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Inventories

12 Months Ended

Dec. 31, 2011

Inventories [Abstract]

Note 5. Inventories

Inventories are composed of the following:


(In millions)		December 31, 2011		January 1, 2011
Finished goods		$ 1,012		$	784
Work in process		2,202			2,125
Raw materials and components		399			506
		3,613			3,415
Progress/milestone payments		(1,211)			(1,138	)
		$ 2,402		$	2,277

Inventories valued by the LIFO method totaled $1.0 billion and $1.3 billion at the end of 2011 and 2010, respectively, and the carrying values of these inventories would have been approximately $422 million and $441 million, respectively, higher had our LIFO inventories been valued at current costs. Inventories related to long-term contracts, net of progress/milestone payments, were $414 million and $322 million at the end of 2011 and 2010, 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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