕� |
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| Effect of settlement |
(94) |
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鈥斕� |
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|
鈥�听
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鈥斕� |
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| Other |
鈥�听
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|
13听 |
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鈥�听
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|
2听 |
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| Benefit obligations 鈥� end of year |
$ |
6,565听
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$ |
1,021听 |
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$ |
3,757听
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$ |
255听 |
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| Change in plan assets: |
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| Fair value of plan assets 鈥� beginning of year |
$ |
749听
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$ |
687听 |
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$ |
260听
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$ |
240听 |
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| Actual return on plan assets |
472听
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|
98听 |
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|
45听
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|
35听 |
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| Participant contributions |
鈥�听
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|
鈥斕� |
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|
17听
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|
1听 |
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| Employer contributions |
50听
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|
16听 |
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|
30听
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|
3听 |
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| Benefits paid |
(146) |
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|
(62) |
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|
(88) |
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|
(19) |
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| Acquired through business combinations |
4,301听
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|
鈥斕� |
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|
519听
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|
鈥斕� |
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| Effect of settlement |
(94) |
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|
鈥斕� |
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|
鈥�听
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鈥斕� |
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| Other |
鈥�听
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|
10听 |
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|
鈥�听
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|
鈥斕� |
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| Fair value of plan assets 鈥� end of year |
$ |
5,332听
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$ |
749听 |
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$ |
783听
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$ |
260听 |
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| Funded status |
$ |
(1,233) |
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$ |
(272) |
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$ |
(2,974) |
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$ |
5听 |
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| Amounts recognized in Statements of Financial Position: |
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| Non-current assets |
$ |
3听
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$ |
鈥斕� |
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$ |
54听
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$ |
49听 |
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| Current liabilities |
(12) |
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|
鈥斕� |
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|
(139) |
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|
(4) |
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| Non-current liabilities |
(1,224) |
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|
(272) |
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|
(2,889) |
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(40) |
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| Total amount recognized |
$ |
(1,233) |
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$ |
(272) |
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$ |
(2,974) |
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$ |
5听 |
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| Amounts recognized in accumulated other comprehensive loss: |
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| Net actuarial loss |
$ |
164听
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$ |
382听 |
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$ |
56听
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$ |
73听 |
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| Prior service cost (credit) |
6听
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|
7听 |
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(6) |
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(8) |
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| Net amount recognized |
$ |
170听
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$ |
389听 |
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$ |
50听
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$ |
65听 |
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Annual contributions to the pension plans are made within income tax deductibility restrictions in accordance with statutory regulations. OPEB plans are not subject to minimum regulatory funding requirements, but rather amounts are contributed pursuant to bargaining agreements.
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(In Millions) |
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Pension
Benefits |
|
Other Benefits |
| Company Contributions (Reimbursements) |
|
VEBA |
|
Direct
Payments |
|
Total |
| 2019 |
|
$ |
16听 |
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|
$ |
鈥斕� |
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$ |
4听 |
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$ |
4听 |
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| 2020 |
|
50听 |
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|
鈥斕� |
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|
25听 |
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|
25听 |
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2021 (Expected)1
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|
202听 |
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(16) |
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144听 |
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128听 |
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1 Pursuant to the applicable bargaining agreements, benefits can be paid from certain VEBAs that are at least 70% funded (all VEBAs are over 70% funded at December听31, 2020). Certain agreements with plans holding VEBA assets have capped healthcare costs. For the ArcelorMittal USA VEBA, depending on funding levels and/or Company profits, we may withdraw money from the VEBA plans to the extent funds are available for costs in excess of the cap. The 2021 expected pension contributions include $118 million in deferred 2020 pension contributions in connection with the CARES Act that were paid on January 4, 2021.
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| Components Of Net Periodic Benefit Cost |
Components of Net Periodic Benefit Cost (Credit)
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(In Millions) |
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Pension Benefits |
|
OPEB |
|
2020 |
|
2019 |
|
2018 |
|
2020 |
|
2019 |
|
2018 |
| Service cost |
$ |
23听
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$ |
17听 |
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$ |
19听 |
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$ |
8听
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$ |
2听 |
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$ |
2听 |
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| Interest cost |
64听
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|
35听 |
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|
30听 |
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19听
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|
10听 |
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|
8听 |
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| Expected return on plan assets |
(140) |
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|
(55) |
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|
(60) |
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|
(20) |
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(17) |
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|
(18) |
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| Amortization: |
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| Net actuarial loss |
27听
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|
24听 |
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21听 |
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|
3听
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|
5听 |
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|
5听 |
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| Prior service costs (credits) |
1听
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|
1听 |
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|
2听 |
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|
(2) |
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|
(2) |
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|
(3) |
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| Settlements |
(6) |
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|
鈥斕� |
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|
1听 |
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|
鈥�听
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鈥斕� |
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鈥斕� |
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| Net periodic benefit cost (credit) |
$ |
(31) |
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$ |
22听 |
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$ |
13听 |
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$ |
8听
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$ |
(2) |
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$ |
(6) |
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For 2021, we estimate net periodic benefit cost (credit) as follows:
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(In听Millions) |
| Defined benefit pension plans |
$ |
(168) |
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| OPEB plans |
86听 |
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| Total |
$ |
(82) |
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| Components of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
The following includes details on the significant actuarial losses (gains) impacting the benefit obligation:
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(In Millions) |
|
Pension Benefits |
|
OPEB |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
| Discount rates |
$ |
181听
|
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$ |
106听 |
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$ |
44听
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$ |
26听 |
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| Demographic (gains) losses |
(3) |
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|
12听 |
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|
(11) |
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|
4听 |
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| Mortality |
(16) |
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|
(6) |
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(4) |
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|
(4) |
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| Per capita claims |
鈥�听
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|
鈥斕� |
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|
(10) |
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|
(9) |
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| Other |
鈥�听
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|
鈥斕� |
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|
(5) |
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|
3听 |
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| Actuarial loss on benefit obligation |
162听
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|
112听 |
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|
14听
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|
20听 |
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| Actual returns on assets over expected |
(332) |
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|
(44) |
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|
(26) |
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|
(18) |
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| Amortization of net actuarial loss |
(27) |
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|
(24) |
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(3) |
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(5) |
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| Amortization of prior service credits (costs) |
(1) |
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(1) |
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|
2听
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|
2听 |
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| Settlements |
6听
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|
鈥斕� |
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|
鈥�听
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|
鈥斕� |
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| Other |
(27) |
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|
7听 |
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|
(2) |
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|
(5) |
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| Total recognized in accumulated other comprehensive loss (income) |
$ |
(219) |
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$ |
50听 |
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$ |
(15) |
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$ |
(6) |
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| Estimated Future Benefit Payments |
Estimated Future Benefit Payments
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(In Millions) |
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Pension
Benefits |
|
OPEB |
| 2021 |
$ |
486听 |
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|
$ |
191听 |
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| 2022 |
462听 |
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|
185听 |
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| 2023 |
480听 |
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|
180听 |
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| 2024 |
455听 |
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|
178听 |
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| 2025 |
433听 |
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|
176听 |
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| 2026-2030 |
1,983听 |
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|
884听 |
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| Defined Benefit Plan, Assumptions |
The following represents weighted-average assumptions used to determine benefit obligations:
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Pension听Benefits |
|
OPEB |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
| Discount rate |
2.34 |
% |
|
3.27 |
% |
|
2.71 |
% |
|
3.28 |
% |
| Interest crediting rate |
5.25 |
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|
6.00 |
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N/A |
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|
N/A |
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| Compensation rate increase |
2.56 |
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|
2.53 |
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|
3.00 |
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|
3.00 |
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The following represents weighted-average assumptions used to determine net benefit cost:
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Pension Benefits |
|
OPEB |
|
December 31, |
|
December 31, |
|
2020 |
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2019 |
|
2018 |
|
2020 |
|
2019 |
|
2018 |
| Obligation discount rate |
3.02听
|
|
% |
|
4.27听 |
|
% |
|
3.58听 |
|
% |
|
3.28听
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|
% |
|
4.29听 |
|
% |
|
3.60听 |
|
% |
| Service cost discount rate |
3.34听
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|
4.35听 |
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|
3.64听 |
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|
3.35听
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|
4.49听 |
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|
3.73听 |
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| Interest cost discount rate |
2.53听
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|
3.92听 |
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|
3.16听 |
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|
2.51听
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3.94听 |
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3.11听 |
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| Interest crediting rate |
5.50听
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6.00听 |
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6.00听 |
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N/A |
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N/A |
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N/A |
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| Expected return on plan assets |
7.69听
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|
8.25听 |
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|
8.25听 |
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|
6.82听 |
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|
7.00听 |
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|
7.00听 |
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| Compensation rate increase |
2.56听
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|
2.53听 |
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|
2.49听 |
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|
3.00听 |
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|
3.00听 |
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|
3.00听 |
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| Assumed Health Care Cost Trend Rates |
The following represents assumed weighted-average health care cost trend rates:
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December 31, |
|
2020 |
|
2019 |
| Health care cost trend rate assumed for next year |
6.05听
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|
% |
|
6.50听 |
|
% |
| Ultimate health care cost trend rate |
4.59听
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5.00听 |
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| Year that the ultimate rate is reached |
2031 |
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|
2026 |
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| Plan Assets and Asset Allocation |
The following table reflects the actual asset allocations for pension and VEBA assets as of December听31, 2020 and 2019, as well as the 2021 weighted average target asset allocations. Equity investments include securities in large-cap, mid-cap and small-cap companies located in the U.S. and worldwide. Fixed income investments primarily include corporate bonds and government debt securities.
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Pension Assets |
|
VEBA Assets |
| Asset Category |
|
2021
Target
Allocation |
|
Percentage of
Plan Assets at
December听31, |
|
2021
Target
Allocation |
|
Percentage of
Plan Assets at
December听31, |
| 2020 |
|
2019 |
|
2020 |
|
2019 |
| Equity securities |
|
41.3听 |
% |
|
51.8听
|
% |
|
44.0听 |
% |
|
20.3听 |
% |
|
22.2听
|
% |
|
7.2听 |
% |
| Fixed income |
|
39.7听 |
|
|
33.8听
|
|
|
27.6听 |
|
|
69.6听 |
|
|
66.4听
|
|
|
79.8听 |
|
| Hedge funds |
|
5.0听 |
|
|
2.2听
|
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|
5.4听 |
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|
1.1听 |
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|
1.8听
|
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|
4.8听 |
|
| Private equity |
|
2.2听 |
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|
2.1听
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|
6.6听 |
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|
1.4听 |
|
|
0.4听
|
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|
0.7听 |
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| Structured credit |
|
5.2听 |
|
|
5.0听
|
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|
7.0听 |
|
|
1.0听 |
|
|
0.9听
|
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|
2.1听 |
|
| Real estate |
|
5.2听 |
|
|
3.3听
|
|
|
9.4听 |
|
|
1.1听 |
|
|
1.8听
|
|
|
5.4听 |
|
| Absolute return fixed income |
|
1.4听 |
|
|
1.8听
|
|
|
鈥斕� |
|
|
5.5听 |
|
|
6.5听
|
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|
鈥斕� |
|
| Total |
|
100.0听 |
% |
|
100.0听
|
% |
|
100.0听 |
% |
|
100.0听 |
% |
|
100.0听
|
% |
|
100.0听 |
% |
|
| Defined Benefit Plan, Plan Assets, Category [Table Text Block] |
The fair value of our pension assets by asset category is as follows:
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(In Millions) |
|
Quoted听Prices听in听Active
Markets for Identical
Assets
(Level 1) |
|
Significant听 Other
Observable
Inputs
(Level 2) |
|
Significant
Unobservable
Inputs
(Level 3) |
|
Investments Measured at Net Asset Value |
|
Total |
| Asset Category |
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
| Equity securities: |
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| U.S. equities |
$ |
1,163听
|
|
$ |
169听 |
|
|
$ |
鈥�听
|
|
$ |
鈥斕� |
|
|
$ |
鈥�听
|
|
$ |
鈥斕� |
|
|
$ |
787听
|
|
$ |
鈥斕� |
|
|
$ |
1,950听
|
|
$ |
169听 |
|
| Global equities |
615听
|
|
161听 |
|
|
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
195听
|
|
鈥斕� |
|
|
810听
|
|
161听 |
|
| Fixed income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities1
|
141听
|
|
11听 |
|
|
295听
|
|
22听 |
|
|
鈥�听
|
|
鈥斕� |
|
|
40听
|
|
鈥斕� |
|
|
476听
|
|
33听 |
|
| U.S. corporate bonds |
512听
|
|
174听 |
|
|
466听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
303听
|
|
鈥斕� |
|
|
1,281听
|
|
174听 |
|
| Non U.S. and other bonds |
鈥�听
|
|
鈥斕� |
|
|
46听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
46听
|
|
鈥斕� |
|
| Hedge funds |
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
118听
|
|
40听 |
|
|
鈥�听
|
|
鈥斕� |
|
|
118听
|
|
40听 |
|
| Private equity |
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
114听
|
|
50听 |
|
|
鈥�听
|
|
鈥斕� |
|
|
114听
|
|
50听 |
|
| Structured credit |
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
264听
|
|
52听 |
|
|
鈥�听
|
|
鈥斕� |
|
|
264听
|
|
52听 |
|
| Real estate |
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
174听
|
|
70听 |
|
|
鈥�听
|
|
鈥斕� |
|
|
174听
|
|
70听 |
|
| Absolute return fixed income |
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
99听
|
|
鈥斕� |
|
|
99听
|
|
鈥斕� |
|
| Total |
$ |
2,431听
|
|
$ |
515听 |
|
|
$ |
807听
|
|
$ |
22听 |
|
|
$ |
670听
|
|
$ |
212听 |
|
|
$ |
1,424听
|
|
$ |
鈥斕� |
|
|
$ |
5,332听
|
|
$ |
749听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes cash equivalents.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Quoted听Prices听in听Active
Markets for Identical
Assets
(Level 1) |
|
Significant听 Other
Observable
Inputs
(Level 2) |
|
Significant
Unobservable
Inputs
(Level 3) |
|
Investments Measured at Net Asset Value |
|
Total |
| Asset Category |
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
|
2020 |
2019 |
| Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. equities |
$ |
26听
|
|
$ |
12听 |
|
|
$ |
鈥�听
|
|
$ |
鈥斕� |
|
|
$ |
鈥�听
|
|
$ |
鈥斕� |
|
|
$ |
93听
|
|
$ |
鈥斕� |
|
|
$ |
119听
|
|
$ |
12听 |
|
| Global equities |
6听
|
|
7听 |
|
|
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
49听
|
|
鈥斕� |
|
|
55听
|
|
7听 |
|
| Fixed income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities1
|
62听
|
|
鈥斕� |
|
|
94听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
156听
|
|
鈥斕� |
|
| U.S. corporate bonds |
237听
|
|
166听 |
|
|
127听
|
|
41听 |
|
|
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
364听
|
|
207听 |
|
| Hedge funds |
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
14听
|
|
12听 |
|
|
鈥�听
|
|
鈥斕� |
|
|
14听
|
|
12听 |
|
| Private equity |
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
3听
|
|
2听 |
|
|
鈥�听
|
|
鈥斕� |
|
|
3听
|
|
2听 |
|
| Structured credit |
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
7听
|
|
6听 |
|
|
鈥�听
|
|
鈥斕� |
|
|
7听
|
|
6听 |
|
| Real estate |
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
14听
|
|
14听 |
|
|
鈥�听
|
|
鈥斕� |
|
|
14听
|
|
14听 |
|
| Absolute return fixed income |
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
鈥�听
|
|
鈥斕� |
|
|
51听
|
|
鈥斕� |
|
|
51听
|
|
鈥斕� |
|
| Total |
$ |
331听
|
|
$ |
185听 |
|
|
$ |
221听
|
|
$ |
41听 |
|
|
$ |
38听
|
|
$ |
34听 |
|
|
$ |
193听
|
|
$ |
鈥斕� |
|
|
$ |
783听
|
|
$ |
260听 |
|
1 Includes cash equivalents.
|
|
| Effect of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Plan Assets |
The following represents the fair value measurements of changes in plan assets using significant unobservable inputs (Level 3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Pension Assets |
|
VEBA Assets |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
| Beginning balance 鈥� January 1 |
$ |
212听
|
|
|
$ |
229听 |
|
|
$ |
34听
|
|
|
$ |
36听
|
|
| Actual return on plan assets: |
|
|
|
|
|
|
|
| Relating to assets still held at the reporting date |
8听
|
|
|
(1) |
|
|
2听
|
|
|
1听 |
|
| Relating to assets sold during the period |
6听
|
|
|
30听 |
|
|
1听
|
|
|
鈥斕� |
|
| Purchases |
195听
|
|
|
17听 |
|
|
鈥�听
|
|
|
鈥斕� |
|
| Sales |
(13) |
|
|
(60) |
|
|
(1) |
|
|
(3) |
|
| Acquired through business combinations |
262听
|
|
|
鈥斕� |
|
|
2听
|
|
|
鈥斕� |
|
| Other |
鈥�听
|
|
|
(3) |
|
|
鈥�听
|
|
|
鈥斕� |
|
| Ending balance 鈥� December 31 |
$ |
670听
|
|
|
$ |
212听 |
|
|
$ |
38听
|
|
|
$ |
34听
|
|
|
| Multiemployer Plan |
Information with respect to multiemployer plans in which we participate follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pension Fund |
EIN/Pension Plan Number |
Pension Protection Act Zone Status (a) |
FIP/RP Status Pending/Implemented (b) |
Contributions |
Surcharge Imposed (c) |
Expiration Date of Collective Bargaining Agreement |
|
|
2020 |
2019 |
|
2020 |
2019 |
2018 |
|
|
| AG真人平台AG真人试玩workers Pension Trust |
23-6648508/499 |
Green |
Green |
No |
$ |
14听 |
|
$ |
4听 |
|
$ |
4听 |
|
No |
1/22/2021 to 10/1/2022 |
| IAM National Pension Fund鈥檚 National Pension Plan |
51-6031295/002 |
Red |
Green |
Yes |
16听 |
|
鈥斕� |
|
鈥斕� |
|
Yes |
5/31/2022 to 5/15/2023 |
| American Maritime Officers Plan |
13-1936709/001 |
Green |
Green |
No |
鈥斕� |
|
鈥斕� |
|
鈥斕� |
|
No |
7/31/2021 |
| Total |
|
|
|
|
$ |
30听 |
|
$ |
4听 |
|
$ |
4听 |
|
|
|
| (a) The most recent Pension Protection Act zone status available in 2020 and 2019 is for each plan's year-end at December 31, 2019 and 2018. The plan's actuary certifies the zone status. Generally, plans in the red zone are less than 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. |
| (b) The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented, as defined by ERISA. |
| (c) The surcharge represents an additional required contribution due as a result of the critical funding status of the plan. |
|