ÐÇ¿Õ´«Ã½

Annual report pursuant to Section 13 and 15(d)

RELATED PARTIES

v3.19.3.a.u2
RELATED PARTIES
 12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract] Ìý
RELATED PARTIES
NOTE 16 - RELATED PARTIES
Hibbing is a co-owned joint venture with companies that are integrated steel producers or their subsidiaries. In 2018, we tendered our resignation as the mine manager of the Hibbing mine and we transitioned this role to the majority owner in August 2019. The following is a summary of the mine ownership of the co-owned iron ore mine at DecemberÌý31, 2019:
Mine
Ìý
ÐÇ¿Õ´«Ã½ Inc.
Ìý
ArcelorMittal USA
Ìý
U.S. Steel
Hibbing
Ìý
23.0%
Ìý
62.3%
Ìý
14.7%

Product revenues from related parties were as follows:
Ìý
(In Millions)
Ìý
Year Ended December 31,
Ìý
2019
Ìý
2018
Ìý
2017
Product revenues from related parties
$
915.3

Ìý
$
1,234.5

Ìý
$
806.7

Total product revenues
1,848.1

Ìý
2,172.3

Ìý
1,644.6

Related party product revenue as a percent of total product revenue
49.5
%
Ìý
56.8
%
Ìý
49.1
%

The following table presents the classification of related party assets and liabilities in the Statements of Consolidated Financial Position:
Ìý
Ìý
(In Millions)
Ìý
Ìý
December 31,
Balance Sheet Location of Assets (Liabilities)
Ìý
2019
Ìý
2018
Accounts receivable, net
Ìý
$
31.1

Ìý
$
176.0

Derivative assets
Ìý
44.5

Ìý
89.3

Other current liabilities
Ìý
(2.0
)
Ìý
(45.3
)
Ìý
Ìý
$
73.6

Ìý
$
220.0


Derivative assets
A supply agreement with one customer provides for supplemental revenue or refunds to the customer based on the hot-rolled coil steel price at the time the product is consumed in the customer’s blast furnace. The supplemental pricing is characterized as a freestanding derivative. Refer to NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information.
Other current liabilities
During 2017, our ownership interest in Empire increased to 100% as we reached an agreement to distribute the noncontrolling interest net assets of $132.7 million to ArcelorMittal USA, in exchange for its interest in Empire. The net assets were agreed to be distributed in three installments of $44.2 million each, the balance of which was recorded in Other current liabilities in the Statements of Consolidated Financial Position. The final installment was paid in August 2019.