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Inventories

12 Months Ended

Dec. 28, 2013

Note 4. Inventories

Inventories are composed of the following:

(In millions)	December 28, 2013			December 29, 2012
Finished goods	$	1,276		$	1,329
Work in process	2,477			2,247
Raw materials and components	407			437
	4,160			4,013
Progress/milestone payments	(1,197		)	(1,301		)
Total	$	2,963		$	2,712

Inventories valued by the LIFO method totaled $1.3 billion and $1.1 billion at the end of 2013 and 2012, respectively, and the carrying values of these inventories would have been higher by approximately $461 million and $435 million, respectively, had our LIFO inventories been valued at current costs. Inventories related to long-term contracts, net of progress/milestone payments, were $359 million and $382 million at the end of 2013 and 2012, respectively.

- 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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