星空传媒 Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

INVENTORIES

6 Months Ended

Jun. 30, 2013

Inventory Disclosure [Abstract]

听

Inventories

NOTE 4 - INVENTORIES

The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position as of June听30, 2013 and December 31, 2012:



	(In Millions)
	June 30, 2013								听	December 31, 2012
Segment	Finished Goods		听	Work-in Process		听	Total Inventory		听	Finished Goods		听	Work-in Process		听	Total Inventory
U.S. Iron Ore	$	242.1	听	$	22.2	听	$	264.3	听	$	147.2	听	$	22.9	听	$	170.1
Eastern Canadian Iron Ore	94.0		听	36.5		听	130.5		听	62.6		听	44.2		听	106.8
Asia Pacific Iron Ore	51.6		听	28.4		听	80.0		听	36.7		听	37.2		听	73.9
North American Coal	40.2		听	14.2		听	54.4		听	36.7		听	49.0		听	85.7
Total	$	427.9	听	$	101.3	听	$	529.2	听	$	283.2	听	$	153.3	听	$	436.5

We recorded lower-of-cost-or-market inventory charges of $0.7 million and $2.7 million in Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations for the three and six months ended June听30, 2013, respectively, for our North American Coal operations. These charges were a result of market declines and costs associated with operational and geological issues. For the three and six months ended June听30, 2012, we recorded lower-of-cost-or-market inventory charges of $8.6 million and $9.9 million, respectively, for our North American Coal operations due to softening in the market prices for coal.

We recorded a lower-of-cost-or-market inventory charge during the second quarter of 2013 of $11.1 million relating to Wabush pellets that are contractually committed tons. We additionally recorded a lower-of-cost-or-market inventory charge during the second quarter of 2013 of $4.7 million relating to the Wabush sinter feed caused by higher costs as a result of the transition of product being produced and the forest fire that temporarily idled the mine in June. An unsaleable inventory impairment charge was recorded in the second quarter of 2013 relating to Wabush pellets of $10.6 million as a result of our idling of the Wabush pellet plant during the second quarter of 2013. All of these charges recorded during the second quarter were recorded in Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations for the three and six months ended June听30, 2013 for our Eastern Canadian Iron Ore operations.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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