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Inventories

6 Months Ended

Jun. 30, 2011

Note 5. Inventories

The following schedule presents a summary of inventories by major class:


	June 30, 2011								December 31, 2010
(Millions of dollars)	LIFO			Non- LIFO		Total			LIFO			Non- LIFO		Total

At the lower of cost determined on the FIFO or weighted-average cost methods or market:
Raw materials	$	176		$	369	$	545		$	154		$	350	$	504
Work in process		215			140		355			195			144		339
Finished goods		759			825		1,584			715			763		1,478
Supplies and other		—			313		313			—			298		298

		1,150			1,647		2,797			1,064			1,555		2,619

Excess of FIFO or weighted-average cost over LIFO cost		(276	)		—		(276	)		(246	)		—		(246	)


Total	$	874		$	1,647	$	2,521		$	818		$	1,555	$	2,373

We use the LIFO method of valuing inventory for financial reporting purposes for most U.S. inventories. Interim LIFO calculations are based on management's estimates of expected year-end inventory levels and costs. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time.

- 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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