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

9 Months Ended

Sep. 30, 2011

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	September听30, 2011		听	December听31, 2010		听

Raw materials and supplies	听	$	424	听	$	321	听
Work in progress	听	听	99	听	听	99	听
Finished goods	听	听	1,258	听	听	1,043	听
听	听	听		听	听		听
Total	听	听	1,781	听	听	1,463	听
LIFO reserves	听	听	(94	)	听	(67	)
听	听	听		听	听		听
Net	听	$	1,687	听	$	1,396	听
听	听	听		听	听		听

听听听听听听听听As of September听30, 2011 and December听31, 2010, approximately 13% 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 September听30, 2011 and December听31, 2010 were $15听million and $3听million, respectively. Other open exchanges are settled in cash and result in a net deferred profit margin. The amounts payable under these open exchange agreements as of September听30, 2011 and December听31, 2010 were $3听million and nil, respectively.