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INVENTORIES

12 Months Ended

Dec. 31, 2013

NOTE 4

INVENTORIES

Net carrying values of inventories valued under the LIFO method were approximately $205 million and $185 million at December 31, 2013 and 2012, respectively. Inventories consisted of the following:

Balance at December 31, (in millions)	2013			2012
Raw materials	$	74		$	70
Materials and supplies	628			612
Finished goods	589			763
	1,291			1,445
LIFO reserve	(91		)	(101		)
Total	$	1,200		$	1,344

- 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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