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INVENTORIES | 3 Months Ended
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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.

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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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