AG真人平台AG真人试玩

Quarterly report pursuant to Section 13 or 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.20.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] 听
Contract with Customer, Asset and Liability
The table below summarizes our deferred revenue balances:
听
(In Millions)
听
Deferred Revenue (Current)
听
Deferred Revenue (Long-Term)
听
2020
听
2019
听
2020
听
2019
Opening balance as of January 1
$
22.1

听
$
21.0

听
$
25.7

听
$
38.5

Decrease
(21.8
)
听
(2.9
)
听
(25.7
)
听
鈥�

Closing balance as of March 31
$
0.3

听
$
18.1

听
$
鈥�

听
$
38.5


Value Of Each Of The Major Classes Of Consolidated Depreciable Assets Depreciation and depletion is recorded over the following estimated useful lives:
Asset Class
听
Basis
听
Life
Land, land improvements and mineral rights
听
听
听
听
Land and mineral rights
听
Units of production
听
Life of mine
Land improvements
听
Straight line
听
20 to 45 years
Buildings
听
Straight line
听
40 to 45 years
Mining and Pelletizing equipment
听
Straight line/Double declining balance
听
3 to 20 years
AG真人平台AG真人试玩 and Manufacturing equipment
听
Straight line/Double declining balance
听
3 to 20 years

The following table indicates the carrying value of each of the major classes of our depreciable assets:
听
(In Millions)
听
March听31,
2020
听
December听31,
2019
Land, land improvements and mineral rights
$
652.7

听
$
582.2

Buildings
452.5

听
157.8

Mining and Pelletizing equipment
1,431.8

听
1,413.6

AG真人平台AG真人试玩 and Manufacturing equipment
2,140.9

听
42.0

Other
123.0

听
101.5

Construction-in-progress
1,011.3

听
730.3

Total property, plant and equipment1
5,812.2

听
3,027.4

Allowance for depreciation and depletion
(1,262.4
)
听
(1,098.4
)
Property, plant and equipment, net
$
4,549.8

听
$
1,929.0


1 Includes right-of-use assets related to finance leases of $84.2 million and $49.0 million as of March 31, 2020 and December 31, 2019, respectively.
[1]
Schedule of Finite-Lived Intangible Assets
Intangible assets and liabilities are subject to periodic amortization on a straight-line basis over their estimated useful lives as follows:
Type
听
Basis
听
Useful Life
Intangible assets, net
听
听
听
听
Customer relationships
听
Straight line
听
18 years
Developed technology
听
Straight line
听
17 years
Trade names and trademarks
听
Straight line
听
10 years
Mining permits
听
Straight line
听
Life of mine
Intangible liability, net
听
听
听
听
Above-market supply contract
听
Straight line
听
13 years

Equity Method Investments Investees and equity ownership percentages are presented below:
Investee
听
Segment Reported Within
听
Equity Ownership Percentage
Combined Metals of Chicago, LLC
听
AG真人平台AG真人试玩 and Manufacturing
听
40.0%
Hibbing Taconite Company
听
Mining and Pelletizing
听
23.0%
Spartan AG真人平台AG真人试玩 Coating, LLC
听
AG真人平台AG真人试玩 and Manufacturing
听
48.0%

Hibbing 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 March听31, 2020:
Mine
听
Cleveland-Cliffs Inc.
听
ArcelorMittal USA
听
U.S. AG真人平台AG真人试玩
Hibbing
听
23.0%
听
62.3%
听
14.7%

[1]
1 Includes right-of-use assets related to finance leases of $84.2 million and $49.0 million as of March 31, 2020 and December 31, 2019, respectively.