Annual report pursuant to Section 13 and 15(d)

INVENTORIES

v3.6.0.2
INVENTORIES
 12 Months Ended
Dec. 31, 2016
Inventory Disclosure [Abstract]  
Inventories
NOTE 3 - INVENTORIES
The following table presents the detail of our Inventories in the Statements of Consolidated Financial Position as of December 31, 2016 and 2015:
 
(In Millions)
 
December 31, 2016
 
December 31, 2015
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in
Process
 
Total
Inventory
U.S. Iron Ore
$
124.4

 
$
12.6

 
$
137.0

 
$
252.3

 
$
11.7

 
$
264.0

Asia Pacific Iron Ore
23.6

 
17.8

 
41.4

 
20.8

 
44.8

 
65.6

Total
$
148.0

 
$
30.4

 
$
178.4

 
$
273.1

 
$
56.5

 
$
329.6


Asia Pacific Iron Ore had no long-term work-in-process stockpiles at December 31, 2016. There were $6.8 million long-term work-in-process stockpiles classified as Other non-current assets in the Statements of Consolidated Financial Position as of December 31, 2015.
U.S. Iron Ore
The excess of current cost over LIFO cost of iron ore inventories was $78.5 million and $87.8 million at December 31, 2016 and 2015, respectively. As of December 31, 2016, the product inventory balance for U.S. Iron Ore declined, resulting in the liquidation of a LIFO layer in 2016. The effect of the inventory reduction was an increase in Cost of goods sold and operating expenses of $8.8 million in the Statements of Consolidated Operations for the year ended December 31, 2016. As of December 31, 2015, the product inventory balance for U.S. Iron Ore increased, resulting in a LIFO increment in 2015. The effect of the inventory build was an increase in Inventories of $118.8 million in the Statements of Consolidated Financial Position for the year ended December 31, 2015.