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PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2018
Employee Benefits [Abstract]  
Disclosure of employees total annual compensation As of December 31, 2018, 2017 and 2016, ArcelorMittal had approximately 209,000, 197,000 and 199,000 employees, respectively, and the total annual compensation of ArcelorMittal’s employees in 2018, 2017 and 2016 was as follows:
 
Year Ended December 31,
Employee Information
2018
 
2017
 
2016
Wages and salaries
8,176

 
7,912

 
7,675

Pension cost (see note 7.2)
264

 
265

 
124

Loss/(gain) following new labor agreement in the U.S. (see note 7.2)
15

 
—

 
(832
)
Other staff expenses
2,004

 
1,791

 
1,591

Total
10,459

 
9,968

 
8,558
Disclosure of information about key management personnel The total annual compensation of ArcelorMittal’s key management personnel, including its Board of Directors, expensed in 2018, 2017 and 2016 was as follows:
 
Year Ended December 31,
 
2018
 
2017
 
2016
Base salary and directors fees
8
 
8
 
12
Short-term performance-related bonus
8
 
7
 
2
Post-employment benefits
1
 
1
 
1
Share-based compensation
4
 
3
 
2
Disclosure of net defined benefit liability (asset) Summary of changes in the other post-employment benefit obligation and changes in plan assets are as follows:

Year ended December 31, 2018

Total

United States

Canada

Europe

Others
Change in benefit obligation









Benefit obligation at beginning of the period
4,686


3,269


679


579


159

Current service cost
85


49


10


25


1

Interest cost on DBO
155


120


21


12


2

Past service cost - Plan amendments
(13
)

(10
)

(1
)

(2
)

—

Past service cost - Curtailments
(2
)

—


—


(2
)

—

Plan participants’ contribution
32


32


—


—


—

Actuarial (gain) loss
(395
)

(365
)

(32
)

3


(1
)
Demographic assumptions
(11
)

(14
)

2


1


—

Financial assumptions
(320
)

(285
)

(24
)

(8
)

(3
)
Experience adjustment
(64
)

(66
)

(10
)

10


2

Benefits paid
(266
)

(188
)

(34
)

(41
)

(3
)
Foreign currency exchange rate differences and other movements
(184
)

—


(52
)

(43
)

(89
)
Benefit obligation at end of the period
4,098


2,907


591


531


69











Change in plan assets









Fair value of plan assets at beginning of the period
546


538


—


8


—

Interest income on plan assets
17


17


—


—


—

Return on plan assets greater/(less) than discount rate
(33
)

(32
)

—


(1
)

—

Employer contribution
(3
)

(3
)

—


—


—

Plan participants’ contribution
32


32


—


—


—

Benefits paid
(63
)

(61
)

—


(2
)

—

Foreign currency exchange rate differences and other movements
2


—


—


2


—

Fair value of plan assets at end of the period
498


491


—


7


—











Present value of the wholly or partly funded obligation
(589
)

(528
)

—


(61
)

—

Fair value of plan assets
498


491


—


7


—

Net present value of the wholly or partly funded obligation
(91
)

(37
)

—


(54
)

—

Present value of the unfunded obligation
(3,509
)

(2,379
)

(591
)

(470
)

(69
)
Net amount recognized
(3,600
)

(2,416
)

(591
)

(524
)

(69
)


Year ended December 31, 2017

Total

United States

Canada

Europe

Others
Change in benefit obligation









Benefit obligation at beginning of the period
5,400


4,183


592


492


133

Current service cost
100


58


9


26


7

Interest cost on DBO
226


181


23


11


11

Past service cost - Plan amendments
4


—


1


2


1

Plan participants’ contribution
29


29


—


—


—

Actuarial (gain) loss
(942
)

(1,005
)

45


7


11

Demographic assumptions
(153
)

(168
)

2


3


10

Financial assumptions
(680
)

(728
)

40


9


(1
)
Experience adjustment
(109
)

(109
)

3


(5
)

2

Benefits paid
(258
)

(177
)

(32
)

(42
)

(7
)
Foreign currency exchange rate differences and other movements
127


—


41


83


3

Benefit obligation at end of the period
4,686


3,269


679


579


159











Change in plan assets









Fair value of plan assets at beginning of the period
599


592


—


7


—

Interest income on plan assets
22


22


—


—


—

Return on plan assets greater/(less) than discount rate
17


15


—


2


—

Employer contribution
(44
)

(44
)

—


—


—

Plan participants’ contribution
12


12


—


—


—

Benefits paid
(61
)

(59
)

—


(2
)

—

Foreign currency exchange rate differences and other movements
1


—


—


1


—

Fair value of plan assets at end of the period
546


538


—


8


—











Present value of the wholly or partly funded obligation
(757
)

(689
)

—


(68
)

—

Fair value of plan assets
546


538


—


8


—

Net present value of the wholly or partly funded obligation
(211
)

(151
)

—


(60
)

—

Present value of the unfunded obligation
(3,929
)

(2,580
)

(679
)

(511
)

(159
)
Net amount recognized
(4,140
)

(2,731
)

(679
)

(571
)

(159
)
The following tables detail the reconciliation of defined benefit obligation (“DBO”), plan assets, irrecoverable surplus and statements of financial position.

Year ended December 31, 2018

Total

United States

Canada

Brazil

Europe

Other
Change in benefit obligation











Benefit obligation at beginning of the period
10,835


3,508


3,481


766


2,990


90

Current service cost
136


31


25


3


68


9

Interest cost on DBO
360


120


110


68


42


20

Past service cost - Plan amendments
25


25


—


—


—


—

Plan participants’ contribution
3


—


1


—


2


—

Settlements
(76
)

—


(61
)

—


—


(15
)
Actuarial (gain) loss
(290
)

(159
)

(72
)

50


(104
)

(5
)
Demographic assumptions
20


9


1


—


10


—

Financial assumptions
(311
)

(163
)

(75
)

38


(92
)

(19
)
Experience adjustment
1


(5
)

2


12


(22
)

14

Benefits paid
(671
)

(259
)

(203
)

(48
)

(144
)

(17
)
Termination benefits
6


—


—


—


6


—

Foreign currency exchange rate differences and other movements
(456
)

—


(280
)

(115
)

(144
)

83

Benefit obligation at end of the period
9,872


3,266


3,001


724


2,716


165



















Change in plan assets

















Fair value of plan assets at beginning of the period
7,822


2,993


3,167


723


924


15

Interest income on plan assets
267


92


97


63


15


—

Return on plan assets greater/(less) than discount rate
(333
)

(197
)

(142
)

20


(15
)

1

Employer contribution
151


42


59


6


44


—

Plan participants’ contribution
3


—


1


—


2


—

Settlement
(78
)

—


(63
)

—


—


(15
)
Benefits paid
(550
)

(254
)

(203
)

(48
)

(45
)

—

Foreign currency exchange rate differences and other movements
(405
)

—


(252
)

(109
)

(43
)

(1
)
Fair value of plan assets at end of the period
6,877


2,676


2,664


655


882


—



















Present value of the wholly or partly funded obligation
(8,537
)

(3,238
)

(2,988
)

(723
)

(1,500
)

(88
)
Fair value of plan assets
6,877


2,676


2,664


655


882


—

Net present value of the wholly or partly funded obligation
(1,660
)

(562
)

(324
)

(68
)

(618
)

(88
)
Present value of the unfunded obligation
(1,335
)

(28
)

(13
)

(1
)

(1,216
)

(77
)
Prepaid due to unrecoverable surpluses
(27
)

—


(21
)

(3
)

(3
)

—

Net amount recognized
(3,022
)

(590
)

(358
)

(72
)

(1,837
)

(165
)


















Net assets related to funded obligations
12


—


9


—


3


—

Recognized liabilities
(3,034
)

(590
)

(367
)

(72
)

(1,840
)

(165
)












Change in unrecoverable surplus











Unrecoverable surplus at beginning of the period
(34
)

—


(23
)

(3
)

(6
)

(2
)
Interest cost on unrecoverable surplus
(1
)

—


(1
)

—


—


—

Change in unrecoverable surplus in excess of interest
6


—


2


(1
)

3


2

Exchange rates changes
2


—


1


1


—


—

Unrecoverable surplus at end of the period
(27
)

—


(21
)

(3
)

(3
)

—


 
Year ended December 31, 2017
 
Total
 
United States
 
Canada
 
Brazil
 
Europe
 
Other
Change in benefit obligation
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of the period
10,054

 
3,627

 
3,053

 
704

 
2,582

 
88

Current service cost
125

 
32

 
26

 
4

 
60

 
3

Interest cost on DBO
397

 
142

 
119

 
79

 
46

 
11

Past service cost - Plan amendments
14

 
—

 
13

 
—

 
1

 
—

Plan participants’ contribution
3

 
—

 
1

 
—

 
2

 
—

Actuarial (gain) loss
323

 
(28
)
 
237

 
40

 
72

 
2

Demographic assumptions
(131
)
 
(130
)
 
1

 
—

 
(2
)
 
—

Financial assumptions
418

 
154

 
188

 
22

 
54

 
—

Experience adjustment
36

 
(52
)
 
48

 
18

 
20

 
2

Benefits paid
(656
)
 
(265
)
 
(197
)
 
(49
)
 
(130
)
 
(15
)
Foreign currency exchange rate differences and other movements
575

 
—


229

 
(12
)
 
357


1

Benefit obligation at end of the period
10,835

 
3,508

 
3,481

 
766

 
2,990

 
90


 
 
 
 
 
 
 
 
 
 
 
Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of the period
7,048

 
2,768

 
2,795

 
684

 
777

 
24

Interest income on plan assets
292

 
94

 
107

 
75

 
15

 
1

Return on plan assets greater/(less) than discount rate
468

 
274

 
169

 
16

 
17

 
(8
)
Employer contribution
249

 
117

 
83

 
8

 
41

 
—

Plan participants’ contribution
3

 
—

 
1

 
—

 
2

 
—

Benefits paid
(545
)
 
(260
)
 
(196
)
 
(49
)
 
(37
)
 
(3
)
Foreign currency exchange rate differences and other movements
307

 
—


208

 
(11
)
 
109


1

Fair value of plan assets at end of the period
7,822

 
2,993

 
3,167

 
723

 
924

 
15


 
 
 
 
 
 
 
 
 
 
 
Present value of the wholly or partly funded obligation
(9,352
)
 
(3,477
)
 
(3,463
)
 
(765
)
 
(1,635
)
 
(12
)
Fair value of plan assets
7,822

 
2,993

 
3,167

 
723

 
924

 
15

Net present value of the wholly or partly funded obligation
(1,530
)
 
(484
)
 
(296
)
 
(42
)
 
(711
)
 
3

Present value of the unfunded obligation
(1,483
)
 
(31
)
 
(18
)
 
(1
)
 
(1,355
)
 
(78
)
Prepaid due to unrecoverable surpluses
(34
)
 
—

 
(23
)
 
(3
)
 
(6
)
 
(2
)
Net amount recognized
(3,047
)
 
(515
)
 
(337
)
 
(46
)
 
(2,072
)
 
(77
)

 
 
 
 
 
 
 
 
 
 
 
Net assets related to funded obligations
20

 
—

 
17

 
—

 
3

 
—

Recognized liabilities
(3,067
)
 
(515
)
 
(354
)
 
(46
)
 
(2,075
)
 
(77
)
 
 
 
 
 
 
 
 
 
 
 
 
Change in unrecoverable surplus
 
 
 
 
 
 
 
 
 
 
 
Unrecoverable surplus at beginning of the period
(34
)
 
—

 
(18
)
 
(3
)
 
(4
)
 
(9
)
Interest cost on unrecoverable surplus
(1
)
 
—

 
(1
)
 
—

 
—

 
—

Change in unrecoverable surplus in excess of interest
2

 
—

 
(3
)
 
—

 
(2
)
 
7

Exchange rates changes
(1
)
 
—

 
(1
)
 
—

 
—

 
—

Unrecoverable surplus at end of the period
(34
)
 
—

 
(23
)
 
(3
)
 
(6
)
 
(2
)
Total deferred employee benefits including pension or other post-employment benefits, are as follows:
 
December 31,
 
2018
 
2017
Pension plan benefits
3,034

 
3,067

Other post-employment benefits
3,600

 
4,140

Early retirement benefits
222

 
280

Defined benefit liabilities
6,856

 
7,487

Termination benefits
126

 
143

Total
6,982

 
7,630
Components of net periodic pension cost The following tables detail the components of net periodic other post-employment cost:
 
Year ended December 31, 2018
Components of net periodic OPEB cost (benefit)
Total

United States

Canada

Europe

Others
Current service cost
85


49


10


25


1

Past service cost - Plan amendments
(13
)

(10
)

(1
)

(2
)

—

Past service cost - Curtailments
(2
)

—


—


(2
)

—

Net interest cost/(income) on net DB liability/(asset)
138


103


21


12


2

Actuarial (gains)/losses recognized during the year
7


—


—


7


—

Total
215


142


30


40


3

 
Year ended December 31, 2017
Components of net periodic OPEB cost (benefit)
Total
 
United States
 
Canada
 
Europe
 
Others
Current service cost
100

 
58

 
9

 
26

 
7

Past service cost - Plan amendments
4

 
—

 
1

 
2

 
1

Net interest cost/(income) on net DB liability/(asset)
204

 
159

 
23

 
11

 
11

Actuarial (gains)/losses recognized during the year
2

 
—

 
—

 
2

 
—

Total
310

 
217

 
33

 
41

 
19

 
Year ended December 31, 2016
Components of net periodic OPEB cost (benefit)
Total
 
United States
 
Canada
 
Europe
 
Others
Current service cost
100

 
59

 
7

 
27

 
7

Past service cost - Plan amendments
(851
)
 
(844
)
 
(3
)
 
(4
)
 
—

Net interest cost/(income) on net DB liability/(asset)
223

 
177

 
25

 
12

 
9

Actuarial (gains)/losses recognized during the year
1

 
—

 
—

 
1

 
—

Total
(527
)
 
(608
)
 
29

 
36

 
16

The following tables detail the components of net periodic pension cost:
 
Year ended December 31, 2018
Net periodic pension cost (benefit)
Total

United States

Canada

Brazil

Europe

Others
Current service cost
136


31


25


3


68


9

Past service cost - Plan amendments
25


25


—


—


—


—

Past service cost - Settlements
2


—


2


—


—


—

Cost of termination benefits
6


—


—


—


6


—

Net interest cost/(income) on net DB liability/(asset)
94


28


14


5


27


20

Total
263


84


41


8


101


29

 
Year ended December 31, 2017
Net periodic pension cost (benefit)
Total
 
United States
 
Canada
 
Brazil
 
Europe
 
Others
Current service cost
125

 
32

 
26

 
4

 
60

 
3

Past service cost - Plan amendments
14

 
—

 
13

 
—

 
1

 
—

Net interest cost/(income) on net DB liability/(asset)
106

 
48

 
13

 
4

 
31

 
10

Total
245

 
80

 
52

 
8

 
92

 
13

 
Year ended December 31, 2016
Net periodic pension cost (benefit)
Total
 
United States
 
Canada
 
Brazil
 
Europe
 
Others
Current service cost
112

 
31

 
25

 
2

 
50

 
4

Past service cost - Plan amendments
(80
)
 
12

 
4

 
—

 
(96
)
 
—

Past service cost - Curtailments
(6
)
 
—

 
—

 
—

 
—

 
(6
)
Net interest cost/(income) on net DB liability/(asset)
108

 
47

 
15

 
2

 
35

 
9

Total
134

 
90

 
44

 
4

 
(11
)
 
7
Expenses recognized in the income statement The following tables detail where the expense is recognized in the consolidated statements of operations:
 
Year ended December 31,
 
2018
 
2017
 
2016
Net periodic pension cost
263

 
245

 
134

Net periodic OPEB cost
215

 
310

 
(527
)
Total
478

 
555

 
(393
)
 
 
 
 
 
 
Cost of sales
212

 
220

 
(725
)
Selling, general and administrative expenses
34

 
23

 
—

Financing costs - net
232

 
312

 
332

Total
478

 
555

 
(393
)
Schedule of weighted-average asset allocations for the funded defined benefit pension plans by asset category The weighted-average asset allocations for the funded defined benefit plans by asset category were as follows:
 
December 31, 2018
 
 
United States
 
Canada
 
Brazil
 
Europe
 
Equity Securities
35
%
 
42
%
 
—

 
3
%
 
- Asset classes that have a quoted market price in an active market
12
%
 
33
%
 
—

 
3
%
 
- Asset classes that do not have a quoted market price in an active market
23
%
 
9
%
 
—

 
—

 
Fixed Income Securities (including cash)
46
%
 
50
%
 
78
%
 
72
%
 
- Asset classes that have a quoted market price in an active market
—

 
44
%
 
78
%
 
67
%
 
- Asset classes that do not have a quoted market price in an active market
46
%
 
6
%
 
—

 
5
%
 
Real Estate
5
%
 
6
%
 
1
%
 
—

 
- Asset classes that have a quoted market price in an active market
—

 
—

 
1
%
 
—

 
- Asset classes that do not have a quoted market price in an active market
5
%
 
6
%
 
—

 
—

 
Other
14
%
 
2
%
 
21
%
 
25
%
 
- Asset classes that have a quoted market price in an active market
4
%
 
2
%
 
21
%
 
4
%
 
- Asset classes that do not have a quoted market price in an active market
10
%
 
—

 
—

 
21
%
1 
Total
100
%
 
100
%
 
100
%
 
100
%
 
1. The percentage consists primarily of assets from insurance contracts in Belgium.
 
December 31, 2017
 
United States
 
Canada
 
Brazil
 
Europe
 
Others
Equity Securities
53
%
 
56
%
 
—

 
3
%
 
41
%
- Asset classes that have a quoted market price in an active market
26
%
 
47
%
 
—

 
3
%
 
41
%
- Asset classes that do not have a quoted market price in an active market
27
%
 
9
%
 
—

 
—

 
—

Fixed Income Securities (including cash)
34
%
 
42
%
 
97
%
 
71
%
 
49
%
- Asset classes that have a quoted market price in an active market
4
%
 
33
%
 
97
%
 
67
%
 
49
%
- Asset classes that do not have a quoted market price in an active market
30
%
 
9
%
 
—

 
4
%
 
—

Real Estate
—

 
2
%
 
1
%
 
—

 
2
%
- Asset classes that have a quoted market price in an active market
—

 
—

 
1
%
 
—

 
2
%
- Asset classes that do not have a quoted market price in an active market
—

 
2
%
 
—

 
—

 
—

Other
13
%
 
—

 
2
%
 
26
%
 
8
%
- Asset classes that have a quoted market price in an active market
4
%
 
—

 
2
%
 
3
%
 
8
%
- Asset classes that do not have a quoted market price in an active market
9
%
 
—

 
—

 
23
%
1 
—

Total
100
%
 
100
%
 
100
%
 
100
%
 
100
%

1.
The percentage consists primarily of assets from insurance contracts in Belgium.
Disclosure of fair value of plan assets The Finance and Retirement Committees of the Boards of Directors for the respective operating subsidiaries have general supervisory authority over the respective trust funds. These committees have established asset allocation targets for the period as described below. Asset managers are permitted some flexibility to vary the asset allocation from the long-term investme
nt strategy within control ranges agreed upon.
 
December 31, 2018
 
 
United States
 
Canada
 
Brazil
 
Europe
 
Equity Securities
38
%
 
49
%
 
—

 
3
%
 
Fixed Income Securities (including cash)
45
%
 
44
%
 
78
%
 
72
%
 
Real Estate
3
%
 
6
%
 
1
%
 
—

 
Other
14
%
 
1
%
 
21
%
 
25
%
1 
Total
100
%
 
100
%
 
100
%
 
100
%
 
Actuarial assumptions for defined benefit plans Assumptions used to determine benefit obligations at December 31,
 
Pension Plans  
 
Other Post-employment Benefits  
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Discount rate
 
 
 
 
 
 
 
 
 
 
 
Range
1.75% - 16.00%
 
1.50% - 15.00%
 
1.60% - 16.00%
 
1.75% - 9.50%
 
1.30% - 7.65%
 
0.90% - 7.65%
Weighted average
3.80%
 
3.45%
 
3.92%
 
3.98%
 
3.60%
 
4.19%
Rate of compensation increase
 
 
 
 
 
 
 
 
 
 
 
Range
2.00% - 10.00%
 
1.80% - 9.00%
 
1.80% - 10.00%
 
2.00% - 4.80%
 
2.00% - 4.50%
 
2.00% - 32.00%
Weighted average
2.85%
 
2.81%
 
3.11%
 
3.24%
 
3.32%
 
3.38%
Disclosure of defined benefit plans
 
Other Post-employment Benefits
 
2018
 
2017
 
2016
Healthcare cost trend rate assumed
 
 
 
 
 
Range
1.80% - 8.00%
 
1.80% - 5.00%
 
1.80% - 5.60%
Weighted average
4.46%
 
4.48%
 
4.51%
Disclosure of sensitivity analysis for actuarial assumptions The following table illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal’s OPEB plans (as of December 31, 2018 the defined benefit obligation for post-employment benefit plans was 4,098):
 
Effect on 2019 Pre-Tax OPEB Expense (sum of service cost and interest cost)
 
Effect on December 31, 2018 DBO
Change in assumption
 
 
 
100 basis points decrease in discount rate
—
 
610
100 basis points increase in discount rate
2
 
(487)
100 basis points decrease in healthcare cost trend rate
(27)
 
(407)
100 basis points increase in healthcare cost trend rate
39
 
506
1 year increase of the expected life of the beneficiaries
9
 
142
The following information illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal’s pension plans (as of December 31, 2018, the defined benefit obligation for pension plans was 9,872):
 
Effect on 2019 Pre-Tax Pension Expense (sum of service cost and interest cost)
 
Effect on December 31, 2018 DBO
Change in assumption
 
 
 
100 basis points decrease in discount rate
(42)
 
1,204
100 basis points increase in discount rate
33
 
(987)
100 basis points decrease in rate of compensation
(14)
 
(173)
100 basis points increase in rate of compensation
15
 
177
1 year increase of the expected life of the beneficiaries
11
 
250
Disclosure of exercise prices of outstanding share options
Date of grant
Exercise prices
(per option)  
August 2010
$91.98
August 2009
109.14
Changes in stock options issued Option activity with respect to ArcelorMittal Shares and ArcelorMittal Global Stock Option Plan 2009-2018 is summarized below as of and for each of the years ended December 31, 2018, 2017 and 2016:

Number of Options

Range of Exercise Prices
(per option)

Weighted Average Exercise Price
(per option)

Outstanding, December 31, 2015
5,730,800


63.42 – 235.32

148.06
Outstanding,
Expired
(1,048,266
)

91.98 – 235.32

125.17

Outstanding, December 31, 2016
4,682,534


63.42 – 235.32

153.19
Outstanding,
Expired
(1,397,659
)

63.42 – 235.32

170.40

Outstanding, December 31, 2017
3,284,875


63.42 – 235.32

145.86
Outstanding,
Expired
(1,295,500
)

63.42 – 235.32

215.77

Outstanding, December 31, 2018
1,989,375


91.98 – 109.14

100.33
Outstanding,








Exercisable, December 31, 2016
4,682,534


63.42 – 235.32

153.19
Exercisable,
Exercisable, December 31, 2017
3,284,875


63.42 – 235.32

145.86
Exercisable,
Exercisable, December 31, 2018
1,989,375


91.98 – 109.14

100.33
Exercisable,
Number and weighted average remaining contractual life of outstanding share options The following table summarizes information about total stock options of the Company outstanding as of December 31, 2018:
Options Outstanding
Exercise Prices
(per option)

Number of 
options

Weighted average contractual life
(in years)

Options exercisable (number of options)

Maturity
$91.98

1,021,058


1.59

1,021,058


August 3, 2020
109.14

968,317


0.59

968,317


August 4, 2019
$91.98 - $109.14

1,989,375


1.11

1,989,375
Terms and conditions of share-based payment arrangements Conditions of the 2018 grant were as follows:
 
 
CEO Office
 
Executive Officers and other qualifying employees
2018 Grant
l
PSUs with a three year performance period

PSUs with a three year performance period




l
Value at grant 100% of base salary for the CEO and the President and CFO


l
Vesting conditions:
 
Vesting conditions
 
 
Threshold
Target
 
 

Target
 
TSR/EPS vs. peer group
100% median
≥120% median
 
ROCE

100% target
100% vesting
 
TSR vs. S&P 500
Performance equal to Index
≥Performance equal to Index + 2% outperformance
 
Gap to competition (where applicable)

100% target
100% vesting
 
Vesting percentage
50%
100%
 
 
The plans in 2017, 2016 and 2015 are summarized below:
 
 
CEO Office
 
Other Executive Officers
2015 Grant
l
PSUs with a three-year performance period
l
RSUs with a three-year vesting period (2015 grant vested in December 2018)
l
Performance criteria: 50% TSR (½ vs. S&P 500 and ½ vs. peer group) and 50% EPS vs. peer group
l
PSUs with a three-year performance period
l
Value at grant: 100% of base salary for the CEO and 80% for the President and CFO
l
Performance target: mainly ROCE and mining volume plan for the Mining segment
 
 
l
One PSU can give right to 0 up to 1.5 share
l
Vesting conditions:
l
Vesting conditions:
 
 
Threshold
Target
Stretch
 
Performance
Threshold
Target
Stretch
 
TSR/EPS vs. peer group
80% median
100% median
≥120% median
 
Performance
80%
100%
≥120%
 
TSR vs. S&P 500
Performance equal to 80% of Index
Performance equal to Index
≥Performance equal to Index + 2% outperformance
 
Vesting
50%
100%
150%
 
Vesting percentage
50%
100%
150%
 
 
2016 Special Grant
l
PSUs with a five-year performance period, 50% vesting after three-year performance period and 50% after additional two-year performance period
l
PSUs with a five-year performance period, 50% vesting after three-year performance period and 50% after additional two-year performance period
l
Performance criteria: 50% TSR (½ vs. S&P 500 and ½ vs. peer group) and 50% EPS vs. peer group
l
Performance criteria: ROCE and Gap to competition in some areas
one target grant: a share will vest if performance is met at target
one overperformance grant: a share will vest if performance exceeds 120%
l
Value at grant: 150% of base salary for the CEO and the President and CFO
l
Vesting conditions:
l
Vesting conditions:
 
 
 
 
 
Threshold
Target
 
Performance
 
100%
≥120%
 
TSR/EPS vs. peer group
 
100% median
≥120% median
 
Target award vesting
100%
100%
 
TSR vs. S&P 500
 
Performance equal to Index
≥Performance equal to Index + 2% outperformance
 
Overperformance award (=20% of target award)
-
100%
 
Vesting percentage
 
50%
100%
 
 
2017 Grant
l
PSUs with a three-year performance period
 
l
PSUs with a three-year performance period
 
l
Performance criteria: 50% TSR (½ vs. S&P 500 and ½ vs. peer group) and 50% EPS vs. peer group
l
Performance criteria: TSR and Gap to competition in some areas
l
Value at grant: 100% of base salary for the CEO and the President and CFO
 
 
 
l
Vesting conditions:
 
l
Vesting conditions:
 
 
 
Threshold
Target
 
 
 
Threshold
Target
 
TSR/EPS vs. peer group
100% median
≥120% median
 
TSR vs. peer group
100% median 50% vesting
≥120% median 100% vesting
 
TSR vs. S&P 500
Performance equal to Index
≥Performance equal to Index + 2% outperformance
 
Gap to competition (where applicable)
-
100% target
100% vesting
 
Vesting percentage
50%
100%
 
 
 
Summary of share unit plans outstanding The following table summarizes the Company’s share unit plans outstanding December 31, 2018:
At Grant date

Number of shares issued as of December 31, 2018
Grant date

Type of plan

Number of shares

Number of beneficiaries

Maturity

Fair value
per share

Shares outstanding

Shares exited

Shares forfeited
December 20, 2018

PSU

1,358,750


524


January 1, 2022

21.31

1,358,750


—


—

December 20, 2018

CEO Office

134,861


2


January 1, 2022

16.58

134,861


—


—

December 20, 2017

PSU

1,081,447


527


January 1, 2021

18.42

1,046,816


—


34,631

December 20, 2017

CEO Office

90,084


2


January 1, 2021

22.85

90,084


—


—

June 30, 2016

PSU II

3,472,355


554


January 1, 2021

13.17

3,105,045


—


367,310

June 30, 2016

CEO PSU II

153,268


2


January 1, 2022

16.62

153,268


—


—

June 30, 2016

PSU I

3,472,355


554


January 1, 2019

13.74

3,105,045


—


367,310

June 30, 2016

CEO PSU I

153,268


2


January 1, 2020

10.68

153,268


—


—

December 18, 2015

PSU

295,935


322


January 1, 2019

11.49

223,323


—


72,612

Total



10,212,323







$10.68 – $22.85

9,370,460


—


841,863
Schedule of share unit plan activity Share unit plan activity is summarized below as of and for each year ended December 31, 2018, 2017 and 2016:

RSUs

PSUs

Number of shares

Fair value per share

Number of shares

Fair value per share
Outstanding, December 31, 2015
1,320,654


28.78

1,370,675


33.32
Granted 2
—


—

7,252,814


13.46
Exited
(564,679
)

38.24

(19,816
)

37.11
Forfeited
(105,721
)

26.12

(564,179
)

37.76
Outstanding, December 31, 2016
650,254


21.00

8,039,494


15.08
Granted 2
—


—

1,199,338


19.25
Exited
(303,550
)

30.69

(204,855
)

43.34
Forfeited
(40,699
)

20.32

(437,141
)

18.33
Outstanding, December 31, 2017
306,005


11.49

8,596,836


14.83
Granted 1
—


—

1,577,865


21.32
Exited
(288,721
)

11.49

(412,893
)

28.98
Forfeited
(17,284
)

11.49

(391,348
)

16.41
Outstanding, December 31, 2018
—




9,370,460


15.34
1.
Including 56,606 over-performance shares granted for the targets achievement of the PSU grant September 17, 2014 and 27,648 of the GMB PSU grant June 30, 2015
2.
Including 27,807 over-performance shares granted for the targets achievement of the PSU grant September 27, 2013 in 2017 (1,567 over-performance shares for the PSU grant March 29, 2013 in 2016).