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Inventories

9 Months Ended

Sep. 30, 2012

E. Inventories


	September 30, 2012		December 31, 2011
Finished goods	$	575	$	537
Work-in-process		933		911
Bauxite and alumina		638		656
Purchased raw materials		557		532
Operating supplies		270		263

	$	2,973	$	2,899

At September 30, 2012 and December 31, 2011, the total amount of inventories valued on a last in, first out (LIFO) basis was 34% and 35%, respectively. If valued on an average-cost basis, total inventories would have been $783 and $801 higher at September 30, 2012 and December 31, 2011, 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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