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INVENTORIES

12 Months Ended

Dec. 31, 2011

INVENTORIES

The following table provides a breakdown of inventories:



Inventories at December 31 In millions	2011		2010
Finished goods	$	4,327	$	4,289
Work in process	1,716		1,498
Raw materials	765		644
Supplies	769		656
Total inventories	$	7,577	$	7,087

The reserves reducing inventories from a FIFO basis to a LIFO basis amounted to $1,105 million at December 31, 2011 and $1,003 million at December 31, 2010. Inventories valued on a LIFO basis, principally hydrocarbon and U.S. chemicals and plastics product inventories, represented 30 percent of the total inventories at December 31, 2011 and 29 percent of total inventories at December 31, 2010.

A reduction of certain inventories resulted in the liquidation of some of the Company’s LIFO inventory layers, increasing pretax income $126 million in 2011, $159 million in 2010 and $84 million in 2009.

- 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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