Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

v2.4.0.8
INVENTORIES
 3 Months Ended
Mar. 31, 2014
Inventory Disclosure [Abstract]  
Inventories
NOTE 4 - INVENTORIES
The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2014 and December 31, 2013:
 
(In Millions)
 
March 31, 2014
 
December 31, 2013
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in
Process
 
Total
Inventory
U.S. Iron Ore
$
270.6

 
$
25.7

 
$
296.3

 
$
92.1

 
$
13.0

 
$
105.1

Eastern Canadian Iron Ore
78.3

 
50.4

 
128.7

 
65.3

 
48.1

 
113.4

Asia Pacific Iron Ore
46.4

 
61.3

 
107.7

 
39.7

 
50.6

 
90.3

North American Coal
63.5

 
13.6

 
77.1

 
59.4

 
23.2

 
82.6

Total
$
458.8

 
$
151.0

 
$
609.8

 
$
256.5

 
$
134.9

 
$
391.4


We recorded lower-of-cost-or-market inventory charges of $22.1 million and $13.4 million in Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2014 for our North American Coal and Eastern Canadian Iron Ore operations, respectively. The charge at North American Coal was a result of market pricing declines during the period. The charge at Eastern Canadian Iron Ore was a result of declines in Platts pricing and higher inventory costs at both Bloom Lake and Wabush.  Bloom Lake’s higher inventory costs were driven by the timing of maintenance activities and mine development, whereas Wabush’s higher costs were driven by unfavorable production performance up to the idling of the Scully mine operation. 
For the three months ended March 31, 2013, we recorded lower-of-cost-or-market inventory charges of $2.0 million for our North American Coal operations. These charges were a result of market declines and costs associated with operational and geological issues. No other lower-of-cost-or-market inventory charges were recorded for the three months ended March 31, 2013.