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Inventories

9 Months Ended

Sep. 30, 2012

6.	Inventories

Inventories consisted of:


($ in millions)	September 30, 2012			December 31, 2011


Finished goods	$	1,952		$	1,983
Raw materials and work in process		5,971			5,396
Supplies		264			297

Total (approximates current cost)		8,187			7,676
Reduction to LIFO costs		(10	)		(43)

	$	8,177		$	7,633

Recognized as:
Inventories	$	6,731		$	6,254
Other assets		1,446			1,379

Amounts recognized as Other assets are comprised almost entirely of raw materials and work in process inventories. At both September 30, 2012 and December 31, 2011, these amounts included $1.3 billion of inventories not expected to be sold within one year. In addition, these amounts included $191 million and $127 million at September 30, 2012 and December 31, 2011, respectively, of inventories produced in preparation for product launches.

- 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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