Inventory

The carrying value of product inventory is as follows:



(in millions)	March 31, 2013		December 31, 2012
Finished product	$	52.0	$	53.5
Work-in-process	26.9		32.3
Stockpiled material	26.8		25.0
	$	105.7	$	110.8

As of March 31, 2013, the carrying value of TCM's in process and finished product inventory was $105.7 million net of lower-of-cost-or-market write downs. Total write downs were $5.6 million for the three months ended March 31, 2013. Inventory write downs in the accompanying Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three months ended March 31, 2013 include $4.7 million of inventory write downs in operating expenses and $0.9 million of inventory write downs in depreciation, depletion and amortization.

As of March 31, 2012, the carrying value of TCM's in process and finished product inventory exceeded the market value. Total write downs were $11.1 million for the three months ended March 31, 2012. Beginning in the second quarter of 2012, lower-of-cost-or-market inventory write downs were allocated between operating expenses and depreciation, depletion and amortization. Amounts in the financial statements for the three months ended March 31, 2012 have been reclassified to conform to the current year's presentation. The effect of the reclassification for the three months ended March 31, 2012 was an increase to depreciation, depletion and amortization and a decrease to operating expenses of $2.8 million.