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Inventories

9 Months Ended

Sep. 30, 2012

Inventories as of September 30, 2012 and December 31, 2011 are detailed below:



	September 30, 2012		December 31, 2011
	(Millions)
Finished products	$	1,023	$	935
Work in process	159		144
Raw materials	479		414
Supplies	116		114
Total	$	1,777	$	1,607

Most U.S. inventories are valued using the last-in, first-out method. These inventories represented approximately 35 percent of total inventories at September 30, 2012 and December 31, 2011, respectively. If the first-in, first-out method of inventory valuation had been used, inventories would have been $248 million and $232 million higher as of September 30, 2012 and December 31, 2011, respectively.

- 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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