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RELATED PARTIES | 9 Months Ended
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Sep. 30, 2021
Related Party Transactions [Abstract] |
RELATED PARTIES | NOTE 15 - 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 of which we own 85.3% and U.S. Steel owns 14.7% as of September 30, 2021. As a result of the AM USA Transaction, we acquired an additional 62.3% ownership stake in Hibbing 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, for the three and nine months ended September 30, 2020, certain long-term contracts with ArcelorMittal resulted in Revenues from related parties. As of September 30, 2020, we owned 23% of Hibbing. Revenues from related parties were as follows:
| (In Millions)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Revenues from related parties | $ | 11 |  |  | $ | 294 |  |  | $ | 123 |  |  | $ | 587 |
Revenues | $ | 6,004 |  |  | $ | 1,646 |  |  | $ | 15,098 |  |  | $ | 3,098 |
Related party revenues as a percent of Revenues | — | % |  | 18 | % |  | 1 | % |  | 19 | %
Purchases from related parties | $ | 16 |  |  | $ | 8 |  |  | $ | 58 |  |  | $ | 20 |
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 of Assets (Liabilities) |  | September 30, 2021 |  | December 31, 2020
Accounts receivable, net |  | $ | 4 |  |  | $ | 2 |
Accounts payable |  | (7) |  |  | (6) |

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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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