乐天堂fun88(中国区)官方网站 Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

INVENTORIES

6 Months Ended

Jun. 30, 2012

INVENTORIES

听

INVENTORIES

4. INVENTORIES

听听听听听听听听Inventories are stated at the lower of cost or market, with cost determined using last-in first-out ("LIFO"), first-in first-out, and average costs methods for different components of inventory. Inventories consisted of the following (dollars in millions):

听	听	June听30, 2012		听	December听31, 2011		听

Raw materials and supplies	听	$	441	听	$	374	听
Work in progress	听	听	98	听	听	92	听
Finished goods	听	听	1,183	听	听	1,162	听
听	听	听		听	听		听
Total	听	听	1,722	听	听	1,628	听
LIFO reserves	听	听	(77	)	听	(89	)
听	听	听		听	听		听
Net	听	$	1,645	听	$	1,539	听
听	听	听		听	听		听

听听听听听听听听For June听30, 2012 and December听31, 2011, approximately 11% and 12%, respectively, of inventories were recorded using the LIFO cost method.

听听听听听听听听In the normal course of operations we, at times, exchange raw materials and finished goods with other companies for the purpose of reducing transportation costs. The net nonmonetary open exchange positions are valued at cost. The amounts included in inventory under nonmonetary open exchange agreements receivable by us as of June听30, 2012 and December听31, 2011 were $8听million and $3听million, respectively. Other open exchanges are settled in cash and result in a net deferred profit margin. The amount payable under these open exchange agreements as of both June听30, 2012 and December听31, 2011 was nil.

- 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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