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Inventories

12 Months Ended

Dec. 31, 2011

INVENTORIES



December 31,	2011			2010
Finished products	$	4,541		$	3,733
Semifinished products	2,293			2,022
Raw materials, stores and supplies	1,262			855
	8,096			6,610
Adjustment of inventories to a LIFO basis	(901		)	(643		)
	$	7,195		$	5,967

Inventory values, before LIFO adjustment, are generally determined by the average cost method, which approximates current cost. Excluding seeds, certain food-ingredients, enzymes, stores and supplies, inventories valued under the LIFO method comprised 78 percent of consolidated inventories before LIFO adjustment as of December 31, 2011 and 2010. Seed, certain food-ingredient and enzyme inventories of $3,432 and $2,581 at December 31, 2011 and 2010, respectively, were valued under the FIFO method. Stores and supplies inventories of $258 and $248 at December 31, 2011 and 2010, respectively, were valued under the average cost method.

- 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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