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INVENTORIES | 12 Months Ended
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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.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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