Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

v3.8.0.1
INVENTORIES
 3 Months Ended
Mar. 31, 2018
Inventory Disclosure [Abstract]  
Inventories
NOTE 5 - INVENTORIES
The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position:
 
 
(In Millions)
 
 
March 31, 2018
 
December 31, 2017
Segment
 
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in Process
 
Total
Inventory
U.S. Iron Ore
 
$
267.2

 
$
36.0

 
$
303.2

 
$
127.1

 
$
11.3

 
$
138.4

Asia Pacific Iron Ore
 
20.2

 
1.0

 
21.2

 
33.3

 
11.7

 
45.0

Total
 
$
287.4

 
$
37.0

 
$
324.4

 
$
160.4

 
$
23.0

 
$
183.4


We recorded lower of cost or net realizable value inventory charges of $13.0 million and $9.1 million related to finished goods inventory and work-in process inventory, respectively, at Asia Pacific Iron Ore in Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2018. The charges were a result of the decline in our expected realized revenue rates for future sales of these tons. There were no lower of cost or net realizable value inventory adjustments recorded for the three months ended March 31, 2017.
We recorded an impairment charge of $1.4 million and $13.2 million related to finished goods inventory and work-in process inventory, respectively, at Asia Pacific Iron Ore in Cost of goods sold and operating expenses in the Statements of Consolidated Operations for the three months ended March 31, 2018. Inventory not expected to be sold prior to the closure of operations was impaired. There were no inventory impairment adjustments recorded for the three months ended March 31, 2017.