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RELATED PARTIES | 9 Months Ended
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Sep. 30, 2019
Related Party Transactions [Abstract] |
RELATED PARTIES | NOTE 17 - RELATED PARTIES Hibbing is a co-owned joint venture with companies that are integrated steel producers or their subsidiaries. In 2018, we tendered our resignation as the mine manager of the Hibbing mine and we transitioned this role to the majority owner in August 2019. The following is a summary of the mine ownership of the co-owned iron ore mine at September 30, 2019:
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)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Product revenues from related parties | $ | 262.0 |  |  | $ | 392.4 |  |  | $ | 718.9 |  |  | $ | 863.8 |
Total product revenues | $ | 515.0 |  |  | $ | 684.7 |  |  | $ | 1,357.8 |  |  | $ | 1,525.9 |
Related party product revenue as a percent of total product revenue | 50.9 | % |  | 57.3 | % |  | 52.9 | % |  | 56.6 | %
The following table presents the classification of related party assets and liabilities in the Statements of Unaudited Condensed Consolidated Financial Position:
|  | (In Millions)
Balance Sheet Location |  | September 30, 2019 |  | December 31, 2018
Accounts receivable, net |  | $ | 108.7 |  |  | $ | 176.0 |
Derivative assets |  | 71.2 |  |  | 89.3 |
Other current assets |  | 0.2 |  |  | — |
Derivative liabilities |  | (26.1 | ) |  | — |
Partnership distribution payable |  | — |  |  | (43.5 | )
Other current liabilities |  | (1.4 | ) |  | (1.8 | )
|  | $ | 152.6 |  |  | $ | 220.0 |
A supply agreement with one customer provides for supplemental revenue or refunds to the customer based on the hot-rolled coil steel price at the time the product is consumed in the customer’s blast furnaces. The supplemental pricing is characterized as a freestanding derivative. Refer to NOTE 12 - DERIVATIVE INSTRUMENTS for further information. During 2017, our ownership interest in Empire increased to 100% as 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 balance of which was recorded in Partnership distribution payable in the Statements of Unaudited Condensed Consolidated Financial Position. The final installment was paid in August 2019.

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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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