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RELATED PARTIES | 12 Months Ended
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Dec. 31, 2020
Related Party Transactions [Abstract] |
RELATED PARTIES | We have certain co-owned joint ventures with companies from the steel and mining industries, including integrated steel companies, their subsidiaries and other downstream users of steel and iron ore products. Hibbing is a co-owned joint venture with U.S. Steel, in which, as of December 31, 2020, we own 85.3% and U.S. Steel owns 14.7%. As a result of the AM USA Transaction, we acquired an additional 62.3% ownership stake in the Hibbing mine and became the majority owner and mine manager. Prior to the AM USA Transaction, ArcelorMittal was a related party due to its ownership interest in Hibbing. As such, certain long-term contracts with ArcelorMittal resulted in Revenues from related parties, and are included within the below. Revenues from related parties were as follows:
| (In Millions)
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Revenue from related parties | $ | 893 |  |  | $ | 1,015 |  |  | $ | 1,344 |
Revenues 1 | $ | 5,354 |  |  | $ | 1,990 |  |  | $ | 2,332 |
Related party revenues as a percent of Revenues 1 | 16.7 | % |  | 51.0 | % |  | 57.6 | %
Purchases from related parties | $ | 16 |  |  | $ | — |  |  | $ | — |
1 Includes Realization of deferred revenue of $35 million for the year ended December 31, 2020.
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) |  | 2020 |  | 2019
Accounts receivable, net |  | $ | 2 |  |  | $ | 31 |
Other current assets |  | — |  |  | 45 |
Accounts payable |  | (6) |  |  | — |
Other current liabilities |  | — |  |  | (2) |
Other current assets Our supply agreement with ArcelorMittal USA contained provisions that provided us supplemental revenue or provided refunds to ArcelorMittal USA based on the HRC price at the time the iron ore product was consumed in its blast furnaces. The supplemental pricing was categorized as a freestanding derivative. Upon the completion of the AM USA Transaction, the outstanding derivative was settled as part of acquisition accounting.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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