Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.8.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2017
Schedule Of Subsidiaries
The consolidated financial statements include our accounts and the accounts of our wholly owned and majority-owned subsidiaries, including the following operations at December 31, 2017:
Name
 
Location
 
Ownership Interest
 
Operation
 
Status of Operations
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
Tilden1
 
Michigan
 
100.0%
 
Iron Ore
 
Active
Empire1
 
Michigan
 
100.0%
 
Iron Ore
 
Indefinitely Idled
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
 
Active
 
 
 
 
 
 
 
 
 
1 During 2017, our ownership interest in Tilden and Empire changed. Refer to the Noncontrolling Interests section below for additional information.
Depreciation Disclosure [Table Text Block]
Depreciation is provided over the following estimated useful lives:
Asset Class
 
Basis
 
Life
Office and information technology
 
Straight line
 
3 to 15 Years
Buildings
 
Straight line
 
45 Years
Mining equipment
 
Straight line/Double declining balance
 
3 to 20 Years
Processing equipment
 
Straight line
 
10 to 45 Years
Electric power facilities
 
Straight line
 
10 to 45 years
Land improvements
 
Straight line
 
20 to 45 years
Asset retirement obligation
 
Straight line
 
Life of mine
Estimated Useful Lives Of Intangible Assets Subject To Periodic Amortization On Straight Line Basis Table [Text Block]
Other intangible assets are subject to periodic amortization over their estimated useful lives as follows:
Intangible Assets
 
Basis
 
Useful Life
Permits - Asia Pacific Iron Ore
 
Units of production
 
Life of mine
Permits - USIO
 
Straight line
 
Life of mine
Reimbursements Revenue Disclosure [Table Text Block]
The following table is a summary of reimbursements in our U.S. Iron Ore operations for the years ended December 31, 2017, 2016 and 2015:
 
 
(In Millions)
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
Reimbursements for:
 
 
 
 
 
 
Freight
 
$
166.7

 
$
106.8

 
$
105.3

Venture partners’ cost
 
54.7

 
68.0

 
52.0

Total reimbursements
 
$
221.4

 
$
174.8

 
$
157.3

Foreign Currency Transaction [Table Text Block]
The following represents the net gain (loss) related to impact of transaction gains and losses resulting from remeasurement for the years ended December 31, 2017, 2016 and 2015:
 
 
(In Millions)
 
 
2017
 
2016
 
2015
Remeasurement of intercompany loans
 
$
16.6

 
$
(16.6
)
 
$
11.5

Remeasurement of cash and cash equivalents
 
(2.5
)
 
(1.0
)
 
1.5

Other remeasurement
 
(2.7
)
 
0.8

 
3.3

Net gain (loss) related to impact of transaction gains and losses resulting from remeasurement
 
$
11.4

 
$
(16.8
)
 
$
16.3

Adoption of New Standard [Table Text Block]
The following represents the estimated impact from the adoption of ASU No. 2017-07 for the year ended December 31, 2017:
 
 
($ in Millions)
 
 
Year Ended
December 31, 2017
 
 
 
 
Estimate
Financial Statement Line Impacted
 
As Reported
 
Adoption of ASU No. 2017-07
 
As Adjusted
Cost of goods sold and operating expenses
 
$
(1,828.5
)
 
$
2.4

 
$
(1,826.1
)
Selling, general and administrative expenses
 
$
(105.8
)
 
$
(7.7
)
 
$
(113.5
)
Miscellaneous - net
 
$
27.7

 
$
(1.7
)
 
$
26.0

Operating income
 
$
423.6

 
$
(7.0
)
 
$
416.6

Other non-operating income
 
$
3.2

 
$
7.0

 
$
10.2

Net Income
 
$
363.1

 
$
—

 
$
363.1