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Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v2.4.1.9
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2014
Estimated Useful Lives Of Intangible Assets Subject To Periodic Amortization On Straight Line Basis Table [Text Block]
Other intangible assets are subject to periodic amortization on a straight-line basis over their estimated useful lives as follows:
Intangible Assets
Ìý
Basis
Ìý
Useful Life (years)
Permits - Asia Pacific Iron Ore
Ìý
Units of production
Ìý
Life of mine
Permits - All Other
Ìý
Straight line
Ìý
15 - 40
Utility Contracts
Ìý
Straight line
Ìý
5
Leases - North American Coal
Ìý
Units of production
Ìý
Life of mine
Leases - All Other
Ìý
Straight line
Ìý
4.5 - 17.5
Schedule Of Subsidiaries
The consolidated financial statements include our accounts and the accounts of our wholly owned and majority-owned subsidiaries, including the following operations at December 31, 2014:
Name
Ìý
Location
Ìý
Ownership Interest
Ìý
Operation
Ìý
Status of Operations
Northshore
Ìý
Minnesota
Ìý
100.0%
Ìý
Iron Ore
Ìý
Active
United Taconite
Ìý
Minnesota
Ìý
100.0%
Ìý
Iron Ore
Ìý
Active
Tilden
Ìý
Michigan
Ìý
85.0%
Ìý
Iron Ore
Ìý
Active
Empire
Ìý
Michigan
Ìý
79.0%
Ìý
Iron Ore
Ìý
Active
Koolyanobbing
Ìý
Western Australia
Ìý
100.0%
Ìý
Iron Ore
Ìý
Active
Pinnacle
Ìý
West Virginia
Ìý
100.0%
Ìý
Coal
Ìý
Active
Oak Grove
Ìý
Alabama
Ìý
100.0%
Ìý
Coal
Ìý
Active
CLCC
Ìý
West Virginia
Ìý
100.0%
Ìý
Coal
Ìý
Assets sold as of December 31, 2014
Wabush
Ìý
Newfoundland and Labrador/ Québec, Canada
Ìý
100.0%
Ìý
Iron Ore
Ìý
Permanent closure
Bloom Lake
Ìý
Québec, Canada
Ìý
82.8%
Ìý
Iron Ore
Ìý
Care-and-maintenance
Cliffs Chromite Ontario - Black Label Deposit
Ìý
Ontario, Canada
Ìý
100.0%
Ìý
Chromite
Ìý
Suspended
Cliffs Chromite Ontario - Black Thor Deposit
Ìý
Ontario, Canada
Ìý
100.0%
Ìý
Chromite
Ìý
Suspended
Cliffs Chromite Ontario & Cliffs Chromite Far North - Big Daddy Deposit
Ìý
Ontario, Canada
Ìý
70.0%
Ìý
Chromite
Ìý
Suspended
Depreciation Disclosure [Table Text Block]
Depreciation is provided over the following estimated useful lives:
Asset Class
Ìý
Basis
Ìý
Life
Buildings
Ìý
Straight line
Ìý
45 Years
Mining equipment
Ìý
Straight line/Double declining balance
Ìý
3ÌýtoÌý20ÌýYears
Processing equipment
Ìý
Straight line
Ìý
10 to 45 Years
Electric power facilities
Ìý
Straight line
Ìý
10 to 45 years
Land improvements
Ìý
Straight line
Ìý
20 to 45 years
Office and information technology
Ìý
Straight line
Ìý
3 to 15 Years
Schedule of Equity Method Investments
The following table presents the detail of our investments in unconsolidated ventures and where those investments are classified in the Statements of Consolidated Financial Position as of DecemberÌý31, 2014 and DecemberÌý31, 2013. Parentheses indicate a net liability.
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
(In Millions)
Investment
Ìý
Classification
Ìý
Accounting
Method
Ìý
Ownership Interest
Ìý
DecemberÌý31,
2014
Ìý
DecemberÌý31, 2013
Hibbing
Ìý
Other non-current assets 1
Ìý
Equity Method
Ìý
23%
Ìý
$
3.1

Ìý
(3.9
)
Other
Ìý
Other non-current assets
Ìý
Equity Method
Ìý
Various
Ìý
3.9

Ìý
34.7

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$
7.0

Ìý
$
30.8


1 At December 31, 2013, the classification for Hibbing was Other liabilities.
Reimbursements Revenue Disclosure [Table Text Block]
The following table is a summary of reimbursements in our U.S. Iron Ore operations for the years ended DecemberÌý31, 2014, 2013 and 2012:
Ìý
Ìý
(In Millions)
Ìý
Ìý
Year Ended December 31,
Ìý
Ìý
2014
Ìý
2013
Ìý
2012
Reimbursements for:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Freight
Ìý
$
163.0

Ìý
$
177.3

Ìý
$
142.0

Venture partners’ cost
Ìý
108.0

Ìý
82.2

Ìý
108.8

Total reimbursements
Ìý
$
271.0

Ìý
$
259.5

Ìý
$
250.8