Inventories

6 Months Ended

12 Months Ended

Jun. 30, 2013

Dec. 31, 2012

6.	Inventories

Inventories consisted of the follows:


	June 30, 2013		December 31, 2012
Raw materials	$	225	$	221
Work-in-process		80		99
Finished goods(1)		325		477
Materials and supplies, net(2)		119		117

Total	$	749	$	914

(1)	Includes inventory on consignment to others of approximately $49 million and $42 million at June 30, 2013 and December 31, 2012, respectively.

(2)	Materials and supplies consist of processing chemicals, maintenance supplies and spare parts, which will be consumed directly and indirectly in the production of the Company’s products.

7. Inventories

Inventories at December 31, 2012 and 2011 were as follows:


	Successor
	December 31, 2012		December 31, 2011
Raw materials	$	221	$	124
Work-in-process		99		9
Finished goods(1)		477		130
Materials and supplies, net(2)		117		48

Total(3)	$	914	$	311

(1)	Includes inventory on consignment to others of approximately $42 million and $12 million at December 31, 2012 and 2011, respectively.

(2)	Materials and supplies consist of processing chemicals, maintenance supplies and spare parts, which will be consumed directly and indirectly in the production of the Company’s products.

(3)	The fair value of inventory from the acquired mineral sands business in the Transaction was $553 million.

- 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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