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Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v2.4.0.6
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2012
Segment Reporting Information [Line Items] Ìý
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:
Name
Ìý
Location
Ìý
Ownership Interest
Ìý
Operation
Northshore
Ìý
Minnesota
Ìý
100.0%
Ìý
Iron Ore
United Taconite
Ìý
Minnesota
Ìý
100.0%
Ìý
Iron Ore
Wabush
Ìý
Newfoundland and Labrador/Quebec, Canada
Ìý
100.0%
Ìý
Iron Ore
Bloom Lake
Ìý
Quebec, Canada
Ìý
75.0%
Ìý
Iron Ore
Tilden
Ìý
Michigan
Ìý
85.0%
Ìý
Iron Ore
Empire
Ìý
Michigan
Ìý
79.0%
Ìý
Iron Ore
Koolyanobbing
Ìý
Western Australia
Ìý
100.0%
Ìý
Iron Ore
Pinnacle
Ìý
West Virginia
Ìý
100.0%
Ìý
Coal
Oak Grove
Ìý
Alabama
Ìý
100.0%
Ìý
Coal
CLCC
Ìý
West Virginia
Ìý
100.0%
Ìý
Coal
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, 2012 and DecemberÌý31, 2011. Parentheses indicate a net liability.
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
(In Millions)
Investment
Ìý
Classification
Ìý
Accounting
Method
Ìý
Interest
Percentage
Ìý
DecemberÌý31, 2012
Ìý
DecemberÌý31, 2011
´¡³¾²¹±èá
Ìý
Investments in ventures
Ìý
Equity Method
Ìý
30
Ìý
$
101.9

Ìý
$
498.6

Cockatoo
Ìý
Other liabilities
Ìý
Equity Method
Ìý
50
Ìý
(25.3
)
Ìý
(15.0
)
Hibbing
Ìý
Other liabilities
Ìý
Equity Method
Ìý
23
Ìý
(2.1
)
Ìý
(6.8
)
Other
Ìý
Investments in ventures
Ìý
Equity Method
Ìý
Various
Ìý
33.9

Ìý
28.0

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$
108.4

Ìý
$
504.8

Estimated Useful Lives Of Intangible Assets Subject To Periodic Amortization On Straight Line Basis
Other intangible assets are subject to periodic amortization on a straight-line basis over their estimated useful lives as follows:
Intangible Asset
Ìý
Useful Life (years)
Permits
Ìý
15 - 40
Utility contracts
Ìý
5
Leases
Ìý
4.5 - 17.5
Reimbursements Revenue Disclosure
The following table is a summary of reimbursements in our U.S. Iron Ore operations for the years ended DecemberÌý31, 2012, 2011 and 2010:
Ìý
Ìý
(In Millions)
Ìý
Ìý
Year Ended December 31,
Ìý
Ìý
2012
Ìý
2011
Ìý
2010
Reimbursements for:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Freight
Ìý
$
142.0

Ìý
$
128.4

Ìý
$
83.6

Venture partners’ cost
Ìý
108.8

Ìý
95.9

Ìý
139.8

Total reimbursements
Ìý
$
250.8

Ìý
$
224.3

Ìý
$
223.4

U.S. Iron Ore and Eastern Canadian Iron Ore [Member]
Ìý
Segment Reporting Information [Line Items] Ìý
Depreciation Methods and Useful Lives
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
10ÌýtoÌý20ÌýYears
Processing equipment
Ìý
Straight line
Ìý
15 to 45 Years
Information technology
Ìý
Straight line
Ìý
2 to 7 Years
Asia Pacific Iron Ore [Member]
Ìý
Segment Reporting Information [Line Items] Ìý
Depreciation Methods and Useful Lives
Depreciation is calculated by the straight-line method or production output basis, not to exceed the mine life, provided over the following estimated useful lives:
Asset Class
Ìý
Basis
Ìý
Life
Plant and equipment
Ìý
Straight line
Ìý
5ÌýtoÌý10ÌýYears
Plant and equipment and mine assets
Ìý
Production output
Ìý
10 Years
Motor vehicles, furnitureÌý& equipment
Ìý
Straight line
Ìý
3 to 5 Years
North American Coal [Member]
Ìý
Segment Reporting Information [Line Items] Ìý
Depreciation Methods and Useful Lives
Depreciation is provided over the following estimated useful lives:
Asset Class
Ìý
Basis
Ìý
Life
Buildings
Ìý
Straight line
Ìý
30 Years
Mining equipment
Ìý
Straight line
Ìý
2ÌýtoÌý22ÌýYears
Processing equipment
Ìý
Straight line
Ìý
2 to 30 Years
Information technology
Ìý
Straight line
Ìý
2 to 3 Years