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Inventories

3 Months Ended

Mar. 31, 2015

F. Inventories


	March 31, 2015		December 31, 2014
Finished goods	$	769	$	768
Work-in-process		1,106		1,035
Bauxite and alumina		594		578
Purchased raw materials		514		508
Operating supplies		190		193

	$	3,173	$	3,082

At March 31, 2015 and December 31, 2014, the total amount of inventories valued on a last in, first out (LIFO) basis was $1,590 and $1,514, respectively. If valued on an average-cost basis, total inventories would have been $757 and $767 higher at March 31, 2015 and December 31, 2014, 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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