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Inventoried Costs, Net

12 Months Ended

Dec. 31, 2014

INVENTORIED COSTS, NET

Inventoried costs consisted of the following:



	December 31
$ in millions	2014			2013
Production costs of contracts in process	$	1,257		$	1,342
General and administrative expenses	252			259
	1,509			1,601
Progress and performance-based payments received	(873		)	(1,005		)
	636			596
Product inventory	106			102
Total inventoried costs, net	$	742		$	698

- 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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