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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |  |
Contract with Customer, Asset and Liability | The table below summarizes our deferred revenue balances:
| (In Millions)
| Deferred Revenue (Current) |  | Deferred Revenue (Long-Term)
| 2020 |  | 2019 |  | 2020 |  | 2019
Opening balance as of January 1 | $ | 22.1 |  |  | $ | 21.0 |  |  | $ | 25.7 |  |  | $ | 38.5 |
Decrease | (21.8 | ) |  | (2.9 | ) |  | (25.7 | ) |  | — |
Closing balance as of March 31 | $ | 0.3 |  |  | $ | 18.1 |  |  | $ | — |  |  | $ | 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 |  | Basis |  | Life
Land, land improvements and mineral rights |  |  |  |
Land and mineral rights |  | Units of production |  | Life of mine
Land improvements |  | Straight line |  | 20 to 45 years
Buildings |  | Straight line |  | 40 to 45 years
Mining and Pelletizing equipment |  | Straight line/Double declining balance |  | 3 to 20 years
Steel and Manufacturing equipment |  | Straight line/Double declining balance |  | 3 to 20 years
The following table indicates the carrying value of each of the major classes of our depreciable assets:
| (In Millions)
| March 31, 2020 |  | December 31, 2019
Land, land improvements and mineral rights | $ | 652.7 |  |  | $ | 582.2 |
Buildings | 452.5 |  |  | 157.8 |
Mining and Pelletizing equipment | 1,431.8 |  |  | 1,413.6 |
Steel and Manufacturing equipment | 2,140.9 |  |  | 42.0 |
Other | 123.0 |  |  | 101.5 |
Construction-in-progress | 1,011.3 |  |  | 730.3 |
Total property, plant and equipment 1 | 5,812.2 |  |  | 3,027.4 |
Allowance for depreciation and depletion | (1,262.4 | ) |  | (1,098.4 | )
Property, plant and equipment, net | $ | 4,549.8 |  |  | $ | 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 |  | Basis |  | Useful Life
Intangible assets, net |  |  |  |
Customer relationships |  | Straight line |  | 18 years
Developed technology |  | Straight line |  | 17 years
Trade names and trademarks |  | Straight line |  | 10 years
Mining permits |  | Straight line |  | Life of mine
Intangible liability, net |  |  |  |
Above-market supply contract |  | Straight line |  | 13 years
Equity Method Investments | Investees and equity ownership percentages are presented below:
Investee |  | Segment Reported Within |  | Equity Ownership Percentage
Combined Metals of Chicago, LLC |  | Steel and Manufacturing |  | 40.0%
Hibbing Taconite Company |  | Mining and Pelletizing |  | 23.0%
Spartan Steel Coating, LLC |  | Steel and Manufacturing |  | 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 31, 2020:
Mine |  | Cleveland-Cliffs Inc. |  | ArcelorMittal USA |  | U.S. Steel
Hibbing |  | 23.0% |  | 62.3% |  | 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.

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