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Annual report pursuant to Section 13 and 15(d)

INVENTORIES

v3.10.0.1
INVENTORIES
12 Months Ended
Dec. 31, 2018
Inventory Disclosure [Abstract] Ìý
Inventories
NOTE 4 - INVENTORIES
The following table presents the detail of our Inventories in the Statements of Consolidated Financial Position:
Ìý
Ìý
(In Millions)
Ìý
Ìý
December 31,
Ìý
Ìý
2018
Ìý
2017
Finished Goods
Ìý
$
77.8

Ìý
$
127.1

Work-in-Process
Ìý
10.1

Ìý
11.3

Total Inventories
Ìý
$
87.9

Ìý
$
138.4


The excess of current cost over LIFO cost of iron ore inventories was $95.6 million and $96.2 million at DecemberÌý31, 2018 and 2017, respectively. As of DecemberÌý31, 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 DecemberÌý31, 2018. As of DecemberÌý31, 2017, the product inventory balance for the Mining and Pelletizing segment 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 DecemberÌý31, 2017.