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Inventories

3 Months Ended

Mar. 31, 2013

Inventories as of March 31, 2013 and December 31, 2012 are detailed below:



	March 31, 2013		December 31, 2012
	(Millions)
Finished products	$	1,033	$	980
Work in process	153		144
Raw materials	443		443
Supplies	69		120
Total	$	1,698	$	1,687

Most U.S. inventories are valued using the last-in, first-out method. These inventories represented approximately 34% and 36% of total inventories at March 31, 2013 and December 31, 2012, respectively. If the first-in, first-out method of inventory valuation had been used, inventories would have been $197 million and $243 million higher as of March 31, 2013 and December 31, 2012, 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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