星空传媒 Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTIES

RELATED PARTIES

9 Months Ended

Sep. 30, 2016

听

NOTE 18 - RELATED PARTIES

Three of our five U.S. iron ore mines are owned with various joint venture partners that are integrated steel producers or their subsidiaries. We are the manager of each of the mines we co-own and rely on our joint venture partners to make their required capital contributions and to pay for their share of the iron ore pellets that we produce. The joint venture partners are also our customers. The following is a summary of the mine ownership of these iron ore mines at September听30, 2016:



Mine	听	Cliffs Natural Resources		听	ArcelorMittal		听	U.S. Steel Corporation
Empire	听	79.0	%	听	21.0	%	听	鈥�
Tilden	听	85.0	%	听	鈥�		听	15.0	%
Hibbing	听	23.0	%	听	62.3	%	听	14.7	%

ArcelorMittal has a unilateral right to put its interest in the Empire mine to us, but has not exercised this right to date. Furthermore, as part of the 2014 extension agreement that was entered into between us and ArcelorMittal, which amended certain terms of the Empire partnership agreement, certain minimum distributions of the partners鈥� equity amounts are required to be made on a quarterly basis beginning in the first quarter of 2015 and will continue through the first quarter of 2017.听 During the three and nine months ended September听30, 2016, we recorded distributions of $7.4 million and $48.8 million, respectively, under this agreement of which $41.4 million was paid as of September听30, 2016. In addition, we paid $11.1 million in January 2016 related to 2015 distributions. During the three and nine months ended September听30, 2015, we recorded distributions of $9.0 million and $40.7 million under this agreement, of which $31.7 million was paid as of September听30, 2015.

Product revenues from related parties were as follows:



听	(In Millions)
听	Three Months Ended September 30,							听	Nine Months Ended September 30,
听	2016			听	2015			听	2016			听	2015
Product revenues from related parties	$	223.4		听	$	208.0		听	$	568.4		听	$	468.0
Total product revenues	508.6			听	542.5			听	1,237.0			听	1,399.9
Related party product revenue as a percent of total product revenue	43.9		%	听	38.3		%	听	45.9		%	听	33.4		%

Amounts due from related parties recorded in Accounts receivable, net and Other current assets, including trade accounts receivable, a customer supply agreement and provisional pricing arrangements, were $52.2 million and $15.8 million at September听30, 2016 and December 31, 2015, respectively. Amounts due to related parties recorded in Accounts payable, including provisional pricing arrangements, were $7.4 million at September听30, 2016 and amounts including provisional pricing arrangements and liabilities to related parties were $14.5 million at December 31, 2015.