ÐÇ¿Õ´«Ã½

Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTIES (Notes)

v3.20.2
RELATED PARTIES (Notes)
 9 Months Ended
Sep. 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.
ÌýÌýÌýÌýHibbing 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 SeptemberÌý30, 2020:
Mine ÐÇ¿Õ´«Ã½ Inc. ArcelorMittal USA U.S. Steel
Hibbing 23.0% 62.3% 14.7%
ÌýÌýÌýÌýThe tables below summarize our material related party transactions:
ÌýÌýÌýÌýRevenues from related parties were as follows:
(Dollars In Millions)
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2020 2019 2020 2019
Revenue from related parties $ 294.9Ìý $ 293.5Ìý $ 587.5Ìý $ 792.8Ìý
Revenues1
$ 1,646.0Ìý $ 555.6Ìý $ 3,097.8Ìý $ 1,455.8Ìý
Related party revenues as a percent of Revenues1
17.9Ìý % 52.8Ìý % 19.0Ìý % 54.5Ìý %
Purchases from related parties $ 8.2Ìý $ —Ìý $ 20.4Ìý $ —Ìý
1 Includes Realization of deferred revenue of $34.6 million for the nine months ended SeptemberÌý30, 2020.
ÌýÌýÌýÌýThe following table presents the classification of related party assets and liabilities in the Statements of Unaudited Condensed Consolidated Financial Position:
(In Millions)
Balance Sheet Location September 30,
2020		 December 31,
2019
Accounts receivable, net $ 91.6Ìý $ 31.1Ìý
Other current assets 58.5Ìý 44.5Ìý
Accounts payable (1.2) —Ìý
Other current liabilities (1.7) (2.0)
Other current assets
ÌýÌýÌýÌýA 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. Additionally, the customer also has certain provisional pricing arrangements where the difference between the estimated final revenue rate at the date of sale and the estimated final revenue rate at the measurement date is characterized as a derivative and is required to be accounted for separately once control has transferred upon delivery. Refer to NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information.