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PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2020
Postemployment Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The following tables and information provide additional disclosures:
(In Millions)
Pension BenefitsOPEB
Change in benefit obligations:2020201920202019
Benefit obligations — beginning of year$1,021 $906 $255 $242 
Service cost23 17 8 2 
Interest cost64 35 19 10 
Actuarial loss162 112 14 19 
Benefits paid(146)(62)(89)(26)
Participant contributions— — 22 6 
Acquired through business combinations5,535 — 3,528 — 
Effect of settlement(94)— — — 
Other— 13 — 2 
Benefit obligations — end of year$6,565 $1,021 $3,757 $255 
Change in plan assets:
Fair value of plan assets — beginning of year$749 $687 $260 $240 
Actual return on plan assets472 98 45 35 
Participant contributions— — 17 1 
Employer contributions50 16 30 3 
Benefits paid(146)(62)(88)(19)
Acquired through business combinations4,301 — 519 — 
Effect of settlement(94)— — — 
Other— 10 — — 
Fair value of plan assets — end of year$5,332 $749 $783 $260 
Funded status$(1,233)$(272)$(2,974)$5 
Amounts recognized in Statements of Financial Position:
Non-current assets$3 $— $54 $49 
Current liabilities(12)— (139)(4)
Non-current liabilities(1,224)(272)(2,889)(40)
Total amount recognized$(1,233)$(272)$(2,974)$5 
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss$164 $382 $56 $73 
Prior service cost (credit)6 7 (6)(8)
Net amount recognized$170 $389 $50 $65 
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.
(In Millions)
Pension
Benefits		Other Benefits
Company Contributions (Reimbursements)VEBADirect
Payments		Total
2019$16 $— $4 $4 
202050 — 25 25 
2021 (Expected)1
202 (16)144 128 
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 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.
Components Of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost (Credit)
(In Millions)
Pension BenefitsOPEB
202020192018202020192018
Service cost$23 $17 $19 $8 $2 $2 
Interest cost64 35 30 19 10 8 
Expected return on plan assets(140)(55)(60)(20)(17)(18)
Amortization:
Net actuarial loss27 24 21 3 5 5 
Prior service costs (credits)1 1 2 (2)(2)(3)
Settlements(6)— 1 — — — 
Net periodic benefit cost (credit)$(31)$22 $13 $8 $(2)$(6)
For 2021, we estimate net periodic benefit cost (credit) as follows:
(In Millions)
Defined benefit pension plans$(168)
OPEB plans86 
Total$(82)
Components of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following includes details on the significant actuarial losses (gains) impacting the benefit obligation:
(In Millions)
Pension BenefitsOPEB
2020201920202019
Discount rates$181 $106 $44 $26 
Demographic (gains) losses(3)12 (11)4 
Mortality(16)(6)(4)(4)
Per capita claims— — (10)(9)
Other— — (5)3 
Actuarial loss on benefit obligation162 112 14 20 
Actual returns on assets over expected(332)(44)(26)(18)
Amortization of net actuarial loss(27)(24)(3)(5)
Amortization of prior service credits (costs)(1)(1)2 2 
Settlements6 — — — 
Other(27)7 (2)(5)
Total recognized in accumulated other comprehensive loss (income)$(219)$50 $(15)$(6)
Estimated Future Benefit Payments
Estimated Future Benefit Payments
(In Millions)
Pension
Benefits		OPEB
2021$486 $191 
2022462 185 
2023480 180 
2024455 178 
2025433 176 
2026-20301,983 884 
Defined Benefit Plan, Assumptions
The following represents weighted-average assumptions used to determine benefit obligations:
Pension BenefitsOPEB
December 31,December 31,
2020201920202019
Discount rate2.34%3.27%2.71%3.28%
Interest crediting rate5.256.00N/AN/A
Compensation rate increase2.562.533.003.00
The following represents weighted-average assumptions used to determine net benefit cost:
Pension BenefitsOPEB
December 31,December 31,
202020192018202020192018
Obligation discount rate3.02 %4.27 %3.58 %3.28 %4.29 %3.60 %
Service cost discount rate3.34 4.35 3.64 3.35 4.49 3.73 
Interest cost discount rate2.53 3.92 3.16 2.51 3.94 3.11 
Interest crediting rate5.50 6.00 6.00 N/AN/AN/A
Expected return on plan assets7.69 8.25 8.25 6.82 7.00 7.00 
Compensation rate increase2.56 2.53 2.49 3.00 3.00 3.00 
Assumed Health Care Cost Trend Rates
The following represents assumed weighted-average health care cost trend rates:
December 31,
20202019
Health care cost trend rate assumed for next year6.05 %6.50 %
Ultimate health care cost trend rate4.59 5.00 
Year that the ultimate rate is reached20312026
Plan Assets and Asset Allocation The following table reflects the actual asset allocations for pension and VEBA assets as of December 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.
Pension AssetsVEBA Assets
Asset Category2021
Target
Allocation		Percentage of
Plan Assets at
December 31,		2021
Target
Allocation		Percentage of
Plan Assets at
December 31,
2020201920202019
Equity securities41.3 %51.8 %44.0 %20.3 %22.2 %7.2 %
Fixed income39.7 33.8 27.6 69.6 66.4 79.8 
Hedge funds5.0 2.2 5.4 1.1 1.8 4.8 
Private equity2.2 2.1 6.6 1.4 0.4 0.7 
Structured credit5.2 5.0 7.0 1.0 0.9 2.1 
Real estate5.2 3.3 9.4 1.1 1.8 5.4 
Absolute return fixed income1.4 1.8 — 5.5 6.5 — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Defined Benefit Plan, Plan Assets, Category [Table Text Block]
The fair value of our pension assets by asset category is as follows:
(In Millions)
Quoted Prices in Active
Markets for Identical
Assets
(Level 1)		Significant  Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Investments Measured at Net Asset ValueTotal
Asset Category2020201920202019202020192020201920202019
Equity securities:
U.S. equities$1,163 $169 $— $— $— $— $787 $— $1,950 $169 
Global equities615 161 — — — — 195 — 810 161 
Fixed income:
U.S. government securities1
141 11 295 22 — — 40 — 476 33 
U.S. corporate bonds512 174 466 — — — 303 — 1,281 174 
Non U.S. and other bonds— — 46 — — — — — 46 — 
Hedge funds— — — — 118 40 — — 118 40 
Private equity— — — — 114 50 — — 114 50 
Structured credit— — — — 264 52 — — 264 52 
Real estate— — — — 174 70 — — 174 70 
Absolute return fixed income— — — — — — 99 — 99 — 
Total$2,431 $515 $807 $22 $670 $212 $1,424 $— $5,332 $749 
1 Includes cash equivalents.
The fair value of our other benefit plan assets by asset category is as follows:
(In Millions)
Quoted Prices in Active
Markets for Identical
Assets
(Level 1)		Significant  Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Investments Measured at Net Asset ValueTotal
Asset Category2020201920202019202020192020201920202019
Equity securities:
U.S. equities$26 $12 $— $— $— $— $93 $— $119 $12 
Global equities6 7 — — — — 49 — 55 7 
Fixed income:
U.S. government securities1
62 — 94 — — — — — 156 — 
U.S. corporate bonds237 166 127 41 — — — — 364 207 
Hedge funds— — — — 14 12 — — 14 12 
Private equity— — — — 3 2 — — 3 2 
Structured credit— — — — 7 6 — — 7 6 
Real estate— — — — 14 14 — — 14 14 
Absolute return fixed income— — — — — — 51 — 51 — 
Total$331 $185 $221 $41 $38 $34 $193 $— $783 $260 
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 AssetsVEBA Assets
2020201920202019
Beginning balance — January 1$212 $229 $34 $36 
Actual return on plan assets:
Relating to assets still held at the reporting date8 (1)2 1 
Relating to assets sold during the period6 30 1 — 
Purchases195 17 — — 
Sales(13)(60)(1)(3)
Acquired through business combinations262 — 2 — 
Other— (3)— — 
Ending balance — December 31$670 $212 $38 $34 
Multiemployer Plan
Information with respect to multiemployer plans in which we participate follows:
Pension FundEIN/Pension Plan NumberPension Protection Act Zone Status (a)FIP/RP Status Pending/Implemented (b)ContributionsSurcharge Imposed (c)Expiration Date of Collective Bargaining Agreement
20202019202020192018
Steelworkers Pension Trust
23-6648508/499
GreenGreenNo$14 $4 $4 No
1/22/2021 to 10/1/2022
IAM National Pension Fund’s National Pension Plan
51-6031295/002
RedGreenYes16 — — Yes
5/31/2022 to 5/15/2023
American Maritime Officers Plan
13-1936709/001
GreenGreenNo— — — No
7/31/2021
Total$30 $4 $4 
(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.