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Inventories

12 Months Ended

Dec. 31, 2011

INVENTORIES

The following table provides a breakdown of inventories:



Inventories at December 31 In millions	2011		2010
Finished goods	$	71	$	60
Work in process	6		9
Raw materials	51		41
Supplies	79		84
Total inventories	$	207	$	194

The reserves reducing inventories from a FIFO basis to a LIFO basis amounted to $162 million at December 31, 2011 and $144 million at December 31, 2010. Inventories that were valued on a LIFO basis, principally U.S. chemicals and plastics product inventories represented 51 percent of the total inventories at December 31, 2011 and 44 percent of the total inventories at December 31, 2010.

A reduction of certain inventories resulted in the liquidation of some of the Corporation's LIFO inventory layers, which had an immaterial impact on pretax income in 2011 and 2009, and increased pretax income $5 million in 2010.

- 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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