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Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.6.0.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2016
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 DecemberÌý31, 2016:
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
Indefinitely Idled
Koolyanobbing
Ìý
Western Australia
Ìý
100.0%
Ìý
Iron Ore
Ìý
Active
Depreciation Disclosure [Table Text Block]
Depreciation is provided over the following estimated useful lives:
Asset Class
Ìý
Basis
Ìý
Life
Office and information technology
Ìý
Straight line
Ìý
3 to 15 Years
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
Asset retirement obligation
Ìý
Straight line
Ìý
Life of mine
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 - USIO
Ìý
Straight line
Ìý
Life of mine
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, 2016, 2015 and 2014:
Ìý
Ìý
(In Millions)
Ìý
Ìý
Year Ended December 31,
Ìý
Ìý
2016
Ìý
2015
Ìý
2014
Reimbursements for:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Freight
Ìý
$
106.8

Ìý
$
105.3

Ìý
$
163.0

Venture partners’ cost
Ìý
68.0

Ìý
52.0

Ìý
108.0

Total reimbursements
Ìý
$
174.8

Ìý
$
157.3

Ìý
$
271.0

Foreign Currency Transaction [Table Text Block]
The following represents the net gain related to impact of transaction gains and losses resulting from remeasurement for the years ended DecemberÌý31, 2016, 2015 and 2014:
Ìý
Ìý
(In Millions)
Ìý
Ìý
2016
Ìý
2015
Ìý
2014
Remeasurement of intercompany loans
Ìý
$
(16.6
)
Ìý
$
11.5

Ìý
$
19.7

Remeasurement of cash and cash equivalents
Ìý
(1.0
)
Ìý
1.5

Ìý
10.6

Other remeasurement
Ìý
0.8

Ìý
3.3

Ìý
(1.3
)
Net gain (loss) related to impact of transaction gains and losses resulting from remeasurement
Ìý
(16.8
)
Ìý
16.3

Ìý
29.0