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Quarterly report pursuant to Section 13 or 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] Ìý
Schedule Of Subsidiaries
Basis of Consolidation
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including the following operations as of JuneÌý30, 2018:
Name
Ìý
Location
Ìý
Status of Operations
Northshore
Ìý
Minnesota
Ìý
Active
United Taconite
Ìý
Minnesota
Ìý
Active
Tilden
Ìý
Michigan
Ìý
Active
Empire
Ìý
Michigan
Ìý
Indefinitely Idled
Koolyanobbing1
Ìý
Western Australia
Ìý
Not Active
Ìý
Ìý
Ìý
Ìý
Ìý
1ÌýDuring June 2018, we completed the final planned shipment from Asia Pacific Iron Ore and commenced selling its assets. Refer to NOTE 16 - DISCONTINUED OPERATIONS.

Intercompany transactions and balances are eliminated upon consolidation.
Equity Method Investments
Equity Method Investments
Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of JuneÌý30, 2018 and DecemberÌý31, 2017, our investment in Hibbing was $8.0 million and $11.0 million, respectively, classified as Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position.
Foreign Currency
Foreign Currency
Our financial statements are prepared with the U.S. dollar as the reporting currency. The functional currency of our Australian subsidiaries is the Australian dollar. Refer to NOTE 16 - DISCONTINUED OPERATIONS for further information regarding our Australian subsidiaries. The functional currency of all other international subsidiaries is the U.S. dollar. To the extent that monetary assets and liabilities, including short-term intercompany loans, are recorded in a currency other than the functional currency, these amounts are remeasured each reporting period, with the resulting gain or loss being recorded in the Statements of Unaudited Condensed Consolidated Operations. Transaction gains and losses resulting from remeasurement of short-term intercompany loans are included in Miscellaneous – net in the Statements of Unaudited Condensed Consolidated Operations.
The following represents the transaction gains and losses resulting from remeasurement:
Ìý
Ìý
(In Millions)
Ìý
Ìý
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
Ìý
2018
Ìý
2017
Ìý
2018
Ìý
2017
Short-term intercompany loans
Ìý
$
(0.1
)
Ìý
$
1.5

Ìý
$
(0.3
)
Ìý
$
16.6

Other
Ìý
—

Ìý
(1.0
)
Ìý
(0.2
)
Ìý
(1.3
)
Net impact of transaction gains (losses) resulting from remeasurement
Ìý
$
(0.1
)
Ìý
$
0.5

Ìý
$
(0.5
)
Ìý
$
15.3

Significant Accounting Policies
Significant Accounting Policies
A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended DecemberÌý31, 2017 included in our Annual Report on Form 10-K filed with the SEC. There have been no material changes in our significant accounting policies and estimates from those disclosed therein other than those related to the adoption of Topic 606. Refer to NOTE 2 - NEW ACCOUNTING STANDARDS for further information.