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INVENTORIES | 12 Months Ended
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Dec. 31, 2017
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, 2017 and 2016:
| (In Millions)
| December 31, 2017 |  | December 31, 2016
Segment | Finished Goods |  | Work-in Process |  | Total Inventory |  | Finished Goods |  | Work-in Process |  | Total Inventory
U.S. Iron Ore | $ | 127.1 |  |  | $ | 11.3 |  |  | $ | 138.4 |  |  | $ | 124.4 |  |  | $ | 12.6 |  |  | $ | 137.0 |
Asia Pacific Iron Ore | 33.3 |  |  | 11.7 |  |  | 45.0 |  |  | 23.6 |  |  | 17.8 |  |  | 41.4 |
Total | $ | 160.4 |  |  | $ | 23.0 |  |  | $ | 183.4 |  |  | $ | 148.0 |  |  | $ | 30.4 |  |  | $ | 178.4 |
U.S. Iron Ore The excess of current cost over LIFO cost of iron ore inventories was $96.2 million and $78.5 million at December 31, 2017 and 2016, respectively. As of December 31, 2017, the product inventory balance for U.S. Iron Ore increased, resulting in a LIFO increment in 2017. The effect of the inventory build was an increase in Inventories of $6.2 million in the Statements of Consolidated Financial Position for the year ended December 31, 2017. 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 Financial Position for the year ended December 31, 2016. Asia Pacific Iron Ore We recorded a lower of cost or net realizable value inventory charge of $1.8 million related to work-in process inventory in Cost of goods sold and operating expenses in the Statements of Consolidated Operations for the year ended December 31, 2017. The charge was predominantly a result of the decline in our realized revenue rate as well as the additional production and transportation costs required to be incurred in order for our work-in process inventory to be ready for sale. There were no LCM inventory adjustments recorded for the year ended December 31, 2016.

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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 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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