Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTIES

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RELATED PARTIES
 6 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
RELATED PARTIES
NOTE 18 - RELATED PARTIES
Three of our five U.S. iron ore mines are owned with various joint venture partners that are integrated steel producers or their subsidiaries. We are the manager of each of the mines we co-own and rely on our joint venture partners to make their required capital contributions and to pay for their share of the iron ore pellets that we produce. The joint venture partners are also our customers. The following is a summary of the mine ownership of these iron ore mines at June 30, 2015:
Mine
 
Cliffs Natural Resources
 
ArcelorMittal
 
U.S. Steel Corporation
 
Empire
 
79.0
%
 
21.0
%
 
—

 
Tilden
 
85.0
%
 
—

 
15.0
%
 
Hibbing
 
23.0
%
 
62.3
%
 
14.7
%
 

ArcelorMittal has a unilateral right to put its interest in the Empire mine to us, but has not exercised this right to date. Furthermore, as part of the 2014 Extension Agreement that was entered into among ArcelorMittal and the Company, which amended certain terms of the Restated Empire Iron Mining Partnership Agreement, certain minimum distributions of the partners’ equity amounts are required to be made on a quarterly basis beginning in the first quarter of 2015 and will continue through the first quarter of 2017.  During the three and six months ended June 30, 2015, we recorded distributions of $31.7 million to ArcelorMittal under this agreement of which $17.1 million was paid as of June 30, 2015.
Product revenues from related parties were as follows:
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2015
 
2014
 
2015
 
2014
Product revenues from related parties
$
149.6

 
$
205.8

 
$
260.0

 
$
340.2

Total product revenues
454.3

 
696.3

 
857.4

 
1,259.8

Related party product revenue as a percent of total product revenue
32.9
%
 
29.6
%
 
30.3
%
 
27.0
%

Amounts due from related parties recorded in Accounts receivable, net and Other current assets, including trade accounts receivable, a customer supply agreement and provisional pricing arrangements, were $18.4 million and $127.6 million at June 30, 2015 and December 31, 2014, respectively. Amounts due to related parties recorded in Accounts payable and Other current liabilities, including provisional pricing arrangements, were $18.3 million at June 30, 2015 and amounts including provisional pricing arrangements and liabilities to related parties were $11.8 million at December 31, 2014.