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RELATED PARTIES
12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
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.
Hibbing is a co-owned joint venture with U.S. Steel, in which, as of December 31, 2020, we own 85.3% and U.S. Steel owns 14.7%. As a result of the AM USA Transaction, we acquired an additional 62.3% ownership stake in the Hibbing mine and became the majority owner and mine manager. Prior to the AM USA Transaction, ArcelorMittal was a related party due to its ownership interest in Hibbing. As such, certain long-term contracts with ArcelorMittal resulted in Revenues from related parties, and are included within the below.
Revenues from related parties were as follows:
(In Millions)
Year Ended December 31,
202020192018
Revenue from related parties$893 $1,015 $1,344 
Revenues1
$5,354 $1,990 $2,332 
Related party revenues as a percent of Revenues1
16.7 %51.0 %57.6 %
Purchases from related parties$16 $— $— 
1 Includes Realization of deferred revenue of $35 million for the year ended December 31, 2020.
The following table presents the classification of related party assets and liabilities in the Statements of Consolidated Financial Position:
(In Millions)
December 31,
Balance Sheet Location of Assets (Liabilities)20202019
Accounts receivable, net$2 $31 
Other current assets 45 
Accounts payable(6)— 
Other current liabilities (2)
Other current assets
Our supply agreement with ArcelorMittal USA contained provisions that provided us supplemental revenue or provided refunds to ArcelorMittal USA based on the HRC price at the time the iron ore product was consumed in its blast furnaces. The supplemental pricing was categorized as a freestanding derivative. Upon the completion of the AM USA Transaction, the outstanding derivative was settled as part of acquisition accounting.