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Registration of securities issued in business combination transactions

INVENTORIES

INVENTORIES

12 Months Ended

Dec. 31, 2012

INVENTORIES

听

INVENTORIES

4. INVENTORIES

听听听听听听听听Inventories consisted of the following (dollars in millions):

听	听	December听31,					听

听	听	2012		听	2011		听
Raw materials and supplies	听	$	484	听	$	374	听
Work in progress	听	听	98	听	听	92	听
Finished goods	听	听	1,311	听	听	1,162	听
听	听	听		听	听		听
Total	听	听	1,893	听	听	1,628	听
LIFO reserves	听	听	(74	)	听	(89	)
听	听	听		听	听		听
Net	听	$	1,819	听	$	1,539	听
听	听	听		听	听		听

听听听听听听听听As of December听31, 2012 and 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 non-monetary open exchange positions are valued at cost. The amounts included in inventory under non-monetary open exchange agreements receivable by us for December听31, 2012 and 2011 were $6听million and $3听million, respectively. Other open exchanges are settled in cash and result in a net deferred profit margin. The amounts under these open exchange agreements for both December听31, 2012 and 2011 were 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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