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RELATED PARTIES | 12 Months Ended
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Dec. 31, 2018
Related Party Transactions [Abstract] |
RELATED PARTIES | NOTE 17 - RELATED PARTIES One of our four operating mines, Hibbing, is a co-owned joint venture with companies that are integrated steel producers or their subsidiaries. We are the manager of Hibbing 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 following is a summary of the mine ownership of the co-owned iron ore mine at December 31, 2018:
Mine |  | Cleveland-Cliffs Inc. |  | ArcelorMittal |  | U.S. Steel
Hibbing |  | 23.0% |  | 62.3% |  | 14.7%
Product revenues from related parties were as follows:
| (In Millions)
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
Product revenues from related parties | $ | 1,234.5 |  |  | $ | 806.7 |  |  | $ | 830.1 |
Total product revenues | $ | 2,172.3 |  |  | $ | 1,644.6 |  |  | $ | 1,379.7 |
Related party product revenue as a percent of total product revenue | 56.8 | % |  | 49.1 | % |  | 60.2 | %
The following table presents the classification of related party assets and liabilities in the Statements of Consolidated Financial Position:
|  | (In Millions)
Balance Sheet Location |  | December 31, 2018 |  | December 31, 2017
Accounts receivable, net |  | $ | 176.0 |  |  | $ | 68.1 |
Derivative assets |  | 89.3 |  |  | 37.9 |
Partnership distribution payable |  | (43.5 | ) |  | (44.2 | )
Other current liabilities |  | (1.8 | ) |  | (12.3 | )
Other liabilities |  | — |  |  | (41.4 | )
|  | $ | 220.0 |  |  | $ | 8.1 |
During 2017, our ownership interest in Empire increased to 100% when we reached an agreement to distribute the noncontrolling interest net assets of $132.7 million to ArcelorMittal, in exchange for its interest in Empire. The net assets were agreed to be distributed in three installments of $44.2 million each, the first of which was paid upon the execution of the agreement, the second of which was paid in August 2018, and the final of which is due in August 2019. The remaining installment is reflected in Partnership distribution payable in the Statements of Consolidated Financial Position as of December 31, 2018. A supply agreement with one customer provides for supplemental revenue or refunds to the customer based on the average annual daily market price for hot-rolled coil steel at the time the product is consumed in the customer’s blast furnace. The supplemental pricing is characterized as a freestanding derivative. Refer to NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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