Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.10.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2018
Schedule Of Subsidiaries
The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries, including the following iron ore operations at December 31, 2018:
Name
 
Location
 
Status of Operations
Northshore
 
Minnesota
 
Active
United Taconite
 
Minnesota
 
Active
Tilden
 
Michigan
 
Active
Empire
 
Michigan
 
Indefinitely Idled
Depreciation Disclosure [Table Text Block]
Depreciation and depletion 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
Mineral rights
 
Units of production
 
Life of mine
Estimated Useful Lives Of Intangible Assets Subject To Periodic Amortization On Straight Line Basis Table [Text Block]
Our mine permits are subject to periodic amortization on a straight line basis over their estimated useful life, which corresponds with the life of mine.
Contract with Customer, Asset and Liability [Table Text Block]
The table below summarizes our deferred revenue balances:
 
(In Millions)
 
Deferred Revenue (Current)1
 
Deferred Revenue (Long-Term)
 
Year Ended
December 31,
 
Year Ended
December 31,
 
2018
 
2017
 
2018
 
2017
Opening balance as of January 1
$
23.8

 
$
16.2

 
$
51.4

 
$
64.3

Closing balance as of December 31
21.0

 
22.4

 
38.5

 
51.4

Increase (Decrease)
$
(2.8
)
 
$
6.2

 
$
(12.9
)
 
$
(12.9
)
 
 
 
 
 
 
 
 
1 The opening balance for the year ended December 31, 2018 includes a $1.4 million adjustment from the December 31, 2017 balance due to the adoption of Topic 606.
Reimbursements Revenue Disclosure [Table Text Block]
The following table is a summary of reimbursements in our operations:
 
 
(In Millions)
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Reimbursements for:
 
 
 
 
 
 
Freight
 
$
160.1

 
$
166.7

 
$
106.8

Venture partners’ cost
 
—

 
54.7

 
68.0

Total reimbursements
 
$
160.1

 
$
221.4

 
$
174.8


Foreign Currency Transaction [Table Text Block]
The following represents the net gain (loss) related to impact of transaction gains and losses from continuing operations resulting from remeasurement:
 
 
(In Millions)
 
 
2018
 
2017
 
2016
Remeasurement of intercompany loans
 
$
(0.7
)
 
$
16.6

 
$
(16.6
)
Other remeasurement
 
(0.2
)
 
(2.7
)
 
(1.2
)
Total
 
$
(0.9
)
 
$
13.9

 
$
(17.8
)