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Inventories

12 Months Ended

Dec. 29, 2012

Inventories

Note 5. Inventories

Inventories are composed of the following:

(In millions)		December 29, 2012				December 31, 2011
Finished goods		$	1,329			$	1,012
Work in process		2,247				2,202
Raw materials and components		437				399
		4,013				3,613
Progress/milestone payments		(1,301		)		(1,211		)
Total		$	2,712			$	2,402

Inventories valued by the LIFO method totaled $1.1 billion and $1.0 billion at the end of 2012 and 2011, respectively, and the carrying values of these inventories would have been higher by approximately $435 million and $422 million, respectively, had our LIFO inventories been valued at current costs. Inventories related to long-term contracts, net of progress/milestone payments, were $382 million and $414 million at the end of 2012 and 2011, respectively.

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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