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Inventories

6 Months Ended

Jun. 30, 2011

2. Inventories

Inventories are valued at the lower of cost, determined on a last-in, first-out (“LIFO”) basis, or market and consisted of the following:


	June 30,		December 31,
	2011		2010
	(In millions)
Leaf tobacco	$	243	$	225
Manufactured stock		72		48
Material and supplies		4		4

	$	319	$	277

If the average cost method of accounting was used, inventories would be greater by approximately $216 and $206 million at June 30, 2011 and December 31, 2010, respectively.

- 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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