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RELATED PARTIES | 12 Months Ended
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Dec. 31, 2019
Related Party Transactions [Abstract] |
RELATED PARTIES | NOTE 16 - 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 December 31, 2019:
Mine |  | Cleveland-Cliffs Inc. |  | ArcelorMittal USA |  | U.S. Steel
Hibbing |  | 23.0% |  | 62.3% |  | 14.7%
Product revenues from related parties were as follows:
| (In Millions)
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Product revenues from related parties | $ | 915.3 |  |  | $ | 1,234.5 |  |  | $ | 806.7 |
Total product revenues | 1,848.1 |  |  | 2,172.3 |  |  | 1,644.6 |
Related party product revenue as a percent of total product revenue | 49.5 | % |  | 56.8 | % |  | 49.1 | %
The following table presents the classification of related party assets and liabilities in the Statements of Consolidated Financial Position:
|  | (In Millions)
|  | December 31,
Balance Sheet Location of Assets (Liabilities) |  | 2019 |  | 2018
Accounts receivable, net |  | $ | 31.1 |  |  | $ | 176.0 |
Derivative assets |  | 44.5 |  |  | 89.3 |
Other current liabilities |  | (2.0 | ) |  | (45.3 | )
|  | $ | 73.6 |  |  | $ | 220.0 |
Derivative assets 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 furnace. The supplemental pricing is characterized as a freestanding derivative. Refer to NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. Other current liabilities 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 USA, 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 Other current liabilities in the Statements of 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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