Annual report pursuant to Section 13 and 15(d)

INVENTORIES

v3.3.1.900
INVENTORIES
 12 Months Ended
Dec. 31, 2015
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, 2015 and 2014:
 
(In Millions)
 
December 31, 2015
 
December 31, 2014
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in
Process
 
Total
Inventory
U.S. Iron Ore
$
252.3

 
$
11.7

 
$
264.0

 
$
132.1

 
$
13.5

 
$
145.6

Asia Pacific Iron Ore
20.8

 
44.8

 
65.6

 
26.4

 
88.1

 
114.5

Total
$
273.1

 
$
56.5

 
$
329.6

 
$
158.5

 
$
101.6

 
$
260.1


Asia Pacific Iron Ore had long-term work-in-process stockpiles of $6.8 million classified as Other non-current assets in the Statements of Consolidated Financial Position at December 31, 2015. There were no long-term work-in-process stockpiles as of December 31, 2014.
U.S. Iron Ore
The excess of current cost over LIFO cost of iron ore inventories was $87.8 million and $119.0 million at December 31, 2015 and 2014, respectively. 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. As of December 31, 2014, the product inventory balance for U.S. Iron Ore increased, resulting in a LIFO increment in 2014. The effect of the inventory build was an increase in Inventories of $44.8 million in the Statements of Consolidated Financial Position for the year ended December 31, 2014.