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INVENTORIES | 12 Months Ended
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Dec. 31, 2019
Inventory Disclosure [Abstract] |
Inventories | NOTE 4 - INVENTORIES The following table presents the detail of our Inventories in the Statements of Consolidated Financial Position:
|  | (In Millions)
|  | December 31,
|  | 2019 |  | 2018
Product inventories |  |  |  |
Finished goods |  | $ | 114.1 |  |  | $ | 77.8 |
Work-in-process |  | 68.7 |  |  | 10.1 |
Total product inventories |  | 182.8 |  |  | 87.9 |
Supplies and other inventories |  | 134.6 |  |  | 93.2 |
Inventories |  | $ | 317.4 |  |  | $ | 181.1 |
The excess of current cost over LIFO cost of iron ore inventories was $101.3 million and $95.6 million at December 31, 2019 and 2018, respectively. As of December 31, 2019, the product inventory balance for the Mining and Pelletizing segment increased, resulting in a LIFO increment in 2019. The effect of the inventory build was an increase in Inventories of $34.2 million in the Statements of Consolidated Financial Position for the year ended December 31, 2019. As of December 31, 2018, the product inventory balance for the Mining and Pelletizing segment declined, resulting in the liquidation of a LIFO layer in 2018. The effect of the inventory reduction was a decrease in Cost of goods sold and operating expenses of $0.2 million in the Statements of Consolidated Operations for the year ended December 31, 2018. The allowance for obsolete and surplus items in supplies and other inventories was $12.7 million and $12.6 million at December 31, 2019 and 2018, respectively.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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