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Note 5 - Inventories, Net of Inventory Reserves

12 Months Ended

Dec. 31, 2014

5. Inventories, Net of Inventory Reserves

Inventories, net of inventory reserves comprise the following (in millions):

	December 31,
	2014		2013
Finished goods	$	486	$	486
Work in process		255		234
Raw materials and accessories		302		311
Supplies and packing materials		279		239
Total inventories, net of inventory reserves	$	1,322	$	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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