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REVENUES | 12 Months Ended
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Dec. 31, 2020
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer | We generate our revenue through product sales, in which shipping terms generally indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers usually define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are generally determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues. Prior to the AM USA Transaction, we had a supply agreement with ArcelorMittal USA, which included supplemental revenue or refunds based on the HRC price in the year the iron ore was consumed in ArcelorMittal USA's blast furnaces. As control transferred prior to consumption, the supplemental revenue was recorded in accordance with Topic 815. All sales occurring subsequent to the AM USA Transaction are intercompany and eliminated in consolidation. Included within Revenues related to Topic 815 for the supplemental revenue portion of the supply agreement is derivative revenue of $122 million, $78 million and $426 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table represents our Revenues by market:
| (In Millions)
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Steelmaking: |  |  |  |  |
Automotive | $ | 2,062 |  |  | $ | — |  |  | $ | — |
Infrastructure and manufacturing | 784 |  |  | — |  |  | — |
Distributors and converters | 696 |  |  | — |  |  | — |
Steel producers 1 | 1,423 |  | 1,990 |  |  | 2,332 |
Total steelmaking | 4,965 |  |  | 1,990 |  |  | 2,332 |
Other Businesses: |  |  |  |  |
Automotive | 329 |  |  | — |  |  | — |
Infrastructure and manufacturing | 34 |  |  | — |  |  | — |
Distributors and converters | 26 |  |  | — |  |  | — |
Total Other Businesses | 389 |  |  | — |  |  | — |
Total revenues | $ | 5,354 |  |  | $ | 1,990 |  |  | $ | 2,332 |
1 Includes Realization of deferred revenue of $35 million for the year ended December 31, 2020.
The following table represents our consolidated Revenues by product line:
| (Dollars In Millions, Sales Volumes in Thousands)
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| Revenue |  | Volume 1 |  | Revenue |  | Volume 1 |  | Revenue |  | Volume 1
Steelmaking: |  |  |  |  |  |  |  |  |  |  |
Hot-rolled steel | $ | 386 |  |  | 633 |  |  | $ | — |  |  | — |  |  | $ | — |  |  | — |
Cold-rolled steel | 490 |  |  | 682 |  |  | — |  |  | — |  |  | — |  |  | — |
Coated steel | 1,747 |  |  | 1,911 |  |  | — |  |  | — |  |  | — |  |  | — |
Stainless and electrical steel | 868 |  |  | 416 |  |  | — |  |  | — |  |  | — |  |  | — |
Other steel products | 92 |  |  | 141 |  |  | — |  |  | — |  |  | — |  |  | — |
Iron products 2 | 1,335 |  |  | 11,707 |  |  | 1,990 |  |  | 18,583 |  |  | 2,332 |  |  | 20,563 |
Other | 47 |  |  | N/A |  | — |  |  | — |  |  | — |  |  | — |
Total steelmaking | 4,965 |  |  |  |  | 1,990 |  |  |  |  | 2,332 |  |  |
Other Businesses: |  |  |  |  |  |  |  |  |  |  |
Other | 389 |  |  | N/A |  | — |  |  | N/A |  | — |  |  | N/A
Total revenues | $ | 5,354 |  |  |  |  | $ | 1,990 |  |  |  |  | $ | 2,332 |  |  |
1 Carbon steel products, stainless and electrical steel and plate steel volumes are stated in net tons. Iron product volumes are stated in long tons.
2 Includes Realization of deferred revenue of $35 million for the year ended December 31, 2020.
Deferred Revenue 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 |  |  | $ | 21 |  |  | $ | 26 |  |  | $ | 39 |
Net increase (decrease) | (15) |  |  | 1 |  |  | (26) |  |  | (13) |
Closing balance as of December 31 | $ | 7 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 26 |
Prior to the AK Steel Merger, our iron ore pellet sales agreement with Severstal Dearborn, LLC, subsequently assumed by AK Steel, required supplemental payments to be paid by the customer during the period from 2009 through 2013. Installment amounts received under this arrangement in excess of sales were classified as deferred revenue in the Statements of Consolidated Financial Position upon receipt of payment and the revenue was recognized over the term of the supply agreement, which had extended until 2022, in equal annual installments. As a result of the termination of that iron ore pellet sales agreement, we realized $35 million of deferred revenue, which was recognized within Realization of deferred revenue in the Statements of Consolidated Operations during the year ended December 31, 2020. We have certain other sales agreements that require customers to pay in advance. Payments received pursuant to these agreements prior to revenue being recognized are recorded as deferred revenue in Other current liabilities.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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