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Inventories

6 Months Ended

Jun. 30, 2011

All inventories are stated at the lower of cost or market. Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out ("LIFO") basis. LIFO was used for approximately 32% of total inventories at

June 30, 2011 and December 31, 2010. Cost of other inventories is determined on a first-in, first-out ("FIFO") basis.

Inventories are summarized as follows (in millions):



	June 30, 2011			December 31, 2010
Raw materials, work-in-process and supplies	$	3,156		$	2,812
Finished products	4,769			3,970
Total inventories under FIFO	7,925			6,782
Less: LIFO adjustment	(889		)	(865		)
Total inventories	$	7,036		$	5,917

- 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.

+ References+ Details