ÐÇ¿Õ´«Ã½

Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTIES (Notes)

v3.20.2
RELATED PARTIES (Notes)
 6 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract] Ìý
RELATED PARTIES
We have certain co-owned joint ventures with companies from the steel and mining industries, including integrated steel companies, their subsidiaries and other downstream users of steel and iron ore products. In addition, we have certain long-term contracts, and from time to time, enter into other sales agreements with these parties, and as a result, generate Revenues from related parties.
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 JuneÌý30, 2020:
Mine
Ìý
ÐÇ¿Õ´«Ã½ Inc.
Ìý
ArcelorMittal USA
Ìý
U.S. Steel
Hibbing
Ìý
23.0%
Ìý
62.3%
Ìý
14.7%

The tables below summarize our material related party transactions:
Revenues from related parties were as follows:
Ìý
(In Millions)
Ìý
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
2020
Ìý
2019
Ìý
2020
Ìý
2019
Revenue from related parties
$
281.8

Ìý
$
452.4

Ìý
$
292.6

Ìý
$
499.3

Revenues1
$
1,092.7

Ìý
$
743.2

Ìý
$
1,451.8

Ìý
$
900.2

Related party revenues as a percent of Revenues1
25.8
%
Ìý
60.9
%
Ìý
20.2
%
Ìý
55.5
%
Purchases from related parties
$
9.7

Ìý
$
—

Ìý
$
12.2

Ìý
$
—


1 Includes Realization of deferred revenue of $34.6 million for the six months ended JuneÌý30, 2020.
The following table presents the classification of related party assets and liabilities in the Statements of Unaudited Condensed Consolidated Financial Position:
Ìý
Ìý
(In Millions)
Balance Sheet Location
Ìý
JuneÌý30,
2020
Ìý
DecemberÌý31,
2019
Accounts receivable, net
Ìý
$
91.6

Ìý
$
31.1

Other current assets
Ìý
35.3

Ìý
44.5

Accounts payable
Ìý
(2.4
)
Ìý
—

Other current liabilities
Ìý
(2.0
)
Ìý
(2.0
)

Other current 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 furnaces. The supplemental pricing is characterized as a freestanding derivative. Refer to NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information.