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Note 8 - Inventories

6 Months Ended

Jun. 30, 2014

8. Inventories

Inventories comprise the following (in millions):

	June 30, 2014		December 31, 2013
Finished goods	$	500	$	486
Work in process		250		234
Raw materials and accessories		323		311
Supplies and packing materials		307		239
Total inventories	$	1,380	$	1,270

- 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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