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.