Inventories, Net

6 Months Ended

Jun. 30, 2011

NOTE 9
INVENTORIES, NET


	June 30,
	2011			December 31, 2010
Finished goods	$	239		$	231
Work in process		125			88
Raw materials		389			317

Total product inventory		753			636
Production costs of contracts in process		305			296
Less – progress payments		(78	)		(76	)

Production costs of contracts in process, net		227			220

Inventories, net	$	980		$	856

- 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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