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Inventories

6 Months Ended

Jul. 03, 2011

Note 10. Inventories

The components of inventories follow:

(millions of dollars)	July 3, 2011		Dec. 31, 2010

Finished goods	$	3,547	$	3,665
Work-in-process		4,189		3,727
Raw materials and supplies		861		883
Total inventories(a), (b)	$	8,597	$	8,275

(a)	The increase reflects the impact of foreign exchange as well as increases associated with the acquisition of King (see Note 3. Acquisition of King Pharmaceuticals, Inc. for additional detail) partially offset by reductions in the normal course of business.

(b)	Certain amounts of inventories are in excess of one year’s supply. There are no recoverability issues associated with these quantities.

- 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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