Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.6.0.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2016
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, 2016:
Name
 
Location
 
Ownership Interest
 
Operation
 
Status of Operations
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
Tilden
 
Michigan
 
85.0%
 
Iron Ore
 
Active
Empire
 
Michigan
 
79.0%
 
Iron Ore
 
Indefinitely Idled
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
 
Active
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 on a straight-line basis over their estimated useful lives as follows:
Intangible Assets
 
Basis
 
Useful Life (years)
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, 2016, 2015 and 2014:
 
 
(In Millions)
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Reimbursements for:
 
 
 
 
 
 
Freight
 
$
106.8

 
$
105.3

 
$
163.0

Venture partners’ cost
 
68.0

 
52.0

 
108.0

Total reimbursements
 
$
174.8

 
$
157.3

 
$
271.0

Foreign Currency Transaction [Table Text Block]
The following represents the net gain related to impact of transaction gains and losses resulting from remeasurement for the years ended December 31, 2016, 2015 and 2014:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Remeasurement of intercompany loans
 
$
(16.6
)
 
$
11.5

 
$
19.7

Remeasurement of cash and cash equivalents
 
(1.0
)
 
1.5

 
10.6

Other remeasurement
 
0.8

 
3.3

 
(1.3
)
Net gain (loss) related to impact of transaction gains and losses resulting from remeasurement
 
(16.8
)
 
16.3

 
29.0