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

Quarterly report pursuant to Section 13 or 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

听

Contract with Customer, Asset and Liability

The table below summarizes our deferred revenue balances:



听	(In Millions)
听	Deferred Revenue (Current)							听	Deferred Revenue (Long-Term)
听	2020			听	2019			听	2020			听	2019
Opening balance as of January 1	$	22.1		听	$	21.0		听	$	25.7		听	$	38.5
Decrease	(21.8		)	听	(2.9		)	听	(25.7		)	听	鈥�
Closing balance as of March 31	$	0.3		听	$	18.1		听	$	鈥�		听	$	38.5

Value Of Each Of The Major Classes Of Consolidated Depreciable Assets

Depreciation and depletion is recorded over the following estimated useful lives:



Asset Class	听	Basis	听	Life
Land, land improvements and mineral rights	听	听	听	听
Land and mineral rights	听	Units of production	听	Life of mine
Land improvements	听	Straight line	听	20 to 45 years
Buildings	听	Straight line	听	40 to 45 years
Mining and Pelletizing equipment	听	Straight line/Double declining balance	听	3 to 20 years
Steel and Manufacturing equipment	听	Straight line/Double declining balance	听	3 to 20 years

The following table indicates the carrying value of each of the major classes of our depreciable assets:



听	(In Millions)
听	March听31, 2020			听	December听31, 2019
Land, land improvements and mineral rights	$	652.7		听	$	582.2
Buildings	452.5			听	157.8
Mining and Pelletizing equipment	1,431.8			听	1,413.6
Steel and Manufacturing equipment	2,140.9			听	42.0
Other	123.0			听	101.5
Construction-in-progress	1,011.3			听	730.3
Total property, plant and equipment¹	5,812.2			听	3,027.4
Allowance for depreciation and depletion	(1,262.4		)	听	(1,098.4		)
Property, plant and equipment, net	$	4,549.8		听	$	1,929.0

¹Includes right-of-use assets related to finance leases of $84.2 million and $49.0 million as of March 31, 2020 and December 31, 2019, respectively.

^[1]

Schedule of Finite-Lived Intangible Assets

Intangible assets and liabilities are subject to periodic amortization on a straight-line basis over their estimated useful lives as follows:



Type	听	Basis	听	Useful Life
Intangible assets, net	听	听	听	听
Customer relationships	听	Straight line	听	18 years
Developed technology	听	Straight line	听	17 years
Trade names and trademarks	听	Straight line	听	10 years
Mining permits	听	Straight line	听	Life of mine
Intangible liability, net	听	听	听	听
Above-market supply contract	听	Straight line	听	13 years

Equity Method Investments

Investees and equity ownership percentages are presented below:



Investee	听	Segment Reported Within	听	Equity Ownership Percentage
Combined Metals of Chicago, LLC	听	Steel and Manufacturing	听	40.0%
Hibbing Taconite Company	听	Mining and Pelletizing	听	23.0%
Spartan Steel Coating, LLC	听	Steel and Manufacturing	听	48.0%

Hibbing is a co-owned joint venture with companies that are integrated steel producers or their subsidiaries. The following is a summary of the mine ownership of the co-owned iron ore mine at March听31, 2020:



Mine	听	星空传媒 Inc.	听	ArcelorMittal USA	听	U.S. Steel
Hibbing	听	23.0%	听	62.3%	听	14.7%

[1]	¹Includes right-of-use assets related to finance leases of $84.2 million and $49.0 million as of March 31, 2020 and December 31, 2019, respectively.