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Inventories

12 Months Ended

Dec. 31, 2011

G. Inventories


December 31,	2011		2010
Finished goods	$	537	$	474
Work-in-process		911		826
Bauxite and alumina		656		621
Purchased raw materials		532		405
Operating supplies		263		258

	$	2,899	$	2,584

At December 31, 2011 and 2010, the total amount of inventories valued on a LIFO basis was 35%. If valued on an average-cost basis, total inventories would have been $801 and $742 higher at December 31, 2011 and 2010, respectively. During the three-year period ended December 31, 2011, reductions in LIFO inventory quantities caused partial liquidations of the lower cost LIFO inventory base. These liquidations resulted in the recognition of income of $2 ($1 after-tax) in 2011, $27 ($17 after-tax) in 2010, and $175 ($114 after-tax) in 2009.

- 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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